Our Take on Asset Manager Earnings
Nothing alters our long-term expectations, but we have made some valuation changes.
There has been little in this quarter’s results that would alter our long-term view of the asset managers that have reported earnings so far, although we did raise our fair value estimates for BlackRock (BLK) and Cohen & Steers (CNS) and lower our fair value estimate for Invesco (IVZ). Our valuations for T. Rowe Price (TROW), AllianceBernstein (AB), Franklin Resources (BEN), and Federated Investors (FII) are unchanged.
Greggory Warren, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.