As equity funds across different regions, capitalizations and investment styles plummeted between -15% and -26% in the third quarter, publicly traded asset managers were hit with an average 8.9% decline in fee-earning assets under management, Moody’s said Thursday. U.S. small-cap stock and emerging markets indices suffered the sharpest losses.

Moody’s based its analysis on the performance of the following 13 publicly traded companies: AllianceBernstein, BlackRock, Cohen & Steers, Eaton Vance, Federated Resources, GAMCO Investors, Invesco, Janus Capital Group, Legg Mason, Nuveen Investments, T. Rowe Price and Waddell & Reed Financial.

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