The buy side is again bestowing buy ratings on mutual fund companies
Mutual fund companies are signaling an ascent from the lengthy bear market and crippling mutual fund scandals by reporting of rising profits during the first quarter compared to the same period last year, CBS MarketWatch reports.
Buoyed by record inflows during the first quarter and strong market conditions. publicly traded mutual fund companies are once again attracting buy ratings from analysts. Bob Lee, an investment management research analyst at Keefe, Bruyette & Woods, upgraded Janus and Alliance Capital Management two firms that recently paid fines to securities regulators to buy ratings. Many global asset management parents of U.S. subsidiaries are also enjoying a strong quarter.
But mutual fund companies that failed to meet earnings expectations lost ground on Wall Street. Shares of Federated Investors and T. Rowe Price both slipped this month after the companies nearly missed projected earnings.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.