Although the stock market took a serious downturn in the second quarter, publicly traded money management firms are still expected to post healthy second-quarter returns, principally because average assets under management did not fall too much in the period, The Wall Street Journal reports. But should the stock market continue to decline, revenues will fall.

"If you look at [the second] quarter, there's just no place to hide," said Rachel Barnard, an analyst with Morningstar. "Stocks, bonds, real estate - everything has just had a bad quarter. The good news for asset managers is that that doesn't filter into earnings right away because revenues are based on average assets under management."

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