(Bloomberg) The business of picking stocks and bonds for clients is getting smaller by the day.
Seven top asset managers this week reported a total of $50 billion in third-quarter net redemptions, most of it from active funds, company filings show. The biggest losers: Franklin Resources Inc. with $22.1 billion, AllianceBernstein with $15.3 billion and Waddell & Reed Financial Inc. at $4.9 billion.
Asset Managers Bleed $50 Billion as Industry Crisis Deepens
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