BAML cuts its Q2 profit expectations for asset managers another 4% as their equity funds lost...

|By:, SA News Editor

BAML cuts its Q2 profit expectations for asset managers another 4% as their equity funds lost money and inflows slowed. The group includes AllianceBernstein (AB), BlackRock (BLK), and Legg Mason (LM). Eaton Vance (EV) is singled out for a downgrade, the stock's premium to its competitors "hard to justify." T. Rowe Price (TROW) gets an upgrade, thanks to strong fund performance.