Asset manager stocks pressured for a 2nd day
By
Associated Press
September 16, 2008
|
Shares of asset management firms came under pressure for a second straight day Tuesday amid the financial shake-up on Wall Street.
Brookfield Asset Management Inc. and AllianceBernstein Holding LP both fell to new 52-week lows after the opening bell as the fallout continued from Lehman Brothers' bankruptcy filing and Merrill Lynch's forced sale to Bank of America.
Shares in Toronto-based Brookfield declined 64 cents, or 2.4 percent, to $25.96 after sinking as far as $25.44, a two-year low. That came on top of a 12 percent drop on Monday.
AllianceBernstein, a New York-based investment management and mutual fund company, shed $1.84, or 4.4 percent, to $40.13 after hitting a more than three-year low of $38.37. A day earlier, the stock declined by 7 percent.
Other asset managers fared somewhat better, with smaller early declines, and Piper Jaffray Cos. bucked the trend, adding $1.71, or 5.2 percent, to $34.31.
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