Analysts cut forecasts for US asset managers

Asset manager share prices fall after KBW becomes latest firm to question future earnings of fund houses

Share prices at several asset managers underperformed the wider market yesterday following the latest report to question the future earnings of fund houses over the next two years.

In a report from Keefe, Bruyette & Woods, analysts Robert Lee and Larry Hedden downgraded their estimates for US-listed asset managers' earnings per share by an average 8.6% for 2010, and 11.7% for 2011.

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