The shares fell the most in more than a year after the company said revenue rose 12 percent to
The withdrawals partly offset the firm’s best mutual-fund deposits since the start of 2007.
“Following a very strong start to the year, we would caution that the year-to-date pace of U.S. stock market gains is likely to be unsustainable,” Kennedy said in the statement.
Net income increased 22 percent to
Assets rose to a record
Despite the withdrawals by institutions, investors deposited a net
“It was our strongest quarter for mutual-fund flows since the first quarter of 2007,” Kennedy said in an interview today.
Target-date portfolios, which invest in multiple underlying funds and automatically adjust to more a more conservative allocation as the client ages, attracted
Expenses increased 7.4 percent, contained by a 7.1 percent gain in compensation costs.
Kennedy said the U.S. economy was proving to be “resilient” despite a lack of leadership in
“It’s absolutely insane to have that approach to constraining expenditures in this country,” Kennedy said. “But in terms of broad economic impact, it’s pretty minimal at this point.”
Assets in the Health Sciences fund rose 7.1 percent in March, when the fund returned 5.4 percent, suggesting investors deposited money into the fund in the month after Jenner left.
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