U.S. stock asset management company stock prices plummet, negative credit events intensify risk aversion sentiment

U.S. stock asset management companies and bank stocks plunged on Friday, as a series of negative private credit incidents sparked new concerns about the industry’s health. BlackRock fell more than 5%, Ares Management fell 6.3%, KKR & Co Inc fell 6.3%, Blue Owl fell 6%, Blackstone fell 5.6%, Apollo Global Management fell 5.5%, American F&C Financial Group fell more than 10%, and Western Alliance fell 13%. The KBW Bank Index fell more than 4%, with all 23 bank stocks down at least 2.9%.

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