Asset managers' shares hit by FCA report

HL down 3.14%

Shares in asset management firms are down following the release of the Financial Conduct Authority's (FCA) Final Report of its Asset Management Market Study.

The regulator unveiled a package of measures to address 'weak competition' in the industry, which are likely to further eat into firms' profits.  Hargreaves Lansdown was the worst affected following the release of the report, slumping 3.14% to £12.95, while St James's Place also fell in early morning trading by 1.18% to £11.71. Asset management firms were also down, with Aberdeen Asset Management and Jupiter 0.51% and 0.67% lower respectively. Shares in Liontrust dropped 1.03% to 434p while other financial firms such as Prudential, Close Brothers and Schroders have all declined be...