U.S. stock asset management company stock prices plummeted, negative credit events intensified risk aversion sentiment

Gelonghui March 6 — U.S. stock asset management companies and bank stocks fell sharply on Friday, as a series of negative private credit incidents sparked new concerns about the industry’s health. BlackRock dropped over 5%, Ares Management fell 6.3%, KKR & Co Inc declined 6.3%, Blue Owl decreased 6%, Blackstone dropped 5.6%, Apollo Global Management fell 5.5%, U.S. Fure Financial Group declined over 10%, and Western Alliance dropped 13%. The KBW Bank Index fell over 4%, with all 23 bank stocks declining by at least 2.9%.