Publicly traded fund managers in Europe are seeing more of their shares shorted by investors. The average ratio for stock out on loan is 1.32% of outstanding shares. Several managers have seen their short interest skyrocket during the last month as their stock underperformed the general market. They include Ashmore Group (2.24%), Man Group (1.85%), Hargreaves Landsdown (2.4%) and Schroders (2.21%). Man Group is down 25% since September. Ashmore Group has fallen 20%, Schroders has fallen 13% and Hargreaves Landsdown is down 6%.
The Greek crisis has caused investors to withdraw assets from different fund managers which directly affect their management fees. Aberdeen Asset Management had $1.25 million in outflows in July and August. Man Group said that withdrawals were at the same rate as early 2009, immediately after the credit crisis.
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