Money-Management Stocks Drop Most in Two Years

(Bloomberg) -- Money-management stocks had their worst day in more than two years Tuesday as the U.S. market tumbled because of growing concerns about trade conflicts and a slowing economy.

The 18-company S&P index of asset managers and custody banks fell 5.3 percent -- its steepest decline since June 2016, shortly after voters in the U.K. decided to leave the European Union. The index is down 22 percent in 2018, on pace for its worst calendar year since the global financial crisis.

WisdomTree Investments Inc. lost 9.3 percent on the day, making it the index’s biggest decliner, followed by State Street Corp., which fell 7.3 percent. The S&P 500 Index declined 3.2 percent.

©2018 Bloomberg L.P.