Fund management groups in the Stoxx Europe 600 index are seeing a tentative share price recovery after volatility in August caused the index to fall over 8%.
Financials contributed strongly to losses in the index last month, with Aberdeen Asset Management and Schroders respectively seeing a 14.4% and 13.3% fall in their share prices in sterling terms, according to London Stock Exchange data.
Their share prices fell more than the overall drop in the Stoxx Europe 600, which saw an 8.22% fall in the month.
As of Friday, though, both fund management companies had increased their share prices – even if they were still negative compared to the beginning of August.
Aberdeen’s share price was 11.9% below the start of August (compared to -14.4% at the end of August), while Schroders’ share price was 8.3% off (-13.3% of at the end of August).
According to Stoxx, the index company owned by exchange operator Deutsche Bourse, its volatility index – the Vstoxx – saw a 61% return in August, the largest return by far of its top five indices, which mainly saw losses.
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