Shaky ‘26 for alt asset manager stocks, but steady asset inflows | 4 Sept 2026 | Bank of America

1. Executive Briefing (TL;DR)

• Top Key Takeaways:

  • Alternative asset manager stocks experienced a decade of outperformance driven by structural corporate transitions from Publicly Traded Partnerships (PTPs) to C-Corps, enabling inclusion in major benchmarks like the S&P 500 and driving valuation expansion [00:02:03].
  • Industry tailwinds faced headwinds in 2025 due to fears of private credit quality degradation, software disruption risks from AI, and lower returns in private equity [00:03:29].