Another simple explanation is the market for fund managers is down.
The market could also be pricing in geopolitical risk in Europe. If things go wrong, their Russian holdings converted in USD would be smashed twice and everything else would also fall (as well as those of other fund managers).
I've discounted the risk from insiders, as I would've thought most would be escrowed for some time.
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Another simple explanation is the market for fund managers is...
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