You may be right, but a decrease of the market is not necessarily bad for this sector. At least 2 elements have been positive recently for some fund managers : - international fund managers have benefited from the increase of the USD (when they were non hedged), - some fund managers have also benefited from their short position.
As mentioned in the AFR today, there is also a return to alternative asset managers, now that both stocks and bonds are decreasing at the same time. Of course, it does not mean that alternative asset managers will perform consistently in bad market conditions.
