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Fly News Breaks for October 22, 2019
UBS, WDR, IVZ
Oct 22, 2019 | 12:24 EDT
Evercore ISI analyst Glenn Schorr downgraded Invesco (IVZ) to Underperform from In Line after UBS (UBS) announced a unified initiative between its wealth management and asset management businesses to potentially revolutionize how clients access separately managed accounts including significantly reduced SMA pricing. In a research note to investors, Schorr says he thinks this could be an accelerant of price compression in retail asset management products. Schorr also downgraded Waddell & Reed (WDR) to Underperform.
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