Publicly traded investment management firms advanced in Q3 2026, with both large and small traditional managers outperforming the broader market while alternative asset managers continued to lag. Smaller traditional managers posted the strongest quarterly share-price gains, and valuation multiples expanded for both traditional manager groups, while alternatives remained broadly stable. Fundamentals were mixed, as larger managers maintained double-digit growth across AUM, revenue, and EBITDA, while smaller managers continued to face margin pressure despite revenue growth.
