Private capital firms are losing ground to traditional investment banks as a surge in initial public offerings and mergers drives bank shares to record levels, marking a sharp reversal from the outperformance of alternative asset managers in recent years, according to a report by the Financial Times.
Shares of the largest US private capital groups have fallen more than 15% so far this year and more than 20% over the past 12 months, underperforming the broader US stock market, which has posted do...
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