Morgan Stanley, Asset Manager Shares Fall After Redemption Caps

Shares of Morgan Stanley fell on Thursday, dropping in tandem with stocks of top asset managers, after the lender limited withdrawals from one of its private credit funds.

Morgan Stanley shares fell 4.1%, closing at the lowest level since October. Apollo Global Management Inc., KKR & Co Inc. and Ares Management Corp. all fell by more than 3%. The KBW Bank Index slid 2.5%, posting a sixth straight session of losses.