Redemption Caps on Credit Funds Hit Alternative Manager Stocks

Shares of alternative asset managers declined after Ares Management Corp. and Apollo Global Management Inc. became the latest firms to curb withdrawals from some of their funds.

Shares of Ares and Apollo fell over 4% Tuesday in New York. TPG Inc., Blackstone Inc., KKR & Co. Inc., Blue Owl Capital Inc. also traded lower. The broader market was also down, with a gauge of financials dropping as much as 0.8%.