US asset managers rise as Fed cuts rates

Shares of U.S. asset managers rise after Federal Reserve cuts interest rates by a quarter of a percentage point

Lower interest rates often boost risk-on sentiments, lifting the value of assets under management as markets rally

Asset managers' fees are directly tied to the value of their portfolios

KKR KKR.N up ~1%, Invesco IVZ.N up 1.04%, and Blackstone BX.N up 1.2%

Franklin Resources BEN.N up 0.7%, BlackRock BLK.N up 0.72%, while Apollo APO.N down 1.9%