Last week’s slump in asset-manager stocks was driven by private-credit fears. Here’s what’s worrying investors.

MarketWatch

by Christine Idzelis

February 22, 2026

AI-Generated Deep Dive Summary

Last week’s sharp decline in asset manager stocks was fueled by investor concerns over a private-credit fund managed by Blue Owl Capital. This triggered broader worries about potential spillover effects across the financial sector, leading to significant drops in shares of several major asset managers. Blue Owl’s stock (OWL) dropped notably on Friday, extending its weekly losses to around 12%, according to FactSet data. Other prominent firms, including Ares Management (ARES), Blackstone (BX), Apollo Global Management (APO), and KKR & Co. (KKR), also saw their shares decline, reflecting investor anxiety about the stability of private-credit investments. The concerns stem from fears that Blue Owl’s fund may face challenges in managing its assets effectively. This has raised questions about whether similar issues could impact other private-credit funds or asset managers with exposure to this sector. Business development companies (BDCs), which often invest in private credit, have seen their val

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Originally published on MarketWatch on 2/22/2026