With everyone bullish towards equities these days, it might seem like common sense that asset managers will be the biggest winners since they are more leveraged to the stock market than any other group, but according to research from RBC Capital Markets analyst Eric Berg, “a further rise in the stock market from current levels would likely benefit life insurers even more than such a market increase would benefit asset managers.” Stock market relation with insurers and asset managers The only scenarios where Berg favors asset managers over life insurance firms are if Treasury ten year yields drop or the S&P…