** Shares of asset managers that invest in private credit have lagged the broader S&P 500 .SPX since the start of the year, with recent weakness driven by bankruptcies of U.S. auto parts maker First Brands and subprime auto lender Tricolor

** Blackstone BX.N has fallen nearly 13% since the first report on First Brands' bankruptcy on September 22

** First Brands filed for bankruptcy protection on September 29; Tricolor filed on Sept 10

** Ares Management ARES.N has lost more than 17%, KKR KKR.N down more than 15% and Apollo Global Management APO.N down over 13%

** "First Brands' issues will get attention because of the opaque nature of its structural complexities, and that could tighten standards for all lenders going forward," says Brian Mulberry, portfolio manager at Zacks Investment Management

** Investment bank Jefferies JEF.N on Wednesday disclosed that its fund holds about $715 mln in receivables linked to First Brands; JEF shares flat after falling for eight consecutive days

** Bloomberg News reported on Wednesday that Western Alliance Bancorp WAL.N also faces First Brands risk

** Including Thursday's moves, the S&P 500 has gained about 0.7% since September 22 vs near 12% drop in VanEck BDC Income ETF BIDZ.P

(Reporting by Shashwat Chauhan and Niket Nishant in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))