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Shares of Virtus Investment Partners, Inc. VRTS gained 7.8% following the release of its preliminary assets under management (AUM) balance for October 2022. The company reported month-end AUM of $149.5 billion, which reflected a rise of 3.1% from Sep 30, 2022.
Excluded from the above-mentioned AUM balance is $2.5 billion of other fee-earning assets to which Virtus Investment provided services.
At October end, Virtus Investment’s Open-End Funds balance increased 1.7% from the end of the previous month to $55.4 billion. Retail Separate Accounts’ balances of $5.2 billion increased 5.5% from the prior month.
Institutional Accounts’ balance rose 3% to $48.4 billion. Also, the Closed-End Funds’ balance increased 3.1% sequentially to $10.5 billion.
Elevated operating expenses are expected to hurt Virtus Investment’s bottom line to an extent in the near term. Nonetheless, its integrated multi-boutique business model in a rapidly growing industry might support its performance.
Over the past year, shares of Virtus Investment have lost 38.9% compared with a decline of 18.1% of the industry.
Image Source: Zacks Investment Research
Currently, Virtus Investment carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Competitive Landscape
Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1,318.4 billion for October 2022. This reflects a 1.6% increase from $1,297.4 billion recorded as of Jun 30, 2022.
The rise in BEN’s AUM balance was primarily driven by an upbeat market performance, partially offset by long-term net outflows, including the previously-disclosed $2.1 billion fixed-income institutional redemption that had minimal impacts on revenues.
AllianceBernstein Holding L.P.’s AB AUM of $627 billion for October 2022 represented a rise of 2.3% from $613 billion recorded at the end of the prior month. AB’s AUM increase was driven by market appreciation, partially offset by net outflows in each channel.
AllianceBernstein’s global reach and solid asset balances are likely to continue to boost top-line growth.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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