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Virtus Investment Up as August AUM Rises on Upbeat Market
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Shares of Virtus Investment Partners, Inc. (VRTS - Free Report) rose 1.9% following the announcement of improvement in preliminary assets under management (AUM) balance for August 2020 last week. The total AUM of $118.2 billion reflects a 3.6% increase from $114.1 billion recorded as of Jul 31, 2020.
At August-end, the company’s Open-End Funds balance grew 3.7% from July-end to $43.8 billion. Exchange Traded Funds and Retail Separate Accounts balances of $571 million and $24.7 billion increased 6.1% and 4.7%, respectively, from the prior month. Further, Institutional Accounts balance rose 4.1% to $37.7 billion.
However, Closed-End Funds balance declined 1.6% sequentially to $5.8 billion. Also, Structured Products balance fell marginally to $4.1 billion at August-end.
Notably, Virtus Investment had $1.4 billion of liquidity assets, which declined slightly from July 2020.
Sound positioning of Virtus Investment’s integrated multi-boutique business model in a rapidly growing industry and effectiveness of the distribution platform might keep supporting its performance.
Shares of Virtus Investment have gained 10.9% so far this year against the industry’s 7.9% fall.
AllianceBernstein Holding L.P.’s (AB - Free Report) preliminary month-end AUM of $643 billion increased 3.2% from the prior month. Market appreciation and total firm-wide net inflows primarily drove this rise.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $72.1 billion as of Aug 31, 2020, which increased 2.8% from the prior-month level. Market appreciation of $1.2 billion and net inflows of $1 billion were partially offset by distributions of $211 million.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,245.8 billion represents a 4.2% increase from the previous month. This upswing was driven by favorable market returns, which boosted AUM by $40 billion. Also, FX increased AUM by $3.5 billion.
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Virtus Investment Up as August AUM Rises on Upbeat Market
Shares of Virtus Investment Partners, Inc. (VRTS - Free Report) rose 1.9% following the announcement of improvement in preliminary assets under management (AUM) balance for August 2020 last week. The total AUM of $118.2 billion reflects a 3.6% increase from $114.1 billion recorded as of Jul 31, 2020.
At August-end, the company’s Open-End Funds balance grew 3.7% from July-end to $43.8 billion. Exchange Traded Funds and Retail Separate Accounts balances of $571 million and $24.7 billion increased 6.1% and 4.7%, respectively, from the prior month. Further, Institutional Accounts balance rose 4.1% to $37.7 billion.
However, Closed-End Funds balance declined 1.6% sequentially to $5.8 billion. Also, Structured Products balance fell marginally to $4.1 billion at August-end.
Notably, Virtus Investment had $1.4 billion of liquidity assets, which declined slightly from July 2020.
Sound positioning of Virtus Investment’s integrated multi-boutique business model in a rapidly growing industry and effectiveness of the distribution platform might keep supporting its performance.
Shares of Virtus Investment have gained 10.9% so far this year against the industry’s 7.9% fall.
Currently, Virtus Investment sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Asset Managers
AllianceBernstein Holding L.P.’s (AB - Free Report) preliminary month-end AUM of $643 billion increased 3.2% from the prior month. Market appreciation and total firm-wide net inflows primarily drove this rise.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $72.1 billion as of Aug 31, 2020, which increased 2.8% from the prior-month level. Market appreciation of $1.2 billion and net inflows of $1 billion were partially offset by distributions of $211 million.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,245.8 billion represents a 4.2% increase from the previous month. This upswing was driven by favorable market returns, which boosted AUM by $40 billion. Also, FX increased AUM by $3.5 billion.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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