Waddell & Reed Financial, Inc. reported preliminary assets under management (AUM) of $66.2 billion as of Oct 31, 2020, which decreased 2.5% from the prior-month level.
During the month, the company witnessed net outflows of $705 million along with market depreciation of $992 million. Both the factors contributed to lower AUM. Of the total AUM, about 95% comprised retail AUM, while the rest were institutional.
Waddell & Reed recorded total institutional accounts of $3 billion at the end of October, down 4.4% sequentially. Also, it recorded $63.1 billion in retail AUM compared with $64.7 billion a month ago.
The company’s focus on strengthening the Wealth Management channel is expected to support profitability over the long term. Though outflows and weak revenue growth are major near-term concerns, its efforts to reduce costs and improve efficiency are impressive.
Shares of the company have gained 27.6% over the past six months compared with 27.9% growth recorded by the industry it belongs to.
Waddell & Reed currently 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
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $71.3 billion as of Oct 31, 2020, which increased 1% from the prior-month level. Net inflows of $2 billion were partially offset by market depreciation of $1.1 billion and distributions of $219 million.
Victory Capital Holdings (VCTR - Free Report) announced AUM by its subsidiaries of $131.1 billion for October 2020. The results reflect a 1.2% decline from $132.7 billion on Sep 30, 2020.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,206.5 billion represents an 1% decrease from the prior month. This was largely due to unfavorable market returns, which lowered the company’s AUM by $10 billion. Further, Invesco witnessed total net outflows of $2.3 billion during the month.
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Waddell & Reed Financial, Inc. reported preliminary assets under management (AUM) of $66.2 billion as of Oct 31, 2020, which decreased 2.5% from the prior-month level.
During the month, the company witnessed net outflows of $705 million along with market depreciation of $992 million. Both the factors contributed to lower AUM. Of the total AUM, about 95% comprised retail AUM, while the rest were institutional.
Waddell & Reed recorded total institutional accounts of $3 billion at the end of October, down 4.4% sequentially. Also, it recorded $63.1 billion in retail AUM compared with $64.7 billion a month ago.
The company’s focus on strengthening the Wealth Management channel is expected to support profitability over the long term. Though outflows and weak revenue growth are major near-term concerns, its efforts to reduce costs and improve efficiency are impressive.
Shares of the company have gained 27.6% over the past six months compared with 27.9% growth recorded by the industry it belongs to.
Waddell & Reed currently 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
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $71.3 billion as of Oct 31, 2020, which increased 1% from the prior-month level. Net inflows of $2 billion were partially offset by market depreciation of $1.1 billion and distributions of $219 million.
Victory Capital Holdings (VCTR - Free Report) announced AUM by its subsidiaries of $131.1 billion for October 2020. The results reflect a 1.2% decline from $132.7 billion on Sep 30, 2020.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,206.5 billion represents an 1% decrease from the prior month. This was largely due to unfavorable market returns, which lowered the company’s AUM by $10 billion. Further, Invesco witnessed total net outflows of $2.3 billion during the month.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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