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Virtus Investment's (VRTS) April AUM Down 6.7% Sequentially

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Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential decrease in its preliminary assets under management (“AUM”) balance for April 2022 due to unfavorable market returns. The total AUM of $170.9 billion reflects a 6.7% fall from $183.3 billion recorded on Mar 31, 2022.

Excluded from the above-mentioned AUM balance is $3.2 billion of other fee-earning assets to which Virtus Investment had provided services.

At April end, Virtus Investment’s Open-End Funds balance fell 8% from March end to $67.3 billion. Retail Separate Accounts balances of $38.3 billion decreased 6% from the prior-month figure.

Further, Institutional Accounts balance decreased by 6% to $53.8 billion from March end. Also, sequentially, Closed-End Funds balance dipped 5.5% to $11.4 billion.

Virtus Investment’s high operating expenses and unsustainable capital deployment activities are concerning. Further, the Russia-Ukraine conflict has led to negative sentiments in the market, resulting in volatility and unfavorable returns. Nonetheless, its integrated multi-boutique business model in a rapidly growing industry might support its performance.

Virtus Investment stock's loss of 32.1% has underperformed the industry’s fall of 29.1% over the past year.

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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.

Among other asset managers, Invesco (IVZ - Free Report) and T. Rowe Price (TROW - Free Report) are expected to release preliminary AUM results for April in the coming days. Over the past year, shares of IVZ have lost 33% while the TROW stock has declined 33.5%.

At present, IVZ carries a Zacks Rank #5 (Strong Sell) while T. Rowe Price has a Zacks Rank of 3 (Hold).


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