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Virtus Investment's (VRTS) April AUM Dips 5.2% Sequentially

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Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential decline of 5.2% in its preliminary assets under management (AUM) balance for April 2024. The company reported a month-end AUM of $170.06 billion, indicating a decline from the Mar 31, 2024, level of $179.31 billion.

The company offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.

In April, Virtus Investment’s open-end fund balance decreased 4.7% from the end of the previous month to $55.1 billion. Also, the closed-end fund balance declined 2.6% to $9.79 billion.

Institutional accounts balance decreased 6.5% on a sequential basis to $60.39 billion. Retail separate accounts balance of $44.76 billion dipped from $46.81 billion in the prior month.

The company’s integrated multi-boutique business model in a rapidly growing industry is likely to support its performance. Yet, elevated operating expenses are expected to hurt Virtus Investment’s bottom line to an extent in the near term.

Over the past six months, shares of Virtus Investment have risen 21.9% compared with 27.9% growth of the industry.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

Currently, Virtus Investment carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Competitive Landscape

Victory Capital Holdings, Inc. (VCTR - Free Report) reported an AUM of $163.6 billion for April 2024. This reflected a 4% decline from $170.3 billion as of Mar 31, 2024.

By asset class, VCTR’s U.S. Mid Cap Equity AUM declined 5.8% from the March level to $31.02. The U.S. Small Cap Equity AUM of $15.18 billion decreased 6.8%. The Global/Non-U.S. Equity AUM declined 2.2% to $17.8 billion. The U.S. Large Cap Equity AUM dipped 5.5% to $13.13 billion.

Franklin Resources, Inc.(BEN - Free Report) reported its preliminary AUM of $1.60 trillion as of Apr 30, 2024. This reflected a decrease of 2.5% from the prior month’s level.

For the quarter ended Apr 30, 2024, BEN’s AUM declined on negative markets and long-term net outflows, including $5.9 billion related to the $25-billion AUM received from the Great-West Lifeco acquisition.

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