Virtus Investment's (VRTS) November AUM Up 6.2% Sequentially
Virtus Investment Partners, Inc. VRTS recorded a sequential rise of 6.2% in its preliminary assets under management (AUM) balance for November 2023 on the back of favorable market returns. The company reported a month-end AUM of $165.5 billion, which reflected a rise from the Oct 31, 2023, level of $155.8 million.
The company offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.
In November, Virtus Investment’s open-end funds’ balance increased 5% from the end of the previous month to $54.3 billion. Also, closed-end funds’ balance rose 5.8% to $9.8 billion.
Institutional accounts’ balance sequentially rose 6% to $61.4 billion. Retail separate accounts’ balance of $39.9 billion increased 8.4% from 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 declined 3.5% against the 11.9% upside of the industry it belongs to.
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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
WisdomTree, Inc. WT reported a total AUM of $98.15 billion as of Nov 30, 2023, which reflected a 4.5% increase from the prior-month level. The rise was primarily due to the impacts of a favorable market move that totaled $4.29 billion.
WT, during November, recorded inflows from the U.S. equity, international developed market equity, emerging market equity, cryptocurrency, alternatives and leveraged and inverse strategies of $85 million, $38 million, $148 million, $10 million, $13 million and $45 million, respectively.
Victory Capital Holdings VCTR reported an AUM of $159.6 billion for November 2023. This reflected a 7.2% rise from $148.89 billion as of Oct 31, 2023.
By asset classes, at the end of November, VCTR’s U.S. Mid Cap Equity AUM rose 7.7% from the October level to $29.05 billion. The U.S. Small Cap Equity AUM of $14.59 billion grew 6.9%. The U.S. Large Cap Equity AUM increased 8.1% to $12.19 billion. The Global/Non-U.S. Equity AUM rose 11.5% to $16.14 billion.
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Virtus Investment Partners, Inc. (VRTS) : Free Stock Analysis Report
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