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Franklin Resources, Inc. (BEN) - free report >>
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Virtus Investment (VRTS) Stock Gains 3.6% on Rise in July AUM
Shares of Virtus Investment Partners, Inc. (VRTS - Free Report) gained 3.6% following the release of its preliminary assets under management (AUM) balance for July 2022. The company reported month-end AUM of $163 billion, which reflects a rise of 4.9% from Jun 30, 2022.
Excluded from the above-mentioned AUM balance is $3.1 billion of other fee-earning assets to which Virtus Investment provided services.
At July end, Virtus Investment’s Open-End Funds balance increased 4.4% from the end of the previous month to $62.1 billion. Retail Separate Accounts balances of $37.3 billion increased 5.7% from the prior month.
Institutional Accounts balance rose 4.8% to $52.4 billion. Also, the Closed-End Funds balance increased 5.4% sequentially to $11.2 billion.
Elevated operating expenses are expected to hurt Virtus Investment’s bottom line to an extent in the near term. The company’s unsustainable capital deployment activities remain concerning. Nonetheless, its integrated multi-boutique business model in a rapidly growing industry might support its performance.
Over the past year, shares of Virtus Investment have lost 32.2% compared with a decline of 20.6% of the industry.
Image Source: Zacks Investment Research
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.
Competitive Landscape
Invesco’s (IVZ - Free Report) preliminary AUM for July 2022 of $1,449 billion represented a 4.2% rise from the prior month's end.
IVZ recorded net long-term outflows of $5.2 billion. Non-management fee-earning net inflows were $1.4 billion and money market net inflows were $5.1 billion. Foreign exchange rate movements did not have any material impact on Invesco’s month-end AUM balance.
Franklin Resources (BEN - Free Report) announced its preliminary AUM for July 2022. BEN's month-end AUM of $1,429.7 billion marked a 3.6% rise from the previous month’s figure.
The increase in Franklin's AUM primarily reflected the positive impact of markets, partially offset by long-term net outflows.