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Virtus Investment's (VRTS) July AUM Rises 2.1% Sequentially

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Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential increase in its preliminary assets under management (AUM) balance for July 2023 on the back of favorable market returns. The company reported month-end AUM of $171.9 billion, which reflected a rise of 2.1% from the Jun 30, 2023 level.

Excluded from the above-mentioned AUM balance, other fee-earning assets were $2.6 billion, to which Virtus Investment provided services.

In July end, Virtus Investment’s open-end funds balance increased 1.7% from the end of the previous month to $57.8 billion. Also, the closed-end funds’ balance increased 1.6% to $10.3 billion.

Further, the Institutional accounts’ balance rose 1.5% to $63.3 billion. Retail separate accounts’ balances of $40.5 billion grew 3.8% from the prior month.

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

Over the past three months, shares of Virtus Investment have gained 18.8% compared with the 13.6% 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

Cohen & Steers, Inc. (CNS - Free Report) reported a preliminary AUM of $82.3 billion as of Jul 31, 2023, which reflected an increase of 2.4% from the prior-month level. Market appreciation of $1.86 billion and net inflows of $231 million supported the rise. However, it was partially offset by distributions of $162 million.

CNS recorded total institutional accounts of $34.43 billion at the end of July 2023, rising 3.5% from the June-end level. Of the total institutional accounts, advisory accounts were $19.53 billion while the rest were sub-advisory.

Victory Capital Holdings (VCTR - Free Report) reported an AUM of $165.9 billion for July 2023. This reflects a 2.6% increase from $161.6 billion reported as of Jun 30, 2023.

By asset classes, at the end of July, VCTR’s U.S. Mid Cap Equity AUM rose 3.4% from the June level to $31 billion. The U.S. Small Cap Equity AUM of $16.4 billion increased 4.5%. Further, the U.S. Large Cap Equity AUM increased 2.2% to $12.4 billion. The Global/Non-U.S. Equity AUM was up 3.9% to $16 billion.


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