Shares of Virtus Investment Partners, Inc. VRTS rose 1.9% following the announcement of improvement in preliminary assets under management (AUM) balance for August 2020 last week. The total AUM of $118.2 billion reflects a 3.6% increase from $114.1 billion recorded as of Jul 31, 2020.
At August-end, the company’s Open-End Funds balance grew 3.7% from July-end to $43.8 billion. Exchange Traded Funds and Retail Separate Accounts balances of $571 million and $24.7 billion increased 6.1% and 4.7%, respectively, from the prior month. Further, Institutional Accounts balance rose 4.1% to $37.7 billion.
However, Closed-End Funds balance declined 1.6% sequentially to $5.8 billion. Also, Structured Products balance fell marginally to $4.1 billion at August-end.
Notably, Virtus Investment had $1.4 billion of liquidity assets, which declined slightly from July 2020.
Sound positioning of Virtus Investment’s integrated multi-boutique business model in a rapidly growing industry and effectiveness of the distribution platform might keep supporting its performance.
Shares of Virtus Investment have gained 10.9% so far this year against the industry’s 7.9% fall.
Currently, Virtus Investment sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Asset Managers
AllianceBernstein Holding L.P.’s AB preliminary month-end AUM of $643 billion increased 3.2% from the prior month. Market appreciation and total firm-wide net inflows primarily drove this rise.
Cohen & Steers CNS reported preliminary AUM of $72.1 billion as of Aug 31, 2020, which increased 2.8% from the prior-month level. Market appreciation of $1.2 billion and net inflows of $1 billion were partially offset by distributions of $211 million.
Invesco’s IVZ preliminary month-end AUM of $1,245.8 billion represents a 4.2% increase from the previous month. This upswing was driven by favorable market returns, which boosted AUM by $40 billion. Also, FX increased AUM by $3.5 billion.
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