Virtus Investment Partners(US:VRTS) ZACKS·2024-11-13 15:10Company Overview - Virtus Investment Partners, Inc. (VRTS) experienced a 1% decline in shares following a report of a decrease in assets under management (AUM) for October 2024, with a month-end AUM of $179.41 billion, down 2.4% from September 30, 2024, attributed to unfavorable market performance [1] - The company manages an additional $2.3 billion in other fee-earning assets, which is not included in the AUM figure [1] Performance Breakdown - In October, the open-end fund balance decreased by 2.6% to $56.6 billion, while the closed-end fund balance fell by 1.3% to $10.3 billion [2] - Institutional accounts saw a 3% decline to $62.7 billion, and retail separate accounts decreased by 1.6% to $49.8 billion [2] Market Position - The integrated multi-boutique business model of Virtus Investment is expected to support its performance in a rapidly growing industry, although elevated operating expenses may negatively impact the bottom line in the near term [3] - Over the past six months, shares of Virtus Investment have increased by 4.1%, which is significantly lower than the industry growth of 30.1% [3] Competitive Landscape - Franklin Resources, Inc. (BEN) reported a preliminary month-end AUM of $1.63 trillion as of October 31, 2024, reflecting a 2.9% decrease from the prior month due to unfavorable market returns and long-term net outflows of $18.5 billion [5] - Invesco (IVZ) announced a month-end AUM of $1.77 trillion for October 2024, representing a 1.3% decline from the previous month, with net long-term inflows of $2 billion [6][7]