Piper Sandler sees asset managers weighed down by weaker markets in Q1

Virtus Investment Partners

11/04/2022 11:51

** Piper Sandler says asset managers likely to be weighed
down in Q1 by weaker capital markets activity 
    ** Says Victory Capital Holdings  VCTR.O  and Virtus
Investment Partners  VRTS.O  its top picks 
    ** "Alternative deployment levels remained elevated across
the group while realization activity was weaker in the quarter
given the volatility" - Piper Sandler 
    ** Sees monetizations improving as global economy rebounds
and capital markets activity returns
    ** Continues to expect strong fundraising activity "in the
relatively low interest rate environment" 
    ** Brokerage cuts PT on investment firm KKR & Co  KKR.N  to
$86 from $91; says strong pipeline of transactions for co likely
if markets rebound 
    ** As of last close, VRTS, VCTR and KKR have shed between
22.55% and 31.40%, YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))