Morgan Stanley released its review of June 2026 assets under management for three asset managers, reporting a varied picture across firms.
T. Rowe Price Group Inc. reported June AUM of $1,893 billion, a 0.2% decline from May and a 19.6% increase versus the prior year. The firm recorded $0.8 billion of net inflows for June, which the firm-equivalent calculation represents as 0.5% annualized growth. Morgan Stanley had previously forecast $7.0 billion in outflows for the month, so the actual June result was materially better than that estimate.
Looking at the second quarter, T. Rowe Price posted $6.5 billion in outflows, equal to a 1.5% annualized decline. That quarterly outflow figure was smaller than Morgan Stanley’s earlier estimate of $14.3 billion in outflows and below consensus analysts’ expectations of $12.1 billion in outflows. Morgan Stanley’s analysis noted that the quarterly result marked an improvement from the first quarter, when outflows were $13.7 billion, and from the prior-year second quarter, which saw $16.8 billion in outflows.
Virtus Investment Partners Inc. recorded total AUM of $152.2 billion in June, down 0.6% month-over-month and down 10.9% year-over-year. Morgan Stanley’s calculation shows Virtus had implied outflows of $2.0 billion in June, equivalent to a 15.4% annualized rate.
For the quarter, Virtus averaged $153.3 billion in assets under management and had outflows of $5.7 billion for the period, or a 15.3% annualized rate. That quarterly outflow exceeded Morgan Stanley’s expectation of $4.9 billion in outflows and consensus forecasts of $3.8 billion in outflows.
Victory Capital Holdings Inc. posted June long-term AUM of $338.9 billion, up 1.1% month-over-month and up 14.9% year-over-year. Victory’s June results included $2.9 billion in implied long-term inflows, representing 10.5% annualized growth in long-term assets for the month.
On a quarterly basis, Victory Capital reported $4.2 billion in long-term inflows, equal to a 5.4% annualized rate. Those quarterly long-term inflows were meaningfully above Morgan Stanley’s estimate of $1.3 billion and above consensus expectations of $0.6 billion.
Shares of the three firms moved during the reporting period as follows: TROW -3.87%, VRTS -3.24%, VCTR -1.08%.
The Morgan Stanley analysis highlights divergent flow dynamics across the asset management sector in June, with one large manager stabilizing flows, one facing substantial withdrawals, and another recording strong long-term net inflows that outpaced estimates.