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Fly News Breaks for September 1, 2015
VRTS
Sep 1, 2015 | 08:36 EDT
Sandler O'Neill downgraded Virtus Investment to Sell giving rising regulatory risk and weakening fundamentals. The firm said the F-Square setback has resulted in August outflows of $270M and the collective AUM base has dwindled to $3.6B. Sandler O'Neill believes investors are worried of an amended class action suite alleging senior officials were aware of performance inaccuracies for some time before amending the fund documents. The firm has a $97 price target on shares.