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Tuesday, May 11, 2021

A $249B-AUM AM's Earnings Rise YOY

Reported by Neil Anderson, Managing Editor

A $249-billion-AUM asset manager's earnings and AUM are both up year-over-year. And despite Q1 outflows, management expects to see a two- to four-percent organic jump in net flows by the time 2021 is done.

Voya Investment Management [profile] brought in $52 million in adjusted operating earnings in the first quarter of 2021, down from $90 million in Q4 2020 but up year-over-year from $40 million in Q1 2020, according to the Q1 2021 earnings report, released yesterday, of Voya IM's publicly traded parent: Voya Financial, Inc. (ticker VOYA).

Voya IM's AUM reached $248.55 billion on March 31, 2021, up 1.2 percent from December 31, 2020 and up 18 percent from March 31, 2020. The asset manager suffered $1.175 billion in net Q1 2021 outflows, down from $2.293 billion in Q4 2020 outflows and down from $223 million in Q1 2020 inflows.

This morning, Rod Martin, chairman and CEO of Voya Financial, told analysts on the firm's earnings call (as transcribed by Seeking Alpha) that Voya IM "saw continued institutional inflows" in Q1 2021.

"While we experienced net outflows during the quarter, we expect to achieve our 2% to 4% net flow organic growth targets for 2021, due to a strong unfunded pipeline," Martin said on the call.

Christine Hurtsellers, CEO of Voya IM, elaborated in response to a question from Morgan Stanley analyst Nigel Dally.

"What we do see is very strong unfunded wins as progressing through finals and semi-finals," Hurtsellers said during the call's Q&A section. "We've delivered five consecutive years of positive net cash flows, and so we're well on track for having our sixth year of positive cash flows." 

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