Virtus Investment Partners
showed a loss on its first post-Phoenix Investment Partners
report card as it lost nearly half of its assets under management.
The fund sponsor reported a net loss available to common stockholders of $6.8 million or $1.18 per share for the first quarter. The numbers reflect an improvement from the first quarter of 2008 when the company reported a loss of $9.2 million or $1.59 per share.
"The dramatic decline in the markets since late last year, continuing into the first quarter, has put significant pressure on asset managers, and our first quarter results were affected by lower revenues resulting primarily from the market-driven decline in assets under management," said George R. Aylward
, president and chief executive officer, said in the earnings release.
AUM fell at Virtus to $20.8 billion, down from $40.4 billion at the beginning of 2008, which excluding $14.9 billion managed by Goodwin, which remained with Phoenix after Virtus was spun-off in late December 2008.
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