Net inflows into its managed account and mutual fund product lines helped Virtus Investment Partners shrink its losses in the second quarter. The Hartford, Connecticut-based asset managers reported
an operating loss of $2.8 million in the quarter, down from a loss of $4.5 million in the first quarter. The total loss was $3.1 million, or $0.54 per share compared to a loss of $6.8 million, or $1.18 per share in the first quarter. The stock does not have estimates tracked by Wall Street analysts.
George R. Aylward
, president and chief executive officer, pointed to the recovery in the stock market in March as a reason for the change in direction.
"The increase in long-term mutual fund assets during the quarter demonstrates Virtus has attractive products that investors want as they move back into the markets," he added.
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