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Rating:Virtus Reports a Shrinking Loss Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, August 14, 2009

Virtus Reports a Shrinking Loss

Reported by Sean Hanna, Editor in Chief

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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