Virtus Investment Partners, which was spun off from The Phoenix Companies at the end of last year, reported operating income of $3.2 million in the third quarter, up from $2.2 million in the third quarter of 2008.

Ending AUM rose to $24.6 billion from $22.4 billion in the second quarter, but year-over-year AUM fell from $27.0 billion.

The firm, which runs a multi-manager asset management business, saw positive net flows of $287.4 million, compared with negative net flows of $639.7 million in the year-ago quarter and positive net flows of $42.5 million in the second quarter.

Adjusted revenue, $22.9 billion, fell 20 percent from Q3 2008.  

Edited by: Adam Kommel


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