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Wednesday, November 04, 2009

Virtus Posts Higher Operating Income

News summary by MFWire's editors

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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