Virtus Investments Partners [see profile]
, like the overall stock market, had a rough third quarter, and at least one publication is worried. This week the Hartford, Connecticut-based mutual fund firm revealed
that lost $0.56 per diluted share last quarter. Then TheStreet downgraded
Virtus' stock from buy to hold, claiming "that the growth in the company's net income has been quite unimpressive."
Virtus' assets under management dipped less than 0.8 percent in Q3, to $33.0727 billion on September 30. Its mutual fund assets fell 3.4 percent, to $14.952 billion. Yet despite a turbulent market that pushed the S&P 500 down more than 14 percent, Virtus managed to bring in $1.6138 billion in net inflows last quarter.
"Even though the third quarter was challenging … we grew total sales by 26 percent and delivered a third consecutive quarter of more than $2 billion of long-term, open-end mutual fund sales," stated George Aylward
, president and CEO. "Total net positive flows increased by 11 percent despite an increase in mutual fund redemptions."
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