July 31, 2012

Virtus’ 2Q net strong on mutual-fund sales

Virtus Investment Partners Inc. saw net profits more than double in the second quarter as more investors turned to the Hartford asset manager's mutual funds as a haven for their wealth.

For three months ended June 30, Virtus netted $8.4 million, or $1.04 a share, up from $3.2 million, or 30 cents a share, the same period last year.

Second-quarter revenues were $66.8 million vs. $48.9 million a year ago.

Particularly strong were period sales of long-term, open-end mutual funds totaling $2.8 billion, up 13 from $2.4 billion the same quarter in 2011.

Assets under management were $38.8 billion at the close of the latest quarter, up 17 percent from a year earlier.

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