Hartford Business.com
February 11, 2012
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Hartford asset manager Virtus Investment Partners Inc. narrowed its third-quarter loss amid growth in the assets under management.
Virtus lost $788,000, or 14 cents a share, in the three months ended Sept. 30, down from a loss of $337.2 million, or $58.43 a share, the same period last year.
Assets under management ended the quarter at $24.6 billion, up 10 percent from $22.4 billion a year ago.
CEO George R. Aylward said healthier financial markets, a net inflow of assets and a tight hand on expenses helped improve Virtus' bottom line.
Virtus was spun off last December from The Phoenix Cos.
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