Hartford asset manager Virtus Investment Partners Inc. nearly doubled third-quarter net income as investors poured more money into its portfolio of mutual funds.
For three months ended Sept. 30, Virtus netted $21.1 million, or $2.56 a diluted share, up from $11.6 million, or $1.43 a share, netted the same quarter a year ago.
Revenue was a record $100.4 million in the latest quarter vs. $72 million last year.
Operating margin was an unadjusted 32 percent vs. 25 percent a year earlier.
“In the quarter, sales of our defensive equity and long/short funds continued to accelerate as investors sought strategies that can provide compelling, risk-adjusted returns,” CEO George Aylward said.
Virtus finished the third quarter with average assets under management of $55 billion vs. $41.8 billion a year ago.
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