Hartford’s Virtus Investments Inc. more than tripled fourth-quarter earnings as investors flocked to its mutual funds and other products.
In the three months ended Dec. 31, Virtus netted $4.5 million, up from $1.4 million earned the same quarter in 2009. Per common share, Virtus earned 45 cents in the latest quarter vs. 7 cents a year earlier.
For 2010, Virtus earned a net $9.6 million, or 81 cents a share, reversing a loss of $6.5 million, or $1.76 a share, posted in 2009.
CEO George R. Aylward said Virtus took in a record $1.5 billion from mutual-fund investors, ending the quarter with a net inflow of $553 million.
Virtus ended 2010 with $29.5 billion in assets under management, up from $25.4 billion in 2009.
