Virtus Investment Partners Inc. posted a four-fold rise in first-quarter net income as theHartford asset manager benefited from a huge net inflow of money into mutual funds.
Virtus earned $3 million, or 43 cents a share, after payment of preferred dividends in the three months ended March 31, up from $124,000, or 2 cents a share, earned the same period last year.
The company reported its best quarter for total sales, driven by a 61 percent sequential increase in mutual fund sales, and its strongest quarter for positive net flows.
Total sales of $2.6 billion in the first quarter rose 52 percent from $1.7 billion in the fourth quarter of 2010, Virtus said.
Total positive net flows were $1.4 billion for the first quarter, compared with $552.7 million in the fourth quarter of 2010, the company said.
Separately, Virtus’ Zweig Total Return Fund Inc. declared its current monthly distribution will be 33 cents a share to be paid May 19 to shareholders of record as of May 12. The ex-dividend date is May 10.
