Hartford wealth builder and asset manager Virtus Investments Partners Inc. saw fourth-quarter net fall on securities writedowns and investors cashing out of its mutual funds, yet its full-year profits grew.
For three months ended Dec. 31, Virtus’ net attributable to common stockholders was $18.9 million, or $2.05 a diluted share, well below the $24.8 million, or $2.65 a share, posted in the fourth quarter of 2013.
Virtus said unrealized mark-to-market adjustments on marketable securities of 91 cents a share impacted its latest fourth-quarter net.
For the full year, net income attributable to common stockholders climbed to $97.7 million, or $10.51 a share, from $75.2 million, or $8.92 a share in 2013.
“Today we reported strong financial results over the prior-year periods,” said Virtus President/CEO George R. Aylward. “However, we were disappointed with the elevated mutual fund redemptions in the fourth quarter that led to our first quarter of mutual fund net outflows since 2009.”
Assets under management, excluding money market assets, were $56.7 billion at Dec. 31, 2014, vs. $56.2 billion at the close of 2013.
