Virtus Investment Partners Inc. posted lower first-quarter net income as outflows from one of the Hartford wealth-manager’s funds and higher overhead cut into its bottom line.
For three months ended March 31, Virtus said Monday common stakeholder’s net was $20.3 million, or $2.22 a diluted share, down from $21.4 million, or $2.29 a share, netted the same quarter a year ago.
First-quarter sales were $3.7 billion, down 13 percent from $4.2 billion a year earlier, paced by net outflows from its AlphaSector funds. Excluding that performance, Virtus said it posted an overall 8 percent net inflow in the quarter.
Total assets under management, excluding money market assets, were $54.8 billion at March 31, vs. $56.6 billion a year ago.
