Hartford asset manager Virtus Investment Partners Inc. posted a seven-fold jump in second-quarter net income as its streak of huge net inflow of money into its mutual funds continues.
Virtus netted $3.2 million in the three months ended June 30, up from $413,000 the same quarter a year earlier. Per share, net income attributable to common stockholders was 30 cents vs. a loss of 8 cents last year.
Adjusted second-quarter revenue climbed 39 percent to $37.6 million vs. $27 million a year ago.
Second-quarter net inflows were $1.5 billion vs. $168.1 million last year.
Separately, Virtus board of directors on Tuesday, in their first meeting since the April 28 shareholders meeting, voted to hold a nonbinding advisory vote on executive compensation every three years, according to an 8-K filing with the Securities and Exchange Commission.
