Hartford’s Virtus Investment Partners posted higher fourth-quarter operating income on strong delivery of mutual funds and other wealth-management products and services.
Virtus’ fourth-quarter operating income was $20.5 million vs. $8.2 million a year earlier; for the year it was $60.5 million vs. $13.9 million in 2011.
“2012 was our best year for cash earnings, mutual fund sales, and positive net flows,’’ President and CEO George R. Aylward said Wednesday.
For three months ended Dec. 31, Virtus netted $12.3 million, or $1.50 a diluted share, down from $140.7 million, or $16.35 a share, a year earlier.
For the year, Virtus netted $37.6 million, or $4.66 diluted share, down from $111.7 million, or $16.34 a share, the previous year.
Virtus’ 2011 results reflected a net benefit of $102.5 million, or $15.30 a share, primarily related to that year’s fourth-quarter release of a valuation allowance on certain deferred tax assets and expenses related to the retired series B preferred Stock.
Assets under management were $45.5 billion at Dec. 31, up 32 percent from the closed of 2011.
