Virtus Investment Partners Inc. doubled its fourth-quarter and full-year net income on strong sales and inflows of the Hartford wealth manager’s mutual funds and other investment products.
For three months ended Dec. 31, Virtus said its common stockholders netted $24.8 million, or $2.65 a fully diluted share, up from $12.2 million, or $1.50 a share, the final quarter of 2012.
Fourth-quarter sales of investment products rose 20 percent to $4.6 billion in the latest quarter from $4.9 billion a year earlier.
CEO George R. Aylward credited its strong sales and positive net flows to Virtus’ wide range of investment strategies that kept pace with shifting investor preferences during the year.
For 2013, Virtus’ common shareholders netted $75.2 million, or $8.92 a share, vs. $37.6 million, or $4.66 a share, in 2012.
Full-year sales climbed 48 percent to $21.3 billion vs. $14.4 billion last year.
Assets under management grew 27 percent to $57.7 billion at Dec. 31, 2013 from $45.5 billion the same date in 2012, a reflection of positive net inflows and asset appreciation, Virtus said.
Image credit: www.freedigitalphotos.net