Virtus Investments Inc.’s third-quarter net flowed red as stock-market volatility unsettled investors, who either pulled their assets from the Hartford wealth manager or slowed their purchases of its investment products.
For three months ended Sept. 30, Virtus said Friday it booked a net loss available to common stockholders of $649,000, or 7 cents a diluted share. That reversed a net gain of $37.3 million, or $4.02 a diluted share, in the third quarter of 2014.
Third-quarter revenues from investment management, sales and other fees fell 22 percent to $92.4 million vs. $117.8 million a year earlier.
Virtus ended the quarter with $47.9 billion in assets under management vs. $52.4 billion a year ago.
