Hartford-based asset manager Virtus Investment Partners reported double-digit drops in net income for the fourth quarter of 2015, as well as the entire year. Earnings per share were also down for the same time frames.
Virtus reported net income of $67.8 million for 2015, down 28 percent from $93.9 million in 2014. Its net income for the fourth quarter of 2015 was $11.9 million, down 52 percent from $24.7 million in the fourth quarter of 2014.
Earnings per share for the quarter were $1.37, down from $2.68 a year earlier, a drop of 49 percent. Earnings per share for the year were $7.57, down 25 percent from $10.10 in 2014.
Assets under management at the end of 2015 were $47.4 billion, down from $56.7 billion a year prior. Sales were $3.2 billion in the fourth quarter, compared with $3.4 billion in the prior-year quarter.
Adjusted operating income and the related margin were impacted by lower average assets and higher operating expenses, which included payment of a $4.6 million variable incentive fee, according to Virtus president and CEO George R. Aylward.
