Hartford asset manager Virtus Investment Partners Inc. turned a profit in the final quarter of its first full year as a public company, reversing a loss for the same period late in 2008 when it was spinoff from local insurer The Phoenix Cos.
Virtus earned $500,000, or 9 cents a share, in the three months ended Dec. 31, compared to a loss of $179.7 million, or $31.13 a share, the same period a year earlier. The fourth quarter 2008 results were impacted by pre-tax, goodwill and intangible asset impairment charges.
Fourth quarter revenue fell to $33.3 million in 2009 from $34.9 million in 2008.
For 2009, Virtus had a net loss of  $10.2 million, or $1.76 a share, narrower than the $529.6 million, or $91.75 a share, loss suffered in 2008. Those same charges also impacted annual results, the company said.
For the year, Virtus had adjusted revenue of $87.2 million in 2009, down from $114.3 million a year earlier, largely due to drop in average assets under management.
Virtus said it ended 2009 with assets under management of $25.4 billion, up 12 percent for the year.
