April 27, 2018

Virtus' 1Q net strong

Photo | HBJ File
Photo | HBJ File
Virtus Investments Inc. is a major occupant at 100 Pearl St., Hartford.

Hartford wealth manager Virtus Investment Partners Inc. almost doubled its first-quarter net income on greater sales of investment products and a slower outflow of investors' money.

For three months ended March 31, Virtus said Friday it netted GAAP income of $21.8 million, or $2.59 a diluted share, up from $10.9 million, or $1.62 a share, netted the same quarter last year.

First-quarter revenues, driven by higher sales of mutual funds, were $129 million vs. $79.8 million a year ago.

Virtus ended the quarter with $89.1 billion in total assets under management vs. $48 billion a year earlier.

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