Virtus Investment Partners, Inc. reported its financial results for the first quarter of 2025, revealing total revenues of $217.9 million, a decrease of 1.9% from $222.0 million in the same period of 2024. The decline in revenue was primarily attributed to a reduction in average fee rates. Operating income, however, increased by 13.3% to $36.6 million, up from $32.3 million a year earlier, driven by lower employment and amortization expenses. Net income attributable to Virtus was $28.6 million, or $4.05 per diluted share, compared to $29.9 million, or $4.10 per diluted share, in the prior year.
The company experienced a significant decrease in assets under management (AUM), which totaled $167.5 billion as of March 31, 2025, down 6.6% from $179.3 billion a year prior. This decline was influenced by $12.2 billion in net outflows and a $4.1 billion decrease due to negative market performance. The first quarter of 2025 saw total sales of $6.2 billion, a drop of 17.7% from $7.6 billion in the first quarter of 2024, with net flows reported at $(3.0) billion compared to $(1.2) billion in the previous year.
In terms of operational metrics, Virtus reported a decrease in investment management fees, which fell to $186.1 million from $188.4 million in the prior year. The company also noted a reduction in distribution and service fees, which decreased to $12.8 million from $14.0 million. Despite these declines, the firm saw an increase in retail separate account fees, which rose to $54.3 million from $49.0 million, reflecting a 10.8% increase. The company’s total operating expenses decreased by 4.4% to $181.3 million, primarily due to lower employment costs.
Looking ahead, Virtus Investment Partners remains focused on strategic growth and operational efficiency. The company continues to explore opportunities for product launches and geographic expansion while managing its cost structure. The firm has also maintained a strong balance sheet, with cash and cash equivalents of $135.4 million as of March 31, 2025, down from $265.9 million at the end of 2024. The company’s management expressed optimism about navigating market challenges and enhancing shareholder value through disciplined capital management and strategic initiatives.
About VIRTUS INVESTMENT PARTNERS, INC.
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