Virtus Investment Partners, Inc. reported a total revenue of $906.9 million for the fiscal year ending December 31, 2024, marking an increase of $61.7 million, or 7.3%, compared to $845.3 million in 2023. The company's operating income rose to $182.5 million, reflecting a 20.5% increase from the previous year's $151.5 million. However, net income per diluted share decreased to $16.89, down 4.6% from $17.71 in 2023. The growth in revenue was primarily driven by an increase in average assets under management, which reached $175.0 billion, up $2.7 billion, or 1.6%, from the prior year.
In terms of asset flows, Virtus experienced net outflows of $10.4 billion in 2024, compared to $7.2 billion in 2023. The total sales for the year were $26.8 billion, a slight increase from $25.9 billion in the previous year. The company's assets under management were positively impacted by market performance, which contributed $15.8 billion, but were offset by the aforementioned net outflows. The firm’s open-end funds saw a slight increase in assets, while institutional accounts experienced a decline.
Strategically, Virtus has continued to expand its product offerings and distribution capabilities. The company reported a significant increase in investment management fees, which rose by $62.4 million, or 8.8%, to $773.8 million, largely due to the increase in average assets under management. The firm also noted a 22.2% increase in fees from retail separate accounts, which reached $209.5 million. Additionally, Virtus has maintained a focus on enhancing its operational efficiency, with total operating expenses increasing by 4.4% to $724.5 million, driven by higher employment costs and other operational expenditures.
As of December 31, 2024, Virtus employed 805 individuals and operated offices in the U.S., the U.K., and Singapore. The company has emphasized its commitment to attracting and retaining talent through competitive compensation and benefits, as well as professional development opportunities. Looking ahead, Virtus remains focused on navigating market conditions and enhancing its investment strategies to improve client engagement and retention. The firm anticipates that its diversified product offerings and strategic initiatives will position it well for future growth, despite the challenges posed by market volatility and competitive pressures.
About VIRTUS INVESTMENT PARTNERS, INC.
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