The following is a summary of the Virtus Investment Partners, Inc. (VRTS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Virtus Investment Partners reported assets under management (AUM) of $179 billion in Q1, primarily due to positive stock market performance and net flows in retail separate accounts.
The company has seen a sales increase of 22% to $7.6 billion, achieving growth in all product categories.
There is an improvement in their net outflows, reporting $1.2 billion in opposition to their previous quarter's $3.8 billion.
Equally, operating income has seen an increase of 5%, excluding seasonal employment expenses, with adjusted earnings per share rising 29% YoY.
Over the past year, Virtus repurchased 2% of its shares, raised its quarterly dividend by 15%, augmented its product capabilities through a strategic acquisition, and maintained a net leverage below 0.5x.
Business Progress:
Virtus has seen increases in both retail and institutional sales due to their diverse product offerings, compelling investment performance and effective distribution.
Additionally, they celebrated receiving a top-five fund family ranking for all periods in 2023's Barron performance review, including 5 and 10-year periods.
The firm is planning a balanced approach to capital management to support their growth, continued returns to shareholders and maintaining appropriate leverage levels.
They continue to explore potential growth in active ETFs, especially in fixed income and less correlated strategies.
Virtus continues exploring partnership opportunities that would create long-term shareholder value, and they are also considering various opportunities for their fixed-income strategies in the higher-for-longer environment.
More details: Virtus Investment IR
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