Microvast Holdings announces departure of chief financial officer
HARTFORD - On Friday, Virtus Investment Partners, Inc. (NYSE:VRTS) reported second-quarter adjusted earnings that exceeded analyst expectations, despite facing continued challenges with net outflows.
The investment management firm’s shares slipped 1.40% in pre-market trading following the announcement.
For the quarter ended June 30, 2025, Virtus reported adjusted earnings per share of $6.25, surpassing the analyst consensus of $6.15. Revenue came in at $210.5 million, significantly above the consensus estimate of $191.9 million, though down 6% from $224.4 million in the same quarter last year.
The company’s adjusted operating margin improved to 31.3% from 27.6% in the previous quarter, primarily due to lower employment expenses following seasonal costs in Q1. However, total assets under management of $170.7 billion decreased 2% compared to $173.6 billion in the year-ago period, while net outflows worsened to $3.9 billion from $2.6 billion a year earlier.
The company continued its capital return program, repurchasing 175,872 shares for $30 million during the quarter. Virtus maintained a solid balance sheet with $172.2 million in cash and cash equivalents, while gross debt stood at $234.7 million.
Institutional accounts experienced the largest net outflows at $2.2 billion, primarily due to redemptions in large-cap growth strategies. Retail separate accounts and open-end funds saw net outflows of $0.8 billion and $1.0 billion, respectively.
Despite the outflows, market performance contributed positively during the quarter, adding $7.8 billion to assets under management.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.