Virtus Investment Partners Inc. (VRTS) reported that its first-quarter net income attributable to common stockholders was $14.0 million or $1.73 per share, compared to $5.4 million or $0.68 per share in the same quarter last year.
Revenue for the quarter rose 38% to $86.17 million from $62.40 million in the year ago quarter. Revenue, adjusted, increased to $64.49 million from $47.41 million last year. Revenues increased primarily as a result of the substantial growth of assets under management and the addition of a new affiliated manager.
On average, two analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share on revenues of $85.45 million for the quarter. Analysts' estimates typically exclude special items.
Assets under management were $51.2 billion at March 31, 2013, an increase of 35 percent from $38.0 billion at March 31, 2012 and 12 percent from December 31, 2012. Long-term assets under management were $49.4 billion at the end of the first quarter, an increase of 37 percent from March 31, 2012 and 14 percent from December 31, 2012.
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