Multi-manager fund firm Virtus Investment Partners yesterday reported that it had positive net flows for the 13th consecutive quarter, and increased sales in long-term open-end mutual funds year over year.
The firm had long-term open-end mutual fund sales of $2.8 billion in the second quarter, an increase of 13% from $2.4 billion in the second quarter of 2011. Sales continue to be balanced among investment strategies, with 31% of fund sales in domestic equity strategies, 38% in international equity strategies, and 31% in taxable fixed income strategies. The firm’s assets under management were $38.8 billion at June 30, an increase of 17% from June 30, 2011 and 2% from March 31.
"We maintained strong sales and net flows despite the challenging financial markets," stated George Aylward, president and chief executive officer.
In the past two years, Virtus has introduced five open-end mutual funds and added three closed-end funds that, combined, represented $5.1 billion of assets under management at June 30. In Q2, the company announced the registration of an additional five open-end mutual funds that are expected to be available to investors later this year.