Virtus Investment Partners(US:VRTS)2022-04-29 16:59Assets Under Management (AUM) and Flows - AUM decreased to $183.3 billion, compared to $187.2 billion at the end of the previous quarter, due to market depreciation and net outflows, but was partially offset by the addition of Stone Harbor's AUM[9, 15] - Sales increased by 8% to $9.4 billion, driven by growth in open-end funds and institutional sales[9, 21] - Net outflows were $2.0 billion, primarily due to open-end fund outflows, which were partially offset by positive net flows in institutional and retail separate accounts[9, 21] - The net outflow rate was (4.2)%[21] Financial Performance (Adjusted) - Operating income was $90.1 million, including $9.7 million of seasonal employment items[10] - Operating margin was 40.6%, or 45.0% excluding seasonal items[10] - Earnings per diluted share were $7.87, with a ($0.91) impact from seasonal items[10] - Investment management fees decreased by $7.1 million, or 4%, due to a lower average fee rate and market depreciation[23] - The average fee rate was 41.9 bps, compared to 43.7 bps in the prior quarter[23] Capital Activities - The company repurchased or net settled 187,311 shares for $43.4 million[10] - Acquisition and revenue participation payments totaled $61.2 million[10] - Net debt was $48 million, representing 0.1x EBITDA[10]