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July 29, 2014

Fund inflows drive Virtus' 2Q net higher

Virtus Investment Partners Inc. posted a 34 percent climb in second-quarter net on strong inflows into its fund products and other assets.

For three months ended June 30, Virtus said Tuesday it netted $19.8 million, or $2.10 a diluted share, up from $14.8 million, or $1.91 a share, the same quarter in 2013.

Its second-quarter operating margin rose to 47 percent from 44 percent a year earlier.

Virtus finished the quarter with $61.4 billion in managed assets vs. $52.7 billion a year ago.

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