VRTS - Earnings call transcript Q1 2020 | Virtus Investment Partners, Inc.

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Operator

Good morning. My name is Crystal, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly Conference Call. The slide presentation for this call is available in the Investor Relations section on the Virtus website, www.virtus.com. This call is also being recorded and will be available for replay on the Virtus website. Instructions]. [Operator

turn to now Rourke. host, conference the will your over Sean I

Sean Rourke

discussion and you, On quarter to I'd the everyone. good of welcome our of to Thank morning, Partners, XXXX. behalf and the results financial for Virtus Investment you of first operating like

Mike Our today and Aylward, Financial Officer. CEO of President speakers Chief and George Virtus; are Angerthal,

Following the period. Q&A prepared remarks, a we will have

such webcast. on Certain your of Page I filings. Reform discussed results within we direct to but attention that release as uncertainties to and today's accompanies in are important and actual statements news presentation risks to, begin, These may known of discussed Act call this cause from materially forth uncertainties of these unknown X the this disclosures in our matters the in statements. on Litigation forward-looking may slide risks not and Before subject and SEC including, those discussed the XXXX, Private those contain Securities to and meaning differ limited factors the set

addition a we measures certain non-GAAP financial GAAP evaluate on to our results use to results. basis, In presented

of conjunction Our the results and on website. today's news in GAAP supplement, are non-GAAP GAAP financial not which financial applicable measures be measures available read our results. are financial for should to financial included in are substitutes these Reconciliations the measures non-GAAP with GAAP release and

I'd call Now George? to the like to turn George. over

George Aylward

joining Thank for earnings earning everyone. us morning, call. first Good you conference our Sean. on quarter Thanks, -- first

care all and in in those hope Virtus you this are and uncertain As healthy you I always, that I your time, and safe. interest appreciate about

which period resulting on financial aggregate, in nearly and asset we as levels as pleased across debt and quarterly all net late business, performance higher and accounts included Despite separate the of the a with in and earnings first ending and our product highest and products year strategies the flows net of quarter positive challenging increases margin sales operating equity structured higher the level per capital compared with the impact with continued are of flows, the categories, well operating and emerged prior return that reduction. share markets in retail meaningfully the

outstanding more continue in generate a which demonstrate I'll like discuss experiencing managers great environment Our investment opportunity one to A for market asset also active performance, we to detail quality provides in their moment. the a managers to value clients. are

due the March. quarter, first to After results. over the declined level billion AUM by quarter, Turning almost highest to long-term entirely $XX in market our the decline last or XX% in reaching

For mutual the quarter, we had were income. in which $X.X outflows, fixed particularly billion of net funds, primarily

quarter to fourth months, is momentum X across Looking products the the useful total the In the positive generated as quarter. net continued asset with billion $X understand and trend we flows, at of positive from the long-term trend during classes. it flows net flows first the strong

thing momentum, the of in market the that However, abated elevated despite by was One remained of end fund led the as perceived shock which the cash redemptions The throughout elevated safety. mutual quarter investors redemptions retail fled fund continued challenging level March. consistent the environment. to sales to March

all and sales increases sequentially ETFs. billion, with For XX% $X products the prior full XX% over year, were the up in quarter, except

emerging separate product, Fund net ETFs accounts market funds, So the related outflows institutional, positive were credit-sensitive more outflows primarily strategies. billion, flows. in equity and for and income by mutual generated net to in structured fixed the net had products quarter, $X.X we retail while

generated all flows. flows Domestic international positive equity of areas were as with fund as markets, of strength in domestic and breakeven well cap SMID which developed

channels. retail and positive intermediary flows and continued in both private sales our also client We momentum sold accounts the generated maintained separate with flow and

the of In years, and well momentum Mutual the X the terms of in as continuation positive. fund level sales net were sales there was for at April as what highest in we saw were positive flows in flows. consistent month April, meaningfully

also accounts. in including we flows institutional, in new of separate see mandates. And We positive saw positive strong retail terms net continued flows overall, to

what we While is next markets the will a terms this do start of bring not the certainly know quarter in months, few the over strong to flows.

income in reflected as quarter items. seasonally expenses. sequential the was higher that impact in employment and normal of results from financial markets Our a partial primarily result as decline the our a challenging well began operating The those margin late

basis the margin to more the in share the decline reflecting XX% at of expenses. period, increased adjusted quarter driven and by as revenue $X.XX. The employment business. largely year-over-year XXX points, growth first EPS XXXX was comparable per increased the by income over increased leverageability the operating XX% of sequential and Looking the as seasonal adjusted Earnings

Turning now to capital.

continued and We balanced approach our capital prudent management. to

appropriate demonstrates the of maintain liquidity to the to working capital, leverage this in managing environment levels in discipline our of balance ability benefit of Our consistent sources of and reasonable sheet. levels access

continued we term paydown repaying the our of additional In and quarter. retire dislocations at advantage $XX.X to loan [Technical quarter, This $XX by Difficulty]. of market an consistent million taking the million a discount

repurchased X also common the shares outstanding, in our X.X% the level past quarters. of We highest

of quarter float in preferred the elimination the As in the common stock a conversion market dividend. and our the an reminder, of preferred our stock the resulted of during increase

In high investment outperformed difficult deliver that. have products high a downside of longer been turn the asset are to periods our when done as The performance time. Mike, those can relative or level I over our I of conviction type our demonstrate comment the strategies, investment their performance. with few me strong over on let pleased experiencing our over months managers, particularly done markets. quality protection the employ before and that we of environment first Lastly, they've seek managers several that our aggregate, in value. markets past in distinctive provide challenging to am the managers equity equity market have quarter orientations In of strategies, meaningfully

the during the managers quality. most across in the strategies our credit consistent fixed low credit since and Performance outperforming income strategies with higher employ spectrum through market. products with multiple the stressed fixed income period upturn expectations quality our the others outperforming in recent of was the On side,

with and quality this value investment believe the management. market We asset in demonstrates results pleased the are the difficult that of performance

that, me turn to With provide Mike? more detail let the call results. over the Mike on to

Michael Angerthal

$XXX.X Thank long-term billion on March you, December decrease billion down George. results net Starting at of $XX.X The management. and sequential under billion billion, Good assets reflected with of $X.X our outflows. X, At morning, everyone. $XX.X Slide from depreciation XX, XX. market assets were

funds, to accounts and separate by respectively. be continue institutional with representing XX%, XX% retail approximately diversified Assets product and XX%, open-end type

out the fixed of equity In of in income of largely due XX% and of XX% impact points represented AUM, about XX% terms I is assets assets that domestic sequentially, asset the equity international. classes, decline. which up basis to represented with long-term equity in long-term would point XXX market XX% AUM

generate We across relative our performance continue to strong investment strategies.

As X all of of had assets X or X and stars March in X, set strategies X-star more, were or from of different billion XX, with rated a funds or funds. XX% diverse fund X X AUM XX% representing rated or and are We stars, X $X approximately of managers. X currently have

XX% were the their of of fund their median institutional In of on as were XX% group assets on a basis. same addition benchmark performance this the to performance, assets beating peer very XX basis of X-year X-year strong exceeding and March

Slide the asset were in to of Turning to March. outflows X, flows. quarter billion the challenging markets largely $X.X in Net first related exceptionally

then flows of positive continuing from the and in more fixed As trends, aggregate the products up and for drove outflows George with the to retail separate flows trend net quarter. led generated quarter primarily our through as net for funds, indicated, credit-sensitive strategies consecutive ETFs of the March, asset market net redemptions, had By structured quarter. net end product, had net accounts class, equity positive which flows in February, the consistent income were the strategies. industry until elevated fixed open-end in positive the broadly flows we in institutional positive fourth By in fifth outflows the income and decline

were funds billion quarter for billion with prior $X.X $X.X the the quarter. Net for compared outflows open-end in

cap. were and and as offset Looking strategies were $X.X finance of net generated at the strategies, large essentially to billion flows including net were net International flows small and sequentially. credit-sensitive by class, flows $X.X markets. net Midcap developed by by primarily of funds were net strategies fund flows $X.X equity in in flows outflows quarter, SMID positive fixed had net than equity outflows cap from in mid income Domestic market leveraged Strong billion, more positive net more multisector. both positive breakeven. open-end up XX% due asset emerging offset outflows billion

and and XX%, public, Retail becoming quarter billion of increased of and sequentially $X funds, flows the fourth X% $X.X growth increased due from accounts, of level retail both channel. strong, and products. or to or by to increased the quarter across billion since income sequentially international across $X.X XX% Domestic in sales up sales with billion mandates sequentially highest due Institutional were XX% sales Total affiliates. were XX% increases billion, Fund sales structured sequentially the sales XX%. sales to for fixed separate multiple existing increased $X.X billion sold into institutional asset XX% XX% classes. equity open-end their with year-over-year higher up $X.X separate increased intermediary new account

fees from sequentially average adjusted Investment were in increased including quarter year asset long-term the $XXX.X of to decreased the decline are that X. fees performance-related XX% quarter. and was to fee prior period. on from second performance-related million million, modestly modeling points prior period. in over XX $X.X the basis as the of quarter. a first Turning and million It's X% up certain revenue balances. prior basis lower year Performance-related up The to point accounts, decrease quarter average remember to down The in quarter Slide for from XX.X million, management as important the prior fees, or fees, X.X based fees basis separate on $X.X lower due points, X.X was sequential beginning AUM were the $X.X retail rate assets product quarter due for

average both the flat sequential periods, rate fee a from was fees basis. performance-related on Excluding

rate With redemptions. XX.X respect open-end to the the from and in to sales fee reflecting quarter, basis funds, positive rate between differential points XX.X ongoing fourth increased the fee

points. the at the basis sales on quarter, was on XX rate with rate redemptions XX fee basis This blended points fund

$X.X retirement-eligible shows made primarily trend million employees. increased increased seasonal expenses, annual primarily the accelerated grants of equity of and of employment included reflected of to due expenses. the incremental fourth compensation result million, of $X.X $X.X quarter. XX The X-quarter XXX(k) $X.X XX% sequentially in match; as from adjusted, of items, a employment million which Total Slide $XX.X to expense payroll million as taxes, the million benefit costs, increase

as sequentially compensation. million items, seasonal was sales increased lower higher of the Excluding employment $X.X profit $XX.X expenses by based offset based million, compensation by mostly

As of employment a or seasonal expenses XX.X% items. percentage revenues, the were excluding XX.X%

Turning XX.X% XX. million higher from revenues, up to of million product-related $XX.X revenues in and Other or operating the of adjusted Slide prior included as expenses quarter costs. $XX.X XX.X% or were

lower operating lower the continue short to $XX Looking we forward, term may range, in of end and business. that the other invest million costs, to we in of meaningfully trend quarterly travel future as the believe growth particular, be the to anticipate certain in while the we expenses categories, entertainment $XX will million

second the Board Directors. equity reminder, our to by results a As impacted grants quarter are annual of

the prior XXX year. quarter. XX.X%. the in and of prior Operating the expenses or Compared increased sequentially XX% year XX% million, adjusted operating from $XX in due as million to earnings. income to or Slide million period, of XX points the The decreased the operating increased prior trend with basis as from XX% $X.X the higher compared XX.X% seasonally margin adjusted $XX.X employment illustrates margin

the adjusted of items, operating Excluding XX.X%. $X.X million margin was the first as the quarter seasonal for

Interest million of prior $X.X quarter. and the million from declined dividend in income $X.X

reasonable dividend we the from and prior $X.X million up in for environment, as The a quarter We As the XX% lower in to believe to the XX%, adjusted be range income consequence quarter, market the modeling of effective for was $X million. second quarter. is a of in purposes. expect XX% rate interest tax

income adjusted as XX% decreased net seasonal or $X.XX income sequentially, largely which as expenses diluted due diluted $X.XX per the Net share. share year, or employment adjusted with $X XX%. were Compared increased of the per share $X.XX per to prior

of realized fourth of with $X.XX the first and included $X.XX per a losses of GAAP expenses, value net on income the CLO and loss increase $X.XX the and debt. liability share quarter XXXX $X.XX interests following to the value $X.XX due in the results, the Regarding net compared fair of carrying quarter $X of unrealized affiliate of to items: of in in for excess launch on the gain net extinguishment the minority investments, adjustments

of capital at to $XX.X position of return million earnings. at decreased repayments shows March debt the capital $XXX or million liquidity outstanding $X of primarily operating metrics. X% Working and by million, trend the mostly XX quarter. was million reflecting as Gross XX during debt and related sequentially, offset March Slide our capital shareholders, repaid XX we $XXX

the year, debt gross we XX%. million past or Over have by reduced $XX

repayment of as quarterly our discount well paydown at included debt part additional term of an of consistent quarter first million The opportunistic loan million $XX.X as a the an retirement $XX to par. as

in from balance. of to the $XX but ratio XX EBITDA was down X.Xx Gross the year to XX due first from due March quarter EBITDA from at at ago end, growth was related a EBITDA in bank expenses, cash declined incentives a X.Xx higher X.Xx year. quarter seasonal X.Xx The at the of net debt was payment X.Xx prior million. up December annual and debt-to-EBITDA to and

repurchased tax to in shares Regarding of shares million. and settled discussed call, representing One year our for preferred the increasing stock value eliminating return as mandatorily the a convertible last preferred dividend. $XX approximately over continue of of outstanding capital current total our structure, note cash years. float at and the during beginning net to our intangible shareholders, shares of simplifying common for will additional contribute million XXX,XXX $XX per provide is next of rates $X.X common quarter, assets the additional shares X.X% XX,XXX the capital quarter stock our approximately benefit that we of converted XX market tax item an economic And of to million, and

call over the George? With that, turn George. me back to let

George Aylward

makes you, before visibility next level Thank asset clear elevated taking of that these for an thoughts manager it have and Few questions. into volatility uncertainty difficult with are Clearly, markets few an quarters. to Mike. the unprecedented

and confident our balance from positioning I in competitive both However, perspective. can say we that are sheet

have clearly investment generate managers to demonstrated attractive their ability Our performance.

environment. Our the this distribution as effective, evidenced by is during highly growth sales

And value strong, focus our managed so areas to proposition. an structure enhance will we continue and Our expenses as flexibility to is maintain always cost as on highly operate variable. is Balance thoughtfully ability do those demonstrated, we've that and and our we've optimally. we sheet

to to changes environment this of our and capital, will which our been We to make in continue allows fundamental to to allocation. has be us balanced management philosophy navigate core capital without having

I said earlier, market as addition, asset demonstrate an their is for opportunity this to In managers value proposition.

XX be As see for we the last about well thoughtful are one positioned. and as to years We we anticipate, how next as all opportunity for particularly to XX. investors which an will opposed the invest this

Crystal, please. now open you take could your questions. the We'll lines, up

Operator

first question our from And Instructions]. comes Jeremy from [Operator Campbell Barclays.

Jeremy Campbell

April flows. for Thanks color around the

account growth in what channel. can First, George, bit you accelerated go separate if such spectrum, I'm driving little into retail wondering particularly, sales detail just around more a across especially the maybe are strategies but the

George Aylward

say. particularly broad-based, other daily is and for strong a went again then terms sort sales, into the even think And trying than is in only late month-by-month of very about I if sort they of to momentum, in upticked sort income January call we're highlight not actually, what over I sales of that Remember, unusual throughout a continued like maybe indicated we actually on few increases pretty the were were this of And quarter, Sure. into and side on equity that gone the period did period. step more February, but there robust strategies. we to we basis, sales when the was January broad-based actually really fourth the have what was as I fixed the would period,

some even watch. And sort credit to of kind decline moving side, didn't a was I've of think a not of up. incredibly sales I redemption that to they thoughtfully held of high in while they cash redemption sort of capitulation looking into interesting that many and capitulation safety or lot -- really an severe were that side. had the the point was, other very portfolios people since odd have and in between clearly perceived where there either dislocation then their that unusual. on strategies quality at sort So rebalancing is which really sales might to sale, seeing And March, levels you during had as any previously been credit been see correlation it's strategies, daily that you have maybe equity were the actually on entry of and people some thought overbought. But XXXX,

and is walk because the the think think strategies, domestic momentum. of as through we maintained positive I and diversity, So different I aggregate its sort

side, positive. On was international that the

what very there the bit a make which the equities, April, fixed accounts it is they've reverse, the I it little side. was for weakness, as downturn in do consistent. of end pretty in it been would lower So that, in of quality is separate and really sensitive during credit the all it's do and where And absolutely was was was alluded and credit institutional it market retail Other emerging was funds the sense. than in income to

in board the you anything weeks So three out is almost the across if like all breadth? really, plucked there across in incredibly and product Mike, have strong terms categories. it's March, positive would of you numbers the would been the add those

Michael Angerthal

I No, covered you think it comprehensively.

Jeremy Campbell

was was a of a thing products you in you happened strange during because where it then fee just in Mike, a will. hoping first sell-off if the quarter follow-up. the averaging weighting, obviously, late have fee also because products, you probably higher -- kind fee the but to March, in the that of lot have pieces was quarter Great. rate inflows lower I outflows there's quick And moving and

maybe rate quarter be here back big fee rally you the two, pretty hoping April? around, color sitting we we've ending give now one, might given was I quarter average? was some just And in then where versus the So can where the the right had

Michael Angerthal

you'd is in recall and in Yes. point of the notably, difficult markets. question a to retail probably think it's a purposes. more -- some the did we which of that category, significant that for look then at lock purpose, most volatility think a asset have market the important -- to rate level the at as of XX% product fee by was to I the And rates offset period, did their modeling XX% do appropriate I towards out Obviously, look equity level funds, product think and that want answer the We this open-end to the types fourth in the and we looking categories accounts. the from the given as separate rate And quarter differential fee modeling I certain positive just at declines. beginning

good So the market. going are rates level perspective. a fee fourth again, any as these I by looking as be is think to from at back probably the modeling But of the volatility continued quarter clearly, impacted

indicative. So I think

Operator

Sumeet Our comes Piper from from Mody next question Sandler.

Sumeet Mody

on debt I increased last environment. get this on in paydown saw basis. the Just line with with purchases quarter the dollar an to $XX.X the wanted in in a capital priorities update the million, quarter,

moving And thinking stock comfortable how position, of a pretty you about that the that your these an and thought Just being in potentially wanted kind balance from forward there? in guys the to how idea are lows, the quarter. leverage second get about quarter off you of rebounding then still ratio with in

George Aylward

have to that Sure. And of optionality flexibility the of to maximize of is strive We about, think always sort it of always of how an lot use sort sort in the we right? of we capital sure and sort make our a environment. fundamental,

have have stock, sure and through into as making of a sufficiently as weren't of gone situation -- to in environment, getting we thoughtfulness of entered sustained behind this we well returns ongoing too as we this overlevered that that repurchases environment, kind investments So was business it the the capital having helpful fund could to our this. and sort

sort do, always are. of in at we the opportunities as evaluate point what we different time any So

highlighted a couple. we So

down issuance also opportunity there's consistently an of in of demonstrated believe that we we've But the since some the So do debt. that and debt, retire to paying discounts. consistently

than the large an So want And right? stock to a a have it like type commitment. market sufficient we and capital the continue that than as to XX, that be that south, at maintain viewed generally repurchases, much stock terms other -- environment was days we it liquidity, ago. use the we in did also, some time. of other repurchases in we we those periods go X do And what, compelling consistently of where of feel other was, in had thoughtful different this, things At March capital

get -- were balance dire markets to do So think to to if from a as as strong manage want have having not talk that. preclude sure make about our in opportunities is were we the do have they main then to but to obligation we company of previously, that repurchase? you sheet things Mike, the financial to us the debt advantage take

Michael Angerthal

consistent to just Yes. and down just think of And quarterly mid-March it's holders of or good traded meaningful as that saw consistently discount the provide -- repurchase, And paydown I the the the first then time loan. approach the of we part thought how when an in opportunity about just of million $XX.X down $XX it, We've that $XX.X to it the Sumeet, term a the frame, been of million to at generally million paying certain XXs. down the of dislocated paying clearly basis a quarter. was into on on liquidity we the in markets loan debt loan elaborate the the

loan back traded close historically the the to since So time, it's we to XX, we've while creep up and at par. a to And were able deliver gain continuing that delever. seen

that and execute opportunistically So we to monitor, it's able dislocation. something in we were

Operator

[ph] question comes of Ramakrishnan Bank America. Gayathri next from Our from

Unidentified Analyst

is Michael behalf Carrier. on This Gayathri of [ph]

question the on up following hello, Just can me? -- you hear

George Aylward

yes. Yes,

Unidentified Analyst

Yes.

would M&A of to on of affiliates are what new question was is? the in look you capital what your And management. the near on Just likely at be appetite earlier following future? for up I nature the sort wondering

George Aylward

Yes.

the we of, flexibility things strategy of having that -- various is, long-term not the balance to back managing our as fundamental growth appropriate spoke return is have going philosophy always and about on the in flexibility we want We about to predicated our make our thoughtfully spoke sheet. we do for we So M&A sure capital, upon say in leverage terms M&A.

see will we looking see, that for right in comes I a in as create environments. the However, some we're it model. evaluate And it certainly think that tool be uniquely environment a to We we’re very anything effective opportunities. think particularly will to interesting of We this firms the may to partner our attention. multi-boutique positioned,

So we that. differentiated another. at certainly look in would But look think we in dependent down be there could strategy things aspect certainly are at, very what do one there -- that somehow really good they we Again, upon would and those. it like or And of would to if successful. that isn't were terms consider our kinds do things firms at -- we that of gets it primarily to are opportunities,

use have highest is looking never we're to of what are sort sort a of of to capital for it's time. So that's we know dialogues sort we're continuing use the filter opportunities any opportunities. and there put best are and about -- because But given you of and that out what going very around anything how conscious arise. hard we continuously But thoughtful at our

Operator

comes And from our Cyprys Morgan Michael question next Stanley. [Operator from Instructions].

Stephanie Ma

then bit for and Mike. to if update how a further. are Stephanie you potentially you if expenses expense we sustained have on the I flexibility any filling market more further, thinking I I what pullback? a missed speaking, around markets ask about to wanted the earlier. levers is get look This pull pull can color back outlook? comp about if could Maybe apologize, we broadly And in that

George Aylward

a give can and level, elaborate. I'll then Mike high Sure.

includes expenses of at we and AUM line, vary we the percentage the variable, portion our meaningful expenses, are revenue and significant sort will that our that do a have employment So that with expense. of as generally, look line a of our

So and are expense, a based. our a a lot of employment lot as reminder, structures, our affiliate of profit

profit is than as and was lower alluded year. last then this the in there and that things, second which will travel compensation certain it So goes goes confident of will much one be them, the Mike down. pretty down, And quarter I'm be quarter entertainment, of to

I see we sort think So of happening. that

in monitor at constantly sacrificing we short maximize we term, strategic and things opportunity our the So expenses without things. we where, can look those Mike?

Michael Angerthal

Yes.

about, about the April. as side, the levels pointed we've to variable. these to talked think Certainly, to on talk about I in It sales given record is of employment challenging markets employment we XX% XX% expectations. of is volatile

take have ratio, profit-based But to care the go Assuming given pools, they would talked that would going according that probably range sales and employment exceed continue, are profits. the then we the levels we've and commissions sales market revenue certainly fluctuate would market And key up. the the variables environment, previously. the we and about certainly, are that drive to

operating other talked million range, to point did we to expense of the the about. that as On we to $XX $XX moving side, million end low

that as come of reminder think just expense So quarter. And Board second through side there's some in the the model a thinking that grants I flexibility. that's the And about QX. you on again, again, appropriate

Stephanie Ma

I maybe if can. I wanted get your CLOs. view And on Okay. to follow-up, on then an a update the

you Given potential that any And of potential Has the help sizing the on happened current the how yet? fees market on deferral environment, there? thinking are impact about CLOs? sub any

Michael Angerthal

Yes.

of balances the expected given lower return cash outlook portfolio, the to in quarter million the CLOs. there in the interest a are million then we in did in talk combination and income for a on outlook I'll on cash cash lower balances million. environment to and range second that's seed the think of $X.X to, balances dividend from a impacts about and and those $X the current I point quarter, first the the $X.X contribute of that couple the lower expecting and That's down

I think of to performing our so AUM. billion forward our which represent of as CLOs, the actively $X we look managers are about or managing CLOs, each and

as of X/X they're XX fee fee deferrals note to some senior we'll important two the have structures that of fee back deferring And to where structures subordinate. the mentioned, impact that of recovered. to And it's the sort market the it of fee. think cycles subordinate on previous quarter look can fee, on then get and been a how basis will of X/X each at fully the or looked there you about subordinate point point. are products, We I last structured is is those this performing

structure be to as we changes. that good extent by basis, on anything the So we'll you It'll reflected about appropriate a structure feel category. asset and update

Operator

questions for phone I to showing lines. I'd And to remarks. our closing any over am turn like from back the conference no Aylward George now further

George Aylward

Great. I And everyone call other today us Thank further care us. Take if and you joining to give want always, a safe. any to stay encourage questions. you. And for as you thank have certainly,

Operator

for program. and you participating today's This in Ladies the gentlemen, thank conclude conference. does

disconnect. have wonderful all may Everyone, day. a You

Virtus Investment Partners (VRTS) 1 May 202020 Q1 Earnings call transcript