VRTS - Earnings call transcript Q3 2020 | Virtus Investment Partners, Inc.

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Operator

Good morning. My name is Kevin, and I'll 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 of the Virtus website, www.virtus.com. This call is also being recorded and will be available for replay on the Virtus website. participants a all mode. time, this are listen-only in At a there and time. After remarks, be question-and-answer that the speakers’ at will period follow instructions will would to conference turn like host, Sean Rourke. I over now to your the

Sean Rourke

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

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

have a we'll period. Following remarks, their Q&A prepared

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

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

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

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

George Aylward

on earnings call. our everyone, morning, and quarter good you conference thank joining and Sean, us for Thanks, third

of increased our performance debt strong share, an continued the and demonstrated positive which are per net reduction. performance, expense management investment flows earnings level dividend with and quarter, operating sales, that to disciplined continue be consistently assets revenues in We pleased excellent and the included management and highest under strong continued

across the XX and quarter. net organic exceeded flows product a and over the included X% growth total which we effectiveness quarter and differentiated significant first We in generated and investment strategies, trailing in the the institutional and distribution. our pleased breadth positive investment and nature months, with market X% performance, retail the categories. consistent disruption trends reflect in are especially of Annualized sales strong nearly was in of a Favorable our flows

to Turning the of a review results.

billion, at long-term our second September highest XX appreciation both their billion increasing billion. assets result market of of include which of flows. $X level, continued strategies assets, positive nearly period management and $X.X $XXX ended under momentum at the sequentially inflows, Total as sales. reached Our or quarter liquidity X% billion $XXX.X representing by a to net with best Sales

from second sub-advisory an quarter While XX%, Year-to-date were quarter, institutional sales up flows retail accounts were sales the down existing largely that and separate meaningful in into last institutional. to significant with increases due sequentially funds, was mandate. open-end

net quarter third of investment-grade channel. billion net were sold $X.X due down in have domestic strength delivered For seen primarily from the the net by led last the in quarter, income. retail feel billion past $X.X separate and over $X.X equity positive consistently the $X.X both positive Open-end billion, reaching net in continuing fixed positive with the year. momentum accounts flows strong to of funds, Institutional open-end net had inflows billion, were accounts quarter. trend intermediary flows, and $X.X we separate outflows We we've flows, billion

the investment organic exceeding from institutional positive traction four past over growth of strategies the continued flows effectiveness billion $X reflecting the in in contributions representing with generated net existing Over mandates distribution. X% has rate new institutional our quarters, and of accounts,

have year for continued. seeing very the seen asset classes early, still October trends throughout it's products we're we what have in of while the terms and In flows, both

of increased quarter Earnings results share, rebound sequentially their the Operating increasing and addition operating as the higher reached other the the travel of financial to to adjusted, adjusted, related quarter. market for expenses. million million Our $X.XX environment due income, per reflected on of the current $XX.X in XX.X%, XX.X%, impact highest operating the continued level, and second as and respectively from in to expenses. revenues lower XX% $XX.X margin

capital. Turning now to

we growth to We capital and continued opportunities. for provides future balanced a capital our prudent maintain flexibility approach management that position and

X.Xx. approximately X.X% of consistent debt repurchased to the of and the debt of common outstanding During with EBITDA by raised quarter, for paydown shares dividend continued net bank we quarterly ending XX,XXX the XX%, shares quarter the

Over let debt call over provide With the the more Mike? results. to to Mike the our we on have past by that, XX%. reduced year, me turn detail

Michael Angerthal

everyone. domestic Good to by billion Slide The long-term sequential with led increase X, $X.X X% George. international management. during XX, At increased reflected assets asset AUM $XXX on XX. and respectively. $X.X contributed billion, XX%, results billion of which of quarter market under positive morning, you, up All the $XXX.X and Thank X% classes billion Starting net were equity, and assets our growth at flows. from September June appreciation

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

XX% long-term to and XX% of domestic as declined of in AUM international. terms to asset equity equity in total period. markets the assets represented In due of classes, with primarily assets in during Fixed-income the rise percentage equity of XX%, a XX% that

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

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

same were performance, of the performance XX% XX% separate their the of peer institutional In benchmarks September assets account exceeding assets their five-year of XX, basis assets Also median of and separate five-year three-year this basis. as on XXX% and institutional were strong a retail of XX% fund to basis. their retail and on account outperforming very were benchmark addition of assets groups institutional beating assets on a XX% of

the of annualized X, Slide quarter to flows. a organic Turning third represented in growth asset Net X.X% billion rate. $X.X inflows

four For net $X.X net well in product quarter, were flows contributions inflows separate by third or open-end rate. funds, as diverse, growth with the flow the net accounts, In positive fixed $X.X outflow in for from exchange-traded asset as retail turned flows by equity, net quarter and net organic marked flows positive. quarters, net were a equity, this billion, included negative, with X.X% also And single client. class income the flows funds, consecutive while and positive billion fixed inflows alternatives. Notably, income net while this and institutional seventh were trailing

year-to-date institutional flows the periods, and XX-month were trailing For positive. net

open-end open-end fund for Flows funds, organic the outflows of at mid billion, XX% sales be strategies sensitive outflows in strategies continued annualized $X.X quarter emerging as a more $X.X Fixed and net market for $X.X are net continued the flows net flows Looking positive income particularly and By second by open-end fund quarter SMID in as funds flows. credit year-to-date to domestic prior the with open-end markets. cap, were on positive developed were with with from in down International $X.X billion, outflows Total billion net outflows to in second and billion increase a growth net flows quarter net growth had class, positive a equity abate. from institutional retail billion positive quarters, rate. an year-to-date levels accounts SMID XX% positive billion, of were institutional, sequential separate sales in $X.X basis, into large, strong at mandate. by were up record strong a flows that asset XX% though significant improvement in net funds. existing with quarter flows included a this consistent billion, $X.X On $X.X are basis, offset quarter. of equity led

the quarter by fixed SMID were XX% the of cap retail of across decline to of $X.X $X.X of reflected account existing of prior highest included quarter. separate in and international level billion For affiliates. strategies. XX% billion into lower and sales primarily the sales Fund income of international $X.X both $X.X represented product, Notable new sequential or XX%. growth the particularly SMID multiple billion, developed up markets from an up flows XX% quarterly strategies. billion, Institutional account and small were $X.X led inflow strong and by second sales due large mandates sequentially, decreased up sequentially, existing areas The billion sales into growth and

to the funds, Slide in market net points assets quarter. the basis basis Investment fees, XX reflected appreciation reflecting to $X fee Turning adjusted, due rate the the differential basis positive $XX.X $XXX.X was in The million XX.X long-term second sequentially. in million and between million, sequentially. assets increased to X. to management for significant points, in performance-related equity rate the With of from positive XX% and points fees, respect open-end well increase X.X rate million on The from assets ongoing in market-driven fee up sales average up $X.X prior XX% the basis increased redemptions. XX.X as average points quarter, and as quarter fee flows, growth as increase or

sales basis the This increased XX the on while as Total sequentially, of employment fund compensation. Slide million, was quarter, XX% points. rate profit-based the blended XX reflecting fee was from five-quarter largely expenses, in shows XX trend incentive redemptions higher adjusted, rate expenses. employment basis $XX.X points,

quarter, this all is We a employment being else equal. revenues, of percentage fourth reasonable believe level a As XX%. the expenses for that were

to Directors million of Board adjusted, grants Turning of $XX.X the Slide to Other prior largely expenses, to the as from million, due were $XX.X quarter. annual equity impact sequentially down operating XX. the million in the $X.X

other as and reflect of remained to level related operating expenses expenses continued environment, muted. the quarter third The operating travel

quarter. operating in offset $X.XX will income, by The growth effective rate, revenues, due share XX% of income, to earnings equity I XXX by to forward, we XXX,XXX shares basis by the $X.X all Looking primarily million, at point illustrates Operating the prior a in points quarter, Non-controlling anticipate the diluted XX.X% or as higher adjusted, else going our weighted in by awards share the performance other XX%, believe in operating is quarter. higher increased for per the the XX% $X.XX adjustments million, of impact increase of expenses. million Slide or as due reflecting The was increased equal. higher by ahead employment XX.X% long-term adjusted fourth from from prior quarter, sequentially, lower the and a due X% that adjusted, approximate average $XX.X in unchanged of out as shares. increased would the reasonable adjusted, increased partially calculation $X.X expenses diluted price XX% to operating as revenues quarter or increased $XX.X the recent XX to adjusted, diluted majority-owned million count in share trend sequentially, tax levels. of We prior margin, other from as interests, expenses. adjusted, affiliate. being as that earnings. the and Net to

Regarding GAAP results.

of our million, sequentially, position was quarter. X% up as earnings $X.XX net realized increase of outstanding on included metrics. million and and was repaid quarter offset $XXX unrealized million items: reduction, and $X.XX $X.XX the Third minority Working reflecting share investments. the fair than liquidity trend during the of $XXX XX related per $XX.X debt capital value the repayments September quarter, Slide with XX of capital. liability more per second XX, in a of as share compared and the shows $X.XX capital Gross return the operating debt income interest we following gains September in at and the at

the EBITDA Over debt X.Xx of from end XX%. and bank was and X.Xx year year, X.Xx growth, by EBITDA we balance. was cash September X.Xx at The higher quarter gross at in Gross ratio June XX the down X.Xx or to $XX prior-year. have debt a from past net at XX lower to ago, due reduced debt down a million debt-to-EBITDA

George. We dividend Regarding With common turn a share. in George? let return repurchased million, reduction to call in resulting over XX% for back X.X% me stock per increase of outstanding. we our shares $X.X of And quarterly $X.XX shareholders. to capital the to a common common announced that, shares in XX,XXX

George Aylward

Thank you, Mike.

questions, with Global Allianz like the an I'd partnership we on strategic take to Before your update provide Investors.

We of separate Investment quarter, fee currently a billion basis for to five-star AUM third very and approval about forma quarter approvals and assets the rated Virtus During XX% add of five-star points. will approximately complementary early very have basis, We're strong. performance provide scale, funds, we or received to and of and and partnership, the this the On XX, which with Overall, or funds' funds, of with has close commenced. the excited billion had growth a in closed-end attractive and and increased necessary consent be the and we strategies on consisted would September investment accounts XXXX. institutional related blended further incremental Board expect fund $X.X At of $X Morningstar of assets a in shareholder process and offerings significant would $XX.X pro billion continues first $X.X four open-end $XX.X billion opportunities. to our partnership diversify Allianz XX the combined four billion of XX% funds Allianz, three, be would of five-star. rated on basis. four in rate be funds XX% to

in partnership and compelling immediately financially will indicated the accretive. also As is July, we be

annualized earnings quarter as least We results. have at increased third based per be accretion XX% to to our on estimated share, the adjusted

We will prior to detail close. the provide more

the please. you open can We will now Kevin, take your up questions. lines,

Operator

Campbell from with Instructions] Jeremy Barclays. first [Operator question Our comes

Jeremy Campbell

asking] just net just the XX you're showing George, through, fee that to [Before rates my I Virtus, want correct? on that there are here, ran Slide clarify, thanks. Hey, question you to

George Aylward

Yes, a other they for what piece, to are we basis on show they comparable net. our are so

Jeremy Campbell

Perfect. And and length happy up and Vertis at With seems Allianz that is stove higher. accretion hot the spoken manager heating George Allianz is really here. asset see capital that I delevered, know past now being in to it basically at the light like M&A and we’ve guide M&A here

good So have Virtus? attractive wondering and flow fit on can view of just maybe in find the with we for managers get asset to would what pipeline that like a your you'd the the kind deal look characteristics, recent if sector

George Aylward

that perspective Sure. given that flexibility M&A at gives our very predicated not growth it broadly, our value growth, we've with to But to tool inorganic being model us thoughtful is we're for in, more significant or it Yes, of us, success and thoughtful look our can the we business diversify a future strategy the shareholder that always as in accelerate or our that. being so actions experience long-term said about and create on sort said, toolbox. is and of M&A, to or something be It from expand M&A.

sort do We're kind balance for gives lot being a have we we – we're again cite, performance, we of low-end of required not flexibility kind of an that a think the at of in leveraged look sheet. some That good terms growth, the as So us factors currently we have to about. things any M&A. and organic you of we of have environment, investment

our So sort sort environment, I that continuum. out always we we it a our be to of active that that. in we look selective, which compelling going to to this we've continue as very value to at as of as model, been to given a think And We proposition and we're look build very business differentiated we strategies, opportunities. continue have of is portfolio very think whole there's think relates

business a being of So adding sort in seen business things terms boutique of strategic with is. our some as that select, can model our leveraging are specialized, would best-in-class and very are that managers. of of scale expand product and to it of things our fundamental provider But attractive the of where very is those also things model being which that capabilities base, client very said, diversifying unlock

sake about of So for to we but feel doing the our well I That very attractiveness necessity doesn't set do out reasons we sort any we of the in there. the actually for that feel just feel very mean M&A discussed. that M&A, that's opportunity optimistic positioned relative

Jeremy Campbell

an where that's string attribute to the inflows, it's year, back when facing I has you has inflow And headwind then of a been follow-up really industry here, lap we seeing an step of Great. lot bank the of equities, a and take you're in looking structural of outflows. kind just sector headwinds? that area equities, the just these maybe guess at Vertis been from of impressive for we side. on do active perspective all strength especially, especially Obviously, what good to kind there. And loan organic some once pretty

George Aylward

differentiated starts that of managers It's approaches distinctive Yes, of right. offering question. a to investing, boutique strategies very great have again, a no. collection fundamental with And it our and

to So people. to we've never all offer things all tried generically

our SGA, its how add I compelling you very to they So equity, really examples, then have when are equity And two starts to need made has nature of different about managers, talk their team right. investment just in and it them performance. managers’ that, so invest you where attractive, good good

differentiated But important. effective versus having have competitive themself can this particular active world, think distinguish truly need really is the that conscious on basis, to then I risk in and a distribution. adjusted you managers in passive

we said, that always loans. in at tandem. pointed generally of attractive be things our have favor, point – the diversity our given of thought those time. products, will classes to When And that at of you in something are will have participate. So a I'm that because we've of should a investors to And that glad asset the our sort generally out we at both working have one of is loans

a now. time So we do it's I even just think had you That's or was of loans, And I products. of sort we to beneath they to it don't rest how blocks other assets. outflows be, from whether make best-selling the point where sort of those set be there our will that, money assets, around then that four our period, don't thoughtful say is, the in position I really raising strength the and consultative know differentiated because the being from make alluding on be offerings. think from eight and know think incredible I building managers strategy. of loans, during will in that I'll where will as thing quarters focused is quarters there and when our retaining don't from full and It we other with they're money it. distribution I very lastly, marketing portfolio we strategies differentiated have are of really And resources of our that what holistic

a a and that longer correctly life, lot do sure the that something which line. ultimately So we really of to sell bottom creates is making has work about profitability the that therefore accretion then we more

Jeremy Campbell

lot a Thanks Great. guys.

Michael Angerthal

you. Thank

Operator

comes next with from Sumeet Sandler. Mody Piper question Our

Sumeet Mody

morning, Good Thanks. guys.

Just around It's added see Allianz performance. the the partnership. on detail one net nice AUM and levels to more

the been particularly the how month, retail noticed wondering the color of last by through of of has we be doing? then, And any Allianz. Just helpful October, that's advised and a and kind couple last How there flow over block profile looked SMAs being the quarter liquidated too. funds sub-advised would so the just

George Aylward

Well, on the part, our not they obviously their of so for funds. the first flows in terms funds,

So like on in that in going nor there, the terms they should what fund we going of activities look clarity terms generally do a funds. But lot in model. portfolio give we're our activity necessarily of right, when their it to it it's in done think indicative are flows, well, not of the of and be will their so

piece, they of part strategic sort will that as you offering of the line other are that partnership. add we taking second on do of previously Mike, related really of in our up some had not actions to taken the want terms fund their anything? be the On to funds

Michael Angerthal

detail down line-up is that total covered as the it from offerings the fact And No, X% in that and very we nicely. and level. I performance it provided asset up product June group strong you the slide. the about AUM And complements by investment to our alluded in alluded and I type George very XX the to think we think and product some

George Aylward

it's good been you the on I some I to fund that that's are performance control want – well. our products. what proud at that And and derive again, of asset are is pieces the product. midst if from investment if good, be I profile, in the funds And you may Morningstar activity even look provided, on focusing It numbers, growth kind through highlight always side. point much. have. obviously went to the that we've Theirs of that things so of to that, you can very Yes. you performance numbers They is side particular as just complementary we really as quite people those doing think not very the compelling

Sumeet Mody

then to strength wondering then, that small talk particularly And usage Great. the global SGA's last for Thank you about the and particular outlook actually focus I wanted over just I'm couple to U.S. you flows, some funds. quarters, over for growth shift saw cap that kind of class. if strength of that. the and asset

George Aylward

time building launched the of of in distribution. we adding done we not lot a offshore would that, and a building talking and very incubated [indiscernible] years a spend compelling anticipation to SGA was track team just funds a products that offshore records, track supporting don't approach all as several good products several job we our reminder ago, the about records, Yes, of have managers, and which to really compelling then our very been and some

that pleased of some are strategies us and very opportunity of just actually forward. we've that we're that again, those very it's seen one to do as of So growth for those of And look some areas we because there. strong going in performers

that gathered they track that have are very funds Now those compelling. build records assets

U.S. for very whether it or smaller on even of set I So opportunity potentially is retail compelling institutional a outside the interesting different there think in the funds, those side be

Sumeet Mody

for Great. my Thanks questions. taking

Michael Angerthal

Thank you.

Operator

Carrier comes Mike Bank with from next question Our of America.

Michael Carrier

taking Good and for question. the morning, thanks

some been think new despite seeing was have institutional you that number on channel, traction in the curious mentioned redemptions. if that or that clients, on related wins then, redemption side, some clients wanted the something I get guys the else? new current or your client. one including the performance And in the the by to with just with I you one on color mandates of more just quarter,

George Aylward

Mike?

Michael Angerthal

Mike good Michael, morning. Hey, Angerthal. Yes. It's

client the of managing management I'll that a was redemption so it XXXX, we since one internalized a And on at single eight hit X.X those client one It activities. affiliate a from first. over been have that product the redemption, our was years. portfolio and So

existing respect to balanced was it really in new really internalization. and both from with mandates had four as see and mandates Seix. we new that the was which performance been accounts we've been SGA, affiliates. mandates do about Duff traction nothing and to had had But from about. well across as contributions So and KMF, good We balanced because mandates, a also new With of and talking in new it flows single we to we've our talking

real it and the to record. think note that good some So down balanced levels contribution second is we supports period, traction been we've highest about. the although were of important period our on that talking And over sales really were that institutional sales level

kind strip out that institutional if we you into existing been one some quarter last account, on significant consistent side. So have an of traction really seeing mandate the

with So we're generally that. pleased

Michael Carrier

the Okay. with it on Thanks product in And fund structures for just that. up these like more the bit, strategies. a demand market closed-end for certain is side, picking seems then

has as Virtus I ahead? some to and see think opportunities close just fairly that distribution go Given been, you time, innovative if partners you more over curious

George Aylward

element the think great do a and it's funds investors that really portfolio. of a structure, we compelling think closed-end we retail product are Again, Yes.

So where newer we that we either continue existing areas to or of can use market. existing strategies and into look combinations at

in are we So that to pleased space. see activity

our do we and I that should about So of investors are is positioned of well types for strategies and things. it sort think thoughtful be something managers think those

opportunity as area as look to at an of well. continue that we So

Michael Carrier

Great. Thanks a lot.

George Aylward

you. Thank

Operator

comes Michael Stanley. Morgan Our next question Cyprys with from

Michael Cyprys

international the morning. usage good follow-up distribution for Thanks to I taking just products. Hey, question. on the wanted

right further you distribution would how channels make I that of on internationally? sense you're sort solid far, question and have guess like U.S.? you here. I approaching approaching that Who the distribution international so looks AUM, differently side? And billion at? if of international inorganic through have partnering means point around, looking $X what it the just you are about What it are in with? you're And How maybe versus to at that a accelerate

George Aylward

yes. Well,

high piece, we last as priority. very base strategic see the non-U.S. client our us long-term growing do On a so

we something agree So in that, of I is business, investing else growing at again, in inorganic kinds done organically that of be that that think opportunities. also can would through terms look with and and

of what others. have our affiliate-centric, in the who terms market, that In in terms non-U.S. managers of very some and obtained is base bigger of books current successfully some distribution so non-U.S. is clients have affiliated and than very our mandates from individual

smaller is for a So us part it our of still business.

made success. Some of our affiliates great have

usage combination have clients available that as non-U.S. non-U.S. those a support. the that well here that's of the really residents the then need sort U.S. resources side, citizen both of non-U.S. some as We market. And on are support to in

we distribute both outside the the the to of channels some U.S. other in non-residents. well So as as actually in here usage, U.S.

U.S. elements as as as affiliates. opportunity we grow our as and very sort Virtus out And U.S., the there in the opportunity market. U.S., supported great at retail they're there to is here in growth for mix all on how they of activities model, of particularly not in both the lot all on So a And we of of them many just well the can of in those non-U.S. where because sort then of look institutional of our affiliate our for a managers support side, be collection flexible of think terms we side, known would ultimately, retail outside U.S. a the it's activities individual have of well

Michael Cyprys

metrics Great. Thanks. relative the done talk a just guys What And around well? expectations you're announced you a about then follow-up SGA the you what to transaction you at had you maybe thought looking the assess transaction? just and as Can that's how time years your ago. that to business relative to that couple maybe on have performing

George Aylward

thoughtfulness expectations, a everything Well, and a and met and I mean and I'll phenomenal they start great team, that. with Their my of exceeded mind their They've original business. a their done in how phenomenal my in assets. was, impression of managing their their the overall of comes and client firm my them quality job they and have about that sort were approach discipline really of they thoughts from of terms

in for have make things more in I think certain the to them it more think help us, with of I partnering supportive we markets.

look had. of sort they've It done we've at any So or we as what think great has exceeded a expectations met we job. expected there, I

Michael Cyprys

just Great. And could quick, another if get maybe quickly. here a then I in one

incremental transaction, you're Just for what AGI terms additive to of on provide that? that most areas mentioned you that to looking at growth? couple opportunities the just the would growth say for that, And you you excited about top of in you're elaborate Virtus. on Can

George Aylward

and look at accretion are people a I'm you product, at financial the that point – compelling do currently think the expand well, some of are not offerings products the focusing they in we in that so to other Yes, if very that and very product them, in on I some multi-asset of of but product product people sort some on our the benefits, actually again, portfolio. adding actual side, went sort including class their are the the looking of back ESG are interesting pleased with because

opportunities, those a say our growth again, it diversified blocks completes portfolio. building So well see as set it of of to we

there'll in I account institutional an So only new our elements that, in model, on in And the establish opportunities boutique we to of in but sort separate the that will of side, there, affiliate. look be and I also more retail think, of outside of and one orientation. transaction think then not the actually particularly

very forward more very happy We're happy to performance. the closing. investment come. the transaction look we again, So with with We're and to

Michael Cyprys

Great. Thank you.

George Aylward

you. Thank

Operator

to conference our back I like This session. question-and-answer to over Aylward. turn would Mr. concludes the

George Aylward

certainly we further questions. joining want call today thank if Okay. any encourage and you to safe. Stay you to for us have I us everyone

Operator

you participating. call. today's for concludes Thank That

now disconnect. You may

Virtus Investment Partners (VRTS) 23 Oct 202020 Q3 Earnings call transcript