VRTS - Earnings call transcript Q1 2021 | Virtus Investment Partners, Inc.

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Operator

Good morning. My name is Carmen, 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 of 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

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

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

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

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

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

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

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

George Aylward

quarter. turning Good to we on as to Sean. update it morning, start a with results well before on more reported Capital detail Mike you, Thank as the I'll over Management, the provide Westchester overview morning, today an everyone. this of brief

the our strong the are the partnership very year, that of with throughout benefits and reflecting results, pleased So accelerated new turning start the year, we last continuing AllianzGI. to the momentum with to

rate positive strong sequential per of level to return continued our of operating we prior $XX representing management and sales, the quarter XX% consecutive and of with nearly than growth share operating earnings sales our the net increase with time; provide available an driving billion; the XX% of highest pleased track year; demonstrated flows, which debt net record in of and blocks, broad-based positive a to growth in significant set the of first points level; under more increase assets adjusted foundation to with made the a distribution a flows. past of growth. months, of to growth profitability, exceeded over We're their as percentage strength capital by The XX a is of in the that especially highest quarterly organic For building consistent XX ability our billion quarter, and reduction. for shareholders margin effective delivered $XXX holistic fourth trend over differentiated

distinctive each across collection preferences. products Our of can to approaches diversity advisers strategies, cycles a investor investment financial investing, appeal differentiated managers, and that investors of and and offers to changing compelling with and market performance strategies

Our the have model our approach. demonstrated over of results and year past value the

investment bringing able suite create we which these and financial capabilities, strategies position and these deliver additional attractive with long-term that well believe to partnership Our scale to us expanded of results continue capabilities, shareholder options. performance added operating our of reflection a AllianzGI be strong to complementary is and Excellent to value.

and positive recorded compared of billion the The were XX% inflows each increases up to Retail flows. product positive positive net $XXX of fixed review with up flows, with to million, of across market flows, income a billion, net the XX, at strategies. management accounts and under increased billion deliver billion net XX% positive results, have the to and of $XXX.X at and sequential strategies. $X.X all Institutional X So total appreciation, of AGI Sales sequentially, we net in addition in classes. from of prior net to Open-end multi-asset due with modestly retail high due period. March categories in quarterly contributions turning quarter, separate XX%. their level increased the for nearly that asset momentum accounts, positive quarters, to an were And all in organic flows flows sales. were $XX.X year, another assets, been assets which sequentially, continued separate the achieved of funds over and with X open-end sales $X.X of highest X.X% continue growth for rate reaching past positive the

both affiliates accounts. and the with with pleased institutional at are existing traction mandates We new multiple

far In quarter. terms trends first mandates positive. Fund remain seeing meaningful we I flows in just account and mentioned, seen currently of change level as won, a not but what have And we're the we have flows, the institutional, separate in so of funded. a in for April favorable in not

and the adjusted, related leveragability increased Earnings adjusted, the as highest by income, Our their level reached to reflected quarter, share, higher despite for over million the per business. to assets $X.XX, the in prior primarily financial the from due prior higher increasing revenues. the seasonally growth XX.X% sequentially results consecutive and of and for as margin of management of year, XX.X% XX% third the the in quarter employment quarter, expenses. increased XX% under sequentially Operating XX% significant $XX the

during and we loan, quarter term the common capital, net XX,XXX net again once or down the cash on repurchased paying approximately to continue now our in a settled $XX.X ending Turning for debt position. shares quarter, million

remains maintain we balance Our strong, sheet operating flexibility. significant and

business, of growth return Our shareholders been to approach debt. invest maintain has and of levels in appropriate management to capital capital the consistent the to

has the has to market in continue attractive which us to advantage core take in balanced business. of of to and been positioned our to be approach, our opportunities invest will the philosophy We growth

strategies billion X% positive at Mike, Westchester XX, assets further and event-driven net in of to add to our and nearly let $X.X on family pending this X.X the managers, premier with Management, to of financing. had continue in of due XX, give We're me management, our transaction year, approvals, in Before alternative March to close transaction expect market the Westchester a Capital to customary our track to excited turning up and double the strategies. flows a growth. with investment half on brief manager over strategies. affiliated December which a shareholder AUM call pending fund remain Westchester our payments second be to to fund transaction the We Capital under update of diversify At from position will no

accretive run EPS, quarter rate transaction immediately We on expect normalized to X%, as the based EPS, adjusted, first to approximately be by as suggested.

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

Michael Angerthal

morning, XX% with Good on The March XX, George. XX. you, $XXX.X billion at increase December were our management the Thank billion, up at under Slide management, everyone. $XXX.X reflected addition $XX.X billion from billion AGI X, under Starting sequential approximately results X, of assets flows. product and market separate of AUM, institutional, accounts and XX% positive open-end $X.X of on February is of billion AUM XX%, respectively. diversified XX% by and representing retail appreciation, of $X.X from assets net type, with funds, assets

large, of and represented multi-asset were represented assets. asset Within AUM, represented domestic relatively and respectively. classes, X%. fixed equity equity specialty income XX%, terms evenly In global represented and mid, were XX% XX%, and equity, total, is XX% X%, small-cap Domestic XX% alternatives assets assets and split of and among equity international of

of resulted XX billion the In fee-earning had March AGI from other we $X.X assets that addition, at partnership.

investment we across to strong Turning generate performance, continue performance our relative to strategies.

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

separate XXX% were assets Also, of on basis. assets were assets of outperforming separate performance institutional In a benchmarks exceeding of beating X-year of assets XX% their basis groups of of same peer addition March retail institutional their and retail on XX. to fund XX% X over account of XX% very the strong X-year median years. XX% assets performance, And the as institutional were and their account benchmarks

institutional. Sales equity; net ninth flows of sales specialty billion multi-asset, ETFs X.X% class, of and and credit-sensitive institutional funds. billion strategies. by I flows for to cap multi in sequentially, $X.X up alternatives. of the and and sales $X.X classes, been and note strength organic led of in representing XX% classes. markets, asset all continued positive start, consistently beginning billion, billion, $X.X Slide XX% products. consecutive cumulative emerging in disclosures sales and each Fixed in alternatives. Turning aggregate, And growth sales in $X.X in by $X.X continued positive flows, $X.X equity, were products fixed in to product, strong with XX% billion due enhanced primarily in multi-asset, flows, up for positive billion, over the open-end XX%. product, $X.X separate sales account $XX.X represented billion asset. By supplement with fixed or be basis, separate in contributions Net fund and $X.X that SMID of were quarter funds sequentially, growth financial income net reached have are increased equity, Retail an SMID income, class Income net in of the annualized with Sales net to this flows would funding equity our quarter. increased to growth quarter grew inflows on high show results, cap; flow growth Notably, asset Total due for quarter's accounts prior third asset X, including existing of and all in retail first we've billion, a to compared to a quarter This XX%, rate. the marked a quarter new for the sequentially, the for past due the sales new sequentially, XX.X% positive asset large inflows organic quarters, fixed or in particular X flows fund several increased across income, quarter by broad-based mandates the to funds, sequentially. of accounts, By growth. in billion Net XX% of the to asset

as XX.X investment assets. fees, the AGI million points, The million, of points management $X.X the in of growth X.X quarter from in the largely adjusted, sequentially. $XXX,XXX, was down basis to sequentially. due fee addition AUM $XX.X X, down XX% Performance average the basis on $XXX.X reflected rate The Slide average or for quarter to XX%, increase fourth increased in Turning were quarter. the assets, million fees the

reflected and quarter. Excluding in months inclusion performance XX the rate of rate was assets compared The quarter. average fee basis points lower fee points of X the with for XX.X sequentially the fourth basis AGI fees, the the

fee current XX Total in expenses. grants range. that rate due included was match, high increased end basis X-quarter made as the Slide purposes, $X.X at the to of given of increased Going $XX.X our sequentially, partial AGI Of million market million forward, a XX% compensation $X.X only result and average for payroll XX point first equity to note, expenses, primarily quarter. benefit largely the of the shows costs, employees. $X.X assets to employment be which XX million reflecting incremental million as we expense of above of being expect due slightly items, adjusted, the of trend $X.X modeling of seasonal a taxes, equity employment present XXX(k) quarter retirement-eligible million range, levels, to for to accelerated annual

$XX items, incentive seasonal by due the Excluding variable expenses to $X.X compensation. higher increased million of sequentially, million employment

The XX.X%, or market-driven As sequentially from XX.X% revenue sub-advised as primarily well seasonally as a employment reflects in AGI, percentage with revenues, excluding significant growth. items. externally lower increase the ratio were the the on of resulting assets basis partnership a seasonal adjusted expenses

for variability adjusted, expenses, We continue believe reasonable be quarterly subject revenues, of as based XX% on and adjusted, would is sales. to range to to employment markets as XX% that a which

modestly basis Turning operating to of with sequential new expenses, adjusted, $XX.X due largely partnership. from operating up affiliate, as $XX.X to million, Slide million, our AGI associated expenses XX, X NFJ, were from months other a on the

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

other will $XX quarter million expenses, be million Given operating of provided. travel the range the we to at business of the end level as activity, second $XX continued we low previously low adjusted, anticipate

trend XX.X% the XX.X% of by due sequentially, adjusted, XX% an $XX quarter, partially incremental expenses. of For purposes, XX.X% include $XX.X million, keep the XX illustrates will operating margin, for in adjusted, increase the in in as that in prior by The Operating and the to modeling second to earnings. annual offset equity Directors. from revenues, year. increased other Slide income, higher grants prior in mind basis XX.X XXX points quarter Board the the increased million by points or as expense percentage of employment from our operating expenses

rate, going in it The quarter, XX%, expenses the believe XX% effective sequentially, for and reasonable seasonal being and else from equal. Net higher rate of XX.X%. as or is unchanged margin operating primarily we by was Excluding the prior to assets income, tax as $X.XX revenues. was a the $X.XX, adjusted, the quarter diluted quarter, average share per all forward, the adjusted, employment increased that due

cash in losses the and with and integration acquisition sheet balance XX, per activities. $X.XX of of results, Gross net and investments unrealized reduction, to fourth included income the following the compared $X.XX value Slide items. capital fair shows liability, during first quarter capital, by March GAAP trend the in quarter up capital $XXX of XX interest our the reflecting Working Regarding March per XX% debt share share at items: and of at we $X.XX was $XXX realized select the and was the increase million, due and costs. repaid the the as XX minority quarter. generated outstanding $X.XX on million business $X sequentially, other $X.XX million of liquidity,

from point the income. net gross gross Over the expanded the during as a At the operating position, debt XX%. a $XX down year. have cash have quarter And and or $XX first debt We by million, million. quarter as meaningfully ended X.Xx with we reduced cash exceeding March XX, typically both was debt-to-EBITDA low year, year, the reminder, reflects debt cash past prior gross we in reduced the by of X.Xx, in

quarter, million. stock first additional settled common satisfy an net to During shares $XX.X million for the we tax and obligations shares XX,XXX for repurchased employee of $X XX,XXX

$XX upcoming revenue participation related acquisition the to continues an flexibility in additional year, and XX a XXXX. while provide resources, to next revenue shareholders, sheet fund Capital million of being the available in from first payment which balance of closing the retention contingent cash this positioned first Our to up the months well business obligations quarter of Management half capital invest to Westchester in our to $XXX return to the million second payment over to payment, and AllianzGI include and

the future partnership, and consideration with connection treated a we generated revenues our the participation will the by of will a be recorded With corresponding Regarding establishment the of strategic AllianzGI, in the with George? back being next be finalization estimate representing X call intangible million George. over $XXX.X assets. the Payments the partnership, liability, payments made made have which of over that, their annually, to of as in majority to AllianzGI years. let me turn

George Aylward

Mike. Thanks,

So the your of please? you some open up questions. take Carmen, now we'll lines, can

Operator

[Operator Instructions].

Barclays. Jeremy Campbell question from First with comes

Jeremy Campbell

normalized accretion, when point Before X% to think I ask my Westchester George, top question, a clarification want mentioned, you I here. I talking about it just was of on XQ.

$X, something back So to and we is north AGI, add maybe your of of so the first we quarter? the $X.XX, $X.XX month normalized, as another then seasonal math take of for

George Aylward

based did it quarter, not you rate our run basis. are to give first a on we and but earnings, most going upon the doing which a update recent Yes, number. I'm normalized

Michael Angerthal

just adjustments I level. to outlined to that the And think that are you appropriate get

Jeremy Campbell

distributing Great. know traction it's really in then, be funds. but your force And getting Allianz already suggests Perfect. might I that some early, the George, the still sales data

far. how wondering experience you'd of characterize early so kind the Just

George Aylward

the much I I overall marketing. sales everyone with pleased know very been and I've our speak force for can pretty Well, experience, and and here

describe kind participated which the with sessions from it educational very I have So and and in great best-in-class. for and been been onboarding our some I sales they're AllianzGI. I've firm, caliber of of extensive, would force, impressed as incredibly the of mean a onboarding I the

great done terms strategies, their have are on folks, So new they've I new job bringing value proposition, think to used and in our communicating of a I who that. absorbed very think and managers

So to I good off start. as that we're view a

new positive set believe a X pointing flows I AGI, sort to new funds think, is they you're to manager think I of good off and first months, start were which on as out, take that strategies. the currently, are a currently by a sub-advised of I in the for

the from underscores I So the way is the a because transaction. why very is of the optimistic deal future good both really business, is structured as is, think this going to was And to they partnership, it opportunity strategic our the for intent back to it whole of about opposed mutual business, a intent, we growth that. just I which feel which and are have grow the future the about as sort

Jeremy Campbell

And place in a I -- pretty vein, have in pretty is now just George, and deal last this maybe structural you unique then mean, summer. with a that since blueprint

an Virtus type with bit appetite think there's SKU, study industry showing more have pipes. structure case have an that to you the of retail of a a other potentially Do or from pursue large the you early side? maybe the elsewhere for in solid Now institutional on sales similar players, partnership guys you

George Aylward

I is the it's grow the Well, if to through a business this to a on business participate hope, side, would continue -- I expectation partnership. Again, well-structured, and right? is and the really be on the in successful other side, mean, your partnering

a someone the is I business, would describe the it. So to who's work sort doesn't looking of for way structure exit

this have their speak view as think good has actually, parties do benefits what party for would alignment. to like mutual other creates, and the structure sort any that our I what's structure they'll entertain willing I certainly So interest. I'm with really and can't best But conversation. in of to

Operator

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

Michael Carrier

the throughout AGI context plan distribution can timing Partners and Virtus probably provide strategies the those on around with some the just offering you First, just closed, network?

George Aylward

up already it's -- it's No, running. and Yes.

there get approvals. fund the the to of closing, period so advance prolonged was in and the client So consent a

had And resources upon of period, we again, lot it that already as previously as people opportunity able of they're did our a their sort well-known to be the that an employees. supported we done advisers. financial prepared of resources, some to of alluded employees, related distribute level. enhance national And at all to through educating earlier, actually AllianzGI close their take So account the effectively this of our as as be to work some to I as to during

we been off have And that I by again, managed So months the a it's positive, the is net as which are funds good and X start. already already alluded EGI for running. first to, alone think

Michael Carrier

for $XXX million flow And in I participation it item Mike, revenue Great. in impact the -- terms to Okay. just cash adjusted a then want AGI, have related will the of just just Or any on and forward? is income statement? liability going to that clarify,

Michael Angerthal

Yes. on the that nature to the contingent make, liability the transaction. the based period. That sum the that end for the at full on assessed value recorded expect we the And this first consideration of was does that's based accounting of amount total and the The represent of the we payments unique quarter.

payments those going forward, have that But will and if there's any any impact likely forward. basis we'll assess each it's items, it evaluate going be on would impact P&L change. and a and But a the continue non-GAAP balance going not contingent quarter accordingly, consideration but to forward. sheet will it on view adjusted we'll update a through point update flow We P&L and is will

George Aylward

sort of estimates see for once terms the of a revenue, any that year, be be liability, based And you'll payments future adjusted upon pointed it will so payment. in will but also Yes. adjust which of annually as cash will Mike future then out,

those over that will change time liability for So reasons.

Operator

Piper Sandler. Sumeet question next with comes from Our Mody

Sumeet Mody

the Why might that of with XX% AGI you in majority that's splitting on considerations? quarter, given funds? $X.X excluding the first future square been core million For guidance the seasonal XXX any of basis getting or the kind items, decision XX% those of how management of funds should that to kind higher, NFJ range came for comp fee maintain points and talk net of me we outside the those that of Can be to quarter below about that that quarters are XXX to maintained? XX.X% the the ratio,

George Aylward

Sure.

then and So I'll give them in. couple Mike a fill of thoughts

a a think of and of lift this that markets people things again, For lot component that, so impact ratio, combination come So that right? perfect where that of you are market are having the creates the ratio, not see performance sort in that that the in large nail revenue do assets equity quarter. of like one continuing that is generally a and months, first we little sort that pulled factors to of I quarter, underestimate sub-advised, We So of And terms to that bit right? have really of then up. for in it for complexity therefore, employment of did out a amount expense. of X X

of could then we So cetera. subject again, And Mike? you're profit as both to in more of lot asking range, variability. noted, by revenue and et -- terms and factors, where be the those is the again, impacted are including and of sales, guidance the Mike which, a and terms it in

Michael Angerthal

right. Yes, think that's I

As else sales, I'd looking the expect, range look we expected perhaps had. at key supporting look the to ahead. the And low being forward, as level it's of that at of into elements. We the profitability we've levels. We the to growth that sales subject certainly, the end markets, of be But look investments we equal, business. the take profitability at highest consideration all

Sumeet Mody

then Got on one capital And it. allocation.

in guys at changed this that flow acquisition with the a items range. have $XXX million few last $XX and of increasing change been And participation paying down have debt. net net think you came given capital million below the repurchases first settlements, kind appetite in the high sheet acquisitions, then we current the should to the little the million costs, X acquisitions, allocation years. liability, future on specifically how balance over has $XX new bit You And dividend, range in the and zero are considering guys the kind in potential for revenue bringing here? you all, of quarter now And from about that maybe cash

for and how kind the of your then A, capital change, impact going putting acquisitions strategy allocation does appetite how does of all B, So forward? together, that that

George Aylward

strategy don't Yes. Well, changes. overall I the think

I make of and flexibility the that strategy we the business of these to of investing terms was then had of sure premise think fundamental the debt. do growth to all and things levels in always returning maintaining the in to basically shareholder, of reasonable

feel of pretty transaction those that where some that, So ever flow currently good our because the in we're we with then we we are highlighted, if determine opportunity debt, to even cash really still levels Mike upcoming those is of actually generating that and obligations makes of of M&A sufficient terms that cash that that sense. sort of address leave

like actually not evaluate of is opportunities we So those of predicated upon M&A. And M&A, given our to it time. as relates at to strategy feel before, as said we we've lot any growth continuous a flexibility to have continue all

of opportunities However, scale. or we in that product distribution or terms incredibly capability access think sometimes we in will do terms or will those of M&A additive be strategic in either

to those. on of we relative that? that, very any feel add anything do that comfortable to flexibility kind basis, So Mike, a have we you'd

Michael Angerthal

No, would first reiterate we're participation the are in that revenue the next payments considering with the XX that the of obligations first just quarter, in upcoming Yes. I payment. closing Westchester months

of all priorities. factoring those we're into capital our So

Operator

[Operator Instructions].

question with Morgan Michael Stanley. next Our Cyprys from is

Michael Cyprys

those a you of talk you distribution Maybe how AGI of sort little was could on the I maybe of hoping initiatives, the bit products. just expand some distribution coming side, plan about back AGI to

forward, on you've are are But And retail look some expanding the of actions on force. actions are kind those institutional some say, what but sales spoke through what's about institutional pike? the of add, of the that? educating as went what's I approaching and side, you how the for taken side? opportunity, that opportunity you you you distribution investor know around of down products of just the AGI coming would the the You some the the

George Aylward

Yes.

the so piece, are we U.S. supporting so on and AGI, side, retail last really we are representing not the institutional their to on Just clarify, partner. them for

intermediary the bringing space, in retail. to retail our very particular, it so them in with compelling So focused focus really U.S. strategies their on is is the

for So access that products as AGI, good we look very and of is of that very in They differentiated. of what were the again, many set collection sort strong at we're very available. opportunity had the places so

our with experience, products ours to that the and resources with great So that. some foundation leverage of the additional then to already expanding try then, and and that using the is to has the expanded there, it of more and that have to take that existed approach sort relationships sales access been knowledge sort present relationships maximize our of and

had. -- greater than where to we might So had, maybe some they historically and with position job working they I their better where have with we be think did ways a the access they sort great I of think, I what really more with have able to think opportunities find some products is to in collectively of of them areas access that

other capabilities point be relationship. this as that very in strategic out we important I included their And thoughts in a of AGI, look other further the around introducing market. will for thing would The at retail that

they a that We have other opportunity continuous capabilities isn't a compelling for we retail of maintain in because closed about a them with this opportunities dialogue find So future of lot products. might block capabilities.

Michael Cyprys

and help on think maybe the on you're quarter and broadly, have trends broader within some client not how your could you're that stands of talk elaborate and able a areas emerging that institutional versus or more the just seeing but that And last the pipeline approach side, pace. pipeline channel elaborate ago? you question to how evolving the you're is on Great. set about some won maybe just could on Maybe demand referenced the you institutional of a today you the on And yet the keep year maybe just products Are your funded. been sort strength seeing that I side. of to seeing amongst of quantify you had a institutional marketplace, in mandates the institutional where

George Aylward

years, this to on heard sporadic and started an So sort the area, and the of put mandates, spoken opportunity it. institutional and last that was We years, for the of opportunities continued about few that an or over and evolve. and increased X a focus comments of has to as growth great so continued you evolution we very mature last sustained my pipeline other as a seeing would continuing had area -- for and of new it see And over then more so sort win X or us have we've around big the of loss. resources big

of are affiliates, past. the as on, has So than But can is my it institutional in is lumpy, there really you where of types capabilities and indicate and I pipeline strategies very were in in the things. we in broader that focused attractive the generally at meant they at as change currently comments comment time. any my that to look the number point multiple had been terms current of of know, were sort But really

that they the the who have do that That and broadly area we So a we great of focus clients. as not get has are a of managers U.S., that, We U.S. still evolution opportunity an business, therefore, for of many opportunities outside as with see once us. been think there's known that us our known continued expand to continue particularly think to for non-U.S. outside

And that. high-conviction or our differentiated, managers very way So the to, on will allow we've So strategies. right? generally space, our -- the play in focused or us affiliated quality-oriented been that most either income-oriented of very play we in strategies institutional that

the So between to where of is find that we is it's part that. about great interested capability the the that us, in trying that match market really, have and for

that, it's about thing outs. that set in I think So nice really and but to the us orientation. classes. asset institutional lumpy of income managers with that there's mean I broader ins always is and we still and see But to still continue the more a a for across I'm then market, of to fixed seeing first happiest in capabilities for going see quarter, sort of be opportunity an the is

and is meant in to if things Because, in and of that. sort strategies, meets go have weaknesses product that sort we'll things our So of see that to year, that's in so that, really prior healthy. had I think reemerging, out favor of favor, be flexible set come that something of certain I that again, certain some the think some then our

that see. we're So the the strength side in to nice some was income starting see of to fixed

Michael Cyprys

are just of point sales approach to then is approach just latter institutional side, in you Maybe terms perhaps sales on about approaching standpoint And your anything approaching us at a can of salespeople from the to that? and it. sort affiliate there at the terms your on speak versus challenges, you're franchises. in the Got center around thinking how you the the individual channel, the the how evolving? How to of marketplace remind maybe

George Aylward

opportunity the is and their Yes. Well, would what are describe as set different very affiliates they in I right? what affiliate-centric, of Because each of it's generally terms is. where

that We have shared support resources the affiliates.

what of that everyone So in combination opportunity one certain in we different has -- a in providing be but really terms we so and for support tailored will systems. each amount resources set, certain support of instances, will things, best some we'll instances, is and have do them. their a It or large a is, of

Operator

our concludes to question-and-answer Mr. this his conference session. final I the would and like Okay, turn to remarks. Aylward for back

George Aylward

thank out I you Thanks. thank you for want us and certainly day. questions. to to All very any further call you other today Well, great us or joining Have a much. right. if ask everyone reach have

Operator

disconnect. today's and you. And thank concludes your for conference participation, call. Thank This may you you now

Virtus Investment Partners (VRTS) 1 May 212021 Q1 Earnings call transcript