Virtus Investment Partners, Inc. (NASDAQ:VRTS) Q4 2022 Earnings Conference Call February 3, 2023 10:00 AM ET

Company Participants

Sean Rourke - IR

George Aylward - President and CEO

Mike Angerthal - CFO

Conference Call Participants

Sumeet Mody - Piper Sandler

Michael Cyprys - Morgan Stanley

Operator

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

At this time all participants are in listen-only mode. After the speakers' remarks, there will be a question-and-answer period, and instructions will follow at that time. I will now turn the conference over to your host, Sean Rourke.

Sean Rourke

Thanks, Michelle. And good morning, everyone. On behalf of Virtus Investment Partners, I'd like to welcome you to the discussion of our operating and financial results for the fourth quarter of 2022. Our speakers today, are George Aylward, President and CEO and Mike Angerthal, Chief Financial Officer. Following their prepared remarks, we will have a Q&A period.

Before we begin, please note the disclosures on Page 2 of the slide presentation. Certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. And as such are subject to known and unknown risks, and uncertainties including but not limited to those factors set forth in today's news release and discussed in our SEC filings. These risks and uncertainties may cause actual results to differ materially from those discussed in the statements.

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

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

George Aylward

Thank you, Sean. Good morning, everyone. I will start with an overview of the results we reported earlier today before turning it over to Mike to provide more detail.

The fourth quarter remain challenging, consistent with the trends throughout the year. In addition to a volatile market and heightened uncertainty, open end fund flows industry wide were particularly negative, most notably in December, as investor sentiment driven activity resulted in and among the most elevated fund net outflows than what was already historically difficult year.