Chris Wright of Kayne Anderson Rudnick Investment Management: Top Picks of 2021
May 3, 2021
Chris Wright, Portfolio Manager, Kayne Anderson Rudnick
Chris Wright, CFA, is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners, where he has primary research responsibilities for the financial sector.
Mr. Wright began working in the financial industry in 2001. Before joining Kayne Anderson Rudnick in 2012, he worked at Alvarez & Marsal and at Houlihan Lokey Howard & Zukin.
Chris Wright earned a B.S.E. degree with a concentration in finance from the Wharton School at the University of Pennsylvania and an MBA from the University of California, Los Angeles.
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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. [Operator Instructions] [Operator Instructions]
I will now turn the conference over to your host, Sean Rourke.
Sean P. Rourke
Vice President of Investor Relations
Thank you, Carmen, and good morning, everyone. On behalf of Virtus Investment Partners, I would like to welcome you to the discussion of our operating and financial results for the first quarter of 2021. Our speakers today are George Aylward, President and Chief Executive Officer of Virtus; and Mike Angerthal, Chief Financial Officer. Following the prepared remarks, we will have a QandA period.
Virtus: Q1 Earnings Snapshot
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HARTFORD, Conn. (AP) Virtus Investment Partners Inc. (VRTS) on Wednesday reported first-quarter net income of $36.6 million, after reporting a loss in the same period a year earlier.
The Hartford, Connecticut-based company said it had net income of $4.54 per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $6.78 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $5.46 per share.
The asset management company posted revenue of $216.9 million in the period. Its adjusted revenue was $187.3 million.
Virtus shares have increased 20% since the beginning of the year. The stock has more than tripled in the last 12 months.