The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Benjamin Budish - Barclays Services Corp - Analyst
: Hi, good morning and thank you for taking the questions.
Maybe first, Mike, you just talked about $30 million in share repurchases in Q2. It's the highest number, I think, in quite some time. So just curious,
how should we be thinking about -- I imagine there's some being opportunistic in that. You also talked about some upcoming uses of capital, CLO,
seed capital and the SGA minority interest paydown.
So how should we think about what else is may be available for repurchases and your kind of current appetite between repurchases and dividends?
Question: Benjamin Budish - Barclays Services Corp - Analyst
: I appreciate that.
Maybe along the same lines, George, you mentioned the environment is attractive for a number of things and your pipeline is at its highest level.
Curious if you could share any additional color on the sort of the types of assets you're looking at. Has there been any change to the way you're
thinking about the strategy? You mentioned private markets specifically.
Kind of curious how do you think about the ability to compete given so many scaled competitors, where there may be more types of opportunities
that make sense? But any additional commentary there would be helpful.
Question: William Katz - TD Cowen - Analyst
: Great, thank you very much for taking the questions this morning. Happy Friday, everybody.
Just in terms of just thinking through the guidance on the comp side, you guys have been terrific of managing expenses. How much of the sort of
comp is just related to the variable revenue backdrop? How much is more structural? So I guess the question is, as we look ahead to the extent
that markets continue to normalize, is there any catch-up spending that needs to potentially come back? And if so, where might that be?
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JULY 25, 2025 / 2:00PM, VRTS.N - Q2 2025 Virtus Investment Partners Inc Earnings Call
Question: William Katz - TD Cowen - Analyst
: Yeah, makes sense.
Maybe turning to flows for a moment, just wondering if you could maybe step back and sort of give us what the nets look like in July. It seems like
some ins and outs across the different segments. And maybe the broader question is just on the institutional side, how are the conversations going
from the client side? Where are you seeing the allocations migrate toward just as we think through equity fixed income or US, non-US, et cetera?
Question: William Katz - TD Cowen - Analyst
: Thank you. I'll get back in the queue.
Question: Crispin Love - Piper Jaffray Inc - Analyst
: Thank you, good morning. I appreciate taking my questions.
Just first on the -- following up on the M&A outlook, uou mentioned there are conversations, plenty of activity. You're looking at private markets,
traditionals. But can you dig into some of the valuations that you're seeing on a big picture way? Does it still remain tough from a valuation
standpoint in private markets? And then just within private markets, where are some of the areas that you might be most interested in?
Question: Crispin Love - Piper Jaffray Inc - Analyst
: Great, thank you. That makes sense.
And then just following up on flows as well. You did mention early in the second quarter was tougher, but June was a brighter picture. On July,
can you just frame a little bit how July compares to June versus a little bit earlier in the quarter? Did that momentum continue, pull back a little
bit? Just a little bit more color there would be great.
Question: Crispin Love - Piper Jaffray Inc - Analyst
: Great, thank you, I appreciate you taking my questions.
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