Virtus Investment Partners
| Company type | Public company |
|---|---|
| Industry | Asset management |
| Predecessor | Phoenix Investment Partners, Ltd. |
| Founded | November 1, 1995 |
| Headquarters | United States |
| Products | Mutual funds, closed-end funds, exchange-traded funds, retail separate accounts, institutional portfolios |
| Website | www |
Virtus Investment Partners, Inc. is an American asset management company that operates as a multi-manager platform. It consists of multiple affiliated managers, each maintaining unique investment methodologies and brand identities, along with unaffiliated sub-advisers.
History
Originally known as Phoenix Investment Partners, Ltd., Virtus was formed on November 1, 1995, through a reverse merger with Duff & Phelps Investment Management Co., which was then part of Duff & Phelps Corporation.
1995–2006
Between 1995 and 2001, Virtus functioned primarily as a majority-owned indirect subsidiary of Phoenix Life Insurance Co., focusing on acquiring controlling interests in boutique investment firms to develop its multi-manager structure. Notable affiliates during this period included Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Seneca Capital Management, and Zweig Advisers LLC, established by the well-known investor Martin Zweig.
In 2001, Phoenix Life Insurance Co. completed the purchase of all remaining shares of Phoenix Investment Partners, making it a fully owned subsidiary. By 2005, Phoenix had secured full ownership of both Seneca Capital Management and Kayne Anderson Rudnick. The following year, it integrated the Harris Insight Funds from Harris Investment Management into its portfolio.
2006–2009
In February 2008, Phoenix announced intentions to spin off Phoenix Investment Partners as an independent asset management entity by distributing shares pro rata to its shareholders. Later that year in October, Harris Bankcorp Inc., a subsidiary of Bank of Montreal, invested $45 million in convertible preferred stock for a 23% ownership stake in Virtus.
Virtus officially became an independent publicly traded company on December 31, 2008. Its shares started trading on the New York Stock Exchange under the ticker symbol VRTS on January 2, 2009. Company leaders commemorated this milestone by participating in the NASDAQ opening bell ceremony on January 5.
2010–present
From 2011 through 2018, Virtus undertook a deliberate growth strategy by both launching new affiliated managers and acquiring existing firms. In June 2011, it introduced Newfleet Asset Management, a fixed income affiliate managing approximately $5.2 billion in assets, appointing David L. Albrycht—formerly executive managing director at Goodwin Capital Advisors—as chief investment officer.
In October 2012, Virtus expanded its capabilities by acquiring Rampart Investment Management, a firm specializing in options-based strategies. The company extended its global footprint by creating a UCITS fund domiciled in Dublin in 2013 and acquired a controlling interest in ETF Issuer Solutions (ETFis) in 2015. This entity was later renamed Virtus ETF Solutions to bolster its exchange-traded fund offerings.
A significant transaction took place in December 2016 when Virtus agreed to acquire RidgeWorth Investments from Lightyear Capital and RidgeWorth employees for $472 million. Finalized in June 2017, this acquisition added roughly $40 billion in assets under management through RidgeWorth affiliates including Ceredex Value Advisors, Seix Investment Advisors, and Silvant Capital Management.
In July 2018, Virtus further diversified its product lineup by purchasing a majority stake in Sustainable Growth Advisers (SGA), a Stamford-based firm specializing in concentrated U.S. and global growth equity portfolios.
Continuing its focus on alternative investments, Virtus announced an agreement to acquire AlphaSimplex Group from Natixis Investment Managers in October 2022 and completed the transaction in April 2023. This acquisition enhanced Virtus’ alternative strategy offerings and expanded its international presence.
Business overview
The retail investment offerings for individual clients encompass open-end mutual funds, closed-end funds, exchange-traded funds, and retail separate accounts. The Virtus Mutual Funds lineup includes 58 open-end mutual funds, which are mainly distributed via intermediaries like national and regional broker-dealers, independent broker-dealers, and financial advisory firms. Closed-end funds under Virtus, overseen by four affiliated managers, are listed on the New York Stock Exchange.
Retail separately managed accounts include intermediary programs sponsored by independent brokerage firms as well as private client portfolios tailored for high-net-worth individuals managed by affiliated managers.
In addition, Virtus administers institutional portfolios for corporations, multi-employer retirement plans, foundations, endowments, and specialized funds.
Unaffiliated sub advisers
To broaden its investment expertise, Virtus collaborates with selected unaffiliated sub advisers whose investment approaches are not accessible to retail mutual fund investors.