| Type | Public company |
|---|---|
| Industry | Asset Management |
| Founded | November 1, 1995 |
| Headquarters | Hartford, Connecticut |
| Key people | George R. Aylward, President and Chief Executive Officer Mark A. Treanor, Chairman of the Board |
| Products | Virtus Mutual Funds; closed-end funds; separately managed accounts; institutional investment management services for corporations, pension funds, endowments and foundations; variable insurance trusts. |
| AUM | $31.9 billion (March 31, 2011) |
| Website | www.virtus.com |
Virtus Investment Partners, Inc. is an asset management company.
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Virtus Investment Partners, formerly known as Phoenix Investment Partners, Ltd., was formed on November 1, 1995 through a reverse merger with Duff & Phelps Investment Management Co., at the time the investment management affiliate of Duff & Phelps Corporation.
From 1995 to 2001, Virtus was a majority-owned indirect subsidiary of Phoenix Life Insurance Co. During this period, the company purchased a majority interest in several boutique investment management companies to establish its multi-manager business model. In addition to Duff & Phelps Investment Management, Virtus’ affiliated managers include Kayne Anderson Rudnick Investment Management, LLC, Newfleet Asset Management (formerly SCM Advisors, LLC, and previously Seneca Capital Management), and Zweig Advisers LLC, which was founded by legendary Wall Street investor Martin Zweig.
On January 11, 2001, a subsidiary of Phoenix acquired the outstanding shares of Phoenix Investment Partners not already owned, and the company became an indirect wholly owned subsidiary of Phoenix.
In May 2005, Virtus acquired the remaining minority interest in SCM Advisors and in September of that year acquired the remaining minority interest in Kayne Anderson Rudnick, thereby increasing ownership of both companies to 100%. In May 2006, Virtus acquired the rights to advise, distribute and administer the Insight Funds from Harris Investment Management, Inc.
In February 2008, Phoenix announced it would spin-off Virtus Investment Partners as an independent asset management company through a pro-rata dividend of Virtus common stock to Phoenix's shareholders.[1] On October 30, 2008, Harris Bankcorp Inc., a US subsidiary of Bank of Montreal announced it would acquire $45 million in convertible preferred stock, representing a 23 percent equity position in Virtus.[2]
Virtus became an independent publicly traded company on December 31, 2008 upon completion of its spin-off from Phoenix. The first day of trading of VRTS was January 2, 2009, and company officials rang the opening bell at NASDAQ Market Site on January 5, 2009.[3]
Virtus provides its investment products in a number of forms and through multiple distribution channels. The company has products in multiple styles and multiple disciplines, with offerings in different asset categories (equity, fixed income, alternatives and money market), market caps (large, mid and small), investment styles (growth, blend and value), and investment approaches (fundamental, quantitative, thematic). By offering a broad range of investment strategies and styles, the company can address clients’ varied investment goals and risk tolerance across different market cycles.
Retail products (available to individual investors) include open-end mutual funds, closed-end funds and separately managed accounts. The Virtus Mutual Funds family consists of approximately 45 open-end mutual funds that are distributed primarily through intermediaries, including national and regional broker-dealers, independent broker-dealers and independent financial advisory firms. Virtus' five closed-end funds, which are provided by two affiliated managers, encompass utility and tactical asset allocation strategies. The closed-end funds trade on the New York Stock Exchange.
Retail separately managed accounts comprise intermediary programs, sponsored and distributed by unaffiliated brokerage firms, and private client accounts, which are offered to the high-net-worth clients of the affiliated managers.
Virtus also manages institutional accounts for corporations, multi-employer retirement funds, foundations, endowments, and special purpose funds.[4]
Virtus operates a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own distinct investment style, autonomous investment process and brand, and the services of unaffiliated subadvisers. Affiliated managers include:
Virtus supplements the investment capabilities of its affiliated managers through select unaffiliated subadvisers whose strategies are not available to retail mutual fund customers. These subadvisers include: