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Virtus Investment Partners Inc (VRTS) delivers asset management solutions through its distinctive multi-manager approach. This page provides authorized news updates and press releases directly from the company, offering investors and analysts a trusted source for tracking strategic developments.
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Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08 per share, set for payment on November 19, 2021, following an ex-date of November 10, 2021. As part of its Managed Distribution Plan, distributions may include net investment income and realized capital gains, with potential returns of capital affecting shareholders. For October 2021, the fund's net investment income per share was $0.008, yielding 10.2% of the current distribution. The average annual total return on NAV for the past five years is 7.87%.
On November 5, 2021, the Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced a monthly distribution of $0.08 per share. The ex-date is November 10, 2021, with a record date of November 12, 2021 and payable date of November 19, 2021. The Fund's Managed Distribution Plan indicates that distributions may include returns of capital if net investment income falls short. As of October 2021, approximately 52.5% of distribution sources came from net investment income, with the remainder expected to be a return of capital.
Virtus Investment Partners (NASDAQ: VRTS) reported significant financial growth for Q3 2021, with revenues of $252.1 million, a 63% increase compared to $154.8 million in Q3 2020. Operating income surged 128% to $93.3 million, and net income rose to $58.7 million, marking a 98% increase year-over-year. Adjusted earnings per share reached $9.71, up 116% from the previous year. However, total assets under management declined slightly to $177.3 billion, and net flows turned negative at $(0.6) billion. The company also announced a debt refinancing and completed the acquisition of Westchester Capital Management.
Virtus Investment Partners (NASDAQ: VRTS) will announce its Q3 2021 financial results on Wednesday, October 27, 2021, before market opening. A conference call hosted by CEO George R. Aylward and CFO Michael A. Angerthal will follow at 10:00 a.m. ET. Investors can access the call via webcast or by telephone. The presentation accompanying the call will be available on their Investor Relations website. This announcement highlights the company's ongoing commitment to transparency and investor engagement.
Virtus Investment Partners reported preliminary assets under management (AUM) of $177.3 billion as of September 30, 2021, reflecting a decrease from $183.3 billion on June 30, 2021. The decline was attributed to market performance and net outflows from open-end funds, although it was partially offset by positive net flows in retail separate accounts, exchange-traded funds, and institutional accounts. Additionally, the firm managed $3.7 billion in other fee-earning assets not included in AUM.
Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08 per share, with key dates set for October 8, 2021 (Ex-Date), October 12, 2021 (Record Date), and October 19, 2021 (Payable Date). Due to its Managed Distribution Plan, the Fund may distribute amounts derived from net investment income and realized capital gains, along with a return of capital if net income falls short. For September 2021, the distribution sources included $0.020 from net investment income (25.1% of total distribution) and $0.060 as a return of capital (74.9%).
Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced a monthly distribution of $0.08 on October 19, 2021, with an ex-date of October 8, 2021 and record date of October 12, 2021. The Fund, adhering to its Managed Distribution Plan, aims to maintain consistent distribution levels, which may include returns of capital if net investment income is insufficient. Recent data indicates 54.9% of the September distribution is from return of capital, reflecting an ongoing trend of distributing more than income and capital gains. Current fiscal year-to-date distribution rate stands at 7.99%.
Virtus Investment Partners (NASDAQ: VRTS) has successfully completed its acquisition of Westchester Capital Management, which has over $5.0 billion in assets under management. This acquisition aims to diversify Virtus' investment offerings by integrating Westchester's unique, non-correlated event-driven strategies, focusing on mergers and acquisitions. Westchester, with a history of more than 30 years, will continue to be managed by its co-presidents, Roy Behren and Michael Shannon. The deal is anticipated to enhance Virtus' distribution capabilities and support Westchester's growth.
Virtus Investment Partners, Inc. (NASDAQ: VRTS) announced the completion of a $275 million senior secured term loan and a $175 million revolving credit facility refinancing. This new arrangement extends the debt maturity profile and provides improved terms, including a lower cost of capital.
The term loan matures in 2028 with interest at LIBOR plus 225 basis points, replacing an existing loan bearing a higher interest rate. Funds will be utilized to pay off an existing $194 million term loan and for general corporate needs.
On October 22, 2021, Duff & Phelps Utility and Infrastructure Fund (NYSE: DPG) will redeem all outstanding Floating Rate Mandatory Redeemable Preferred Shares, Series B. The redemption, funded by a $40 million loan from a commercial bank, aims to optimize leverage management. The redemption price is $25.00 per share plus any unpaid dividends. Following the redemption, the preferred shares will no longer be active, and rights associated with them will cease. The fund focuses on generating high current income through investments in utility and infrastructure sectors.
