Virtus Investment Partners, Inc. - VRTS STOCK NEWS

Virtus Investment Partners (NASDAQ: VRTS) announced the appointment of W. Howard Morris, CFA, to its Board of Directors and Audit Committee. Morris, 62, brings over 20 years of investment management experience, having led The Prairie & Tireman Group and served as CEO of WILMOCO Capital Management. His previous roles include financial oversight in Michigan's public schools and a board member of Owens Corning. Morris holds an MBA from Wharton and is a licensed CPA. This addition is expected to strengthen Virtus's leadership and investment expertise.

The Board of Directors of DTF Tax-Free Income Inc. announced the results of the annual shareholder meeting held on February 26, 2021. A quorum was achieved with 78.1% of shares represented. Shareholders voted to elect two directors, Eileen A. Moran and Donald C. Burke. Additionally, proposals to amend the Fund's charter were approved, which include plans for corporate dissolution in 2028 unless conditions are met for a tender offer. The Fund aims for investments in tax-exempt obligations, with Virtus Investment Partners managing approximately $132.2 billion in assets.

Virtus Investment Partners (NASDAQ: VRTS) has appointed Timothy A. Holt as the new chairman of the Board of Directors, succeeding Mark C. Treanor, who will retire this spring. Holt, who has been a board member since 2009, previously chaired the Governance Committee and served on the Compensation Committee. Treanor praised Holt's extensive industry experience and leadership abilities. His tenure as chairman spanned 12 years, during which he significantly contributed to the company's governance and shareholder value. This leadership transition is part of a planned succession strategy.

Virtus Investment Partners (NASDAQ: VRTS) has declared a quarterly cash dividend of $0.82 per common share for Q1 2021. This dividend will be paid on May 14, 2021, to shareholders on record as of April 30, 2021. Future dividends will be subject to Board approval. The company operates as a multi-boutique asset management firm aimed at the long-term success of both individual and institutional investors, offering a diverse array of investment products.

The Board of Directors of Duff & Phelps Utility and Corporate Bond Trust (NYSE: DUC) announced successful shareholder voting results for a merger with DNP Select Income Fund (DNP) on February 22, 2021. More than 68% of outstanding shares voted in favor, with 18,699,870 shares cast for the merger and only 186,044 against. The merger is expected to be effective on March 8, 2021, with DNP as the surviving entity, allowing the combined fund to retain DNP's name and investment strategies. This merger aims to enhance investment opportunities for shareholders.

Newfleet Asset Management and Virtus ETF Solutions have launched the Virtus Newfleet ABS/MBS ETF (NYSE: VABS), marking the third ETF managed by Newfleet. This actively managed ETF aims to generate income through investments in short-duration, investment-grade asset-backed (ABS) and mortgage-backed securities (MBS). Leveraging Newfleet's extensive expertise and disciplined risk management, the ETF targets competitive yields in undervalued securitized credit markets. As of December 31, 2020, Newfleet managed $9.9 billion in fixed-income assets.

Virtus Investment Partners reported total assets under management (AUM) of $132.9 billion as of January 31, 2021. This reflects an increase from $132.2 billion on December 31, 2020. Key products contributing to AUM include open-end funds at $51.175 billion, retail separate accounts at $30.297 billion, and institutional accounts at $40.850 billion. Closed-end funds and exchange-traded funds reported $5.808 billion and $834 million, respectively. Virtus Investment Partners continues to provide diverse investment management solutions.

On February 2, 2021, Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08, with an ex-date of February 10 and payable date of February 19, 2021. Under its Managed Distribution Plan, distributions may be sourced from net investment income, realized capital gains, or from the Fund's assets, which could indicate a return of capital to shareholders. The Fund reported that approximately 84.6% of the January 2021 distribution was from return of capital, highlighting reliance on capital rather than income generation.

Virtus Investment Partners reported strong financial results for Q4 2020, with revenues of $171.6 million, a 17% increase year-over-year. Operating income grew by 35% to $50.9 million, and net income nearly doubled to $43.3 million, leading to a diluted EPS of $5.40, up 91%. Assets under management rose to $132.2 billion, a 21% increase from the previous year. The company also announced a strategic acquisition of Westchester Capital Management and completed a partnership with Allianz Global Investors, enhancing its investment offerings.