Welcome to our dedicated page for Virtus Investment Partners news (Ticker: VRTS), a resource for investors and traders seeking the latest updates and insights on Virtus Investment Partners stock.
Virtus Investment Partners, Inc. (Nasdaq: VRTS) is a premier investment management firm dedicated to providing high-quality investment products and services to both individuals and institutions. Known for its integrity, quality, and strength, the company operates on a multi-manager model that encompasses several affiliated managers, each with distinct investment styles and autonomous processes. This structure allows Virtus to offer a wide array of investment options, including open-end mutual funds, closed-end funds, exchange-traded funds (ETFs), and variable insurance funds.
The company's core business revolves around generating revenue through investment management fees, distribution and service fees, and administration and shareholder service fees. Headquartered in the United States, Virtus serves clients nationwide, building lasting partnerships and ensuring their success as investors. The firm places a strong emphasis on client responsibility and is committed to delivering exceptional value.
Recent Achievements and Current Projects:
- Virtus has expanded its suite of investment products to include more ESG (Environmental, Social, and Governance) focused funds, reflecting a growing investor demand for responsible and sustainable investing options.
- The firm has also undertaken significant digital transformation projects aimed at enhancing the client experience through cutting-edge technology and user-friendly platforms.
Financial Condition:
Virtus Investment Partners has shown robust financial performance, evidenced by consistent growth in assets under management (AUM) and a strong balance sheet. The company’s revenue streams are well-diversified, providing a stable financial foundation and resilience against market fluctuations.
Partnerships:
The company collaborates with a variety of financial institutions and advisory firms to broaden its reach and improve service offerings. These partnerships enable Virtus to deliver specialized investment solutions and maintain a competitive edge in the asset management industry.
Virtus Investment Partners continues to adapt to market trends and economic conditions, ensuring that they remain a trusted partner for investors seeking comprehensive investment strategies and superior portfolio management.
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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.
Virtus Investment Partners (NASDAQ: VRTS) announced its agreement to acquire Westchester Capital Management, a firm managing approximately $4.3 billion in assets, including $3.6 billion in The Merger Fund. The acquisition aims to enhance Virtus’ portfolio with non-correlated investment strategies focusing on mergers, acquisitions, and corporate reorganizations. Key personnel from Westchester will continue their roles post-acquisition, reinvesting a portion of the proceeds into their strategies. The transaction is expected to close in the second half of 2021, pending customary approvals.
Virtus Investment Partners (NASDAQ: VRTS) has completed its strategic partnership with Allianz Global Investors, gaining client approvals to manage $29.3 billion in assets and an additional $3.6 billion of fee-earning assets. Through this partnership, Virtus expands its offerings with 25 open-end mutual funds, 7 closed-end funds, and a variety of retail separate accounts in diverse investment strategies. NFJ Investment Group, now affiliated with Virtus, manages $8.2 billion in global value equity strategies, utilizing a disciplined value-oriented approach.
DNP Select Income Fund Inc. (DNP) provided answers to shareholder questions regarding its proposed merger with Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC) on January 29, 2021. Notably, shareholders are not required to vote on the merger. DNP aims to achieve long-term income growth through a diversified portfolio, particularly in public utilities. The fund is advised by Duff & Phelps Investment Management, a subsidiary of Virtus Investment Partners (VRTS), managing $116.5 billion in assets as of September 30, 2020.
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