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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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On November 23, 2020, DTF Tax-Free Income authorized a cash tender offer for up to 17.5% of its outstanding shares. This action is part of a strategy to address the current trading discount of the Fund's market price relative to its net asset value. Additionally, the Board proposed converting the Fund from a perpetual existence to a 7-year term, pending shareholder approval. These moves are linked to a standstill agreement with significant shareholder Karpus Management. Further details on the tender offer will be announced later.
Virtus Investment Partners (NASDAQ: VRTS) has launched the Virtus SGA New Leaders Growth Fund, managed by Sustainable Growth Advisers (SGA). The fund targets high-quality mid-cap companies globally with the potential for sustainable growth. It will maintain a concentrated portfolio of approximately 25-35 companies, benchmarked to the MSCI ACWI Mid Cap Index. SGA's investment philosophy emphasizes quality, growth, and valuation, aiming for long-term capital appreciation. This fund marks the fourth collaboration with SGA, enhancing Virtus's diverse investment offerings.
Virtus Investment Partners reported preliminary assets under management (AUM) totaling $116.6 billion as of October 31, 2020, including $1.4 billion in liquidity assets. Long-term AUM reached $115.2 billion, reflecting growth across various fund types. Notable figures include $43.6 billion in open-end funds and $25.2 billion in retail separate accounts. Compared to September 30, 2020, total AUM increased marginally from $116.5 billion.
Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08, payable on November 19, 2020. The fund's Managed Distribution Plan aims to maintain consistent distribution levels, which may include returns from net investment income and realized capital gains. Shareholders are informed that distributions may include a return of capital if net income and gains are insufficient. For October 2020, 11.3% of the distribution came from net investment income, while 88.7% was a return of capital. The fund’s current fiscal year-to-date annualized distribution rate is 11.05%. VRTS is the ticker symbol for the parent company.
Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced a monthly distribution of $0.10, payable on November 19, 2020. The distribution, under its Managed Distribution Plan, aims to maintain consistent levels, potentially funded by net investment income and realized capital gains. Notably, the Fund has indicated that it has distributed more than its income and capital gains, implying a portion may be a return of capital. The estimated breakdown shows net investment income accounts for 46.1% of the current distribution, while return of capital constitutes 53.9%.
The Board of Directors of DTF Tax-Free Income announced the successful placement of $65 million in Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTPs).
The proceeds will be used for the early redemption of $65 million in Variable Rate MuniFund Term Preferred Shares (VMTPs) scheduled for January 31, 2021. The redemption will occur on November 12, 2020, at 100% of their liquidation preference along with accrued dividends.
The RVMTPs will provide leverage for the fund's common shareholders, paying variable rate dividends set weekly.
Virtus Investment Partners (NASDAQ: VRTS) reported Q3 2020 financial results with revenues of $154.8 million, a 6% increase year-over-year. Operating income rose 15% to $41.0 million, and net income attributable to common stockholders surged 35% to $29.6 million, translating to $3.71 per diluted share. Assets under management increased 12% to $115.0 billion, driven by market appreciation and net flows of $1.2 billion. The gross debt was reduced by 26% to $223.2 million, while a dividend of $0.82 per share was declared, marking a 22% increase from the previous quarter.
Virtus Investment Partners (NASDAQ: VRTS) will release its third-quarter 2020 financial results on October 23, 2020, prior to market open. A conference call for investors will take place at 10:00 a.m. Eastern, featuring CEO George R. Aylward and CFO Michael A. Angerthal. The call can be accessed via a webcast or by phone. A replay will be available until October 30, 2020. The firm is known for its multi-manager asset management strategy and offers a broad range of investment products through various affiliated managers.
Virtus Investment Partners reported preliminary assets under management (AUM) as of September 30, 2020, totaling $116.5 billion, including $1.5 billion in liquidity assets. Long-term AUM increased to $115.0 billion, driven by market appreciation and favorable net inflows in retail separate accounts, mutual funds, and ETFs, despite some outflows in other products. Notable figures include $43.4 billion in open-end funds and $5.6 billion in closed-end funds. The report reflects a robust investment performance during the quarter.
On October 5, 2020, Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced a monthly distribution of $0.10 per share. The ex-date is set for October 9, 2020, with a record date of October 13 and payable date of October 20. Under its Managed Distribution Plan, a portion of this distribution may come from return of capital, indicating that some of the money invested may be returned to shareholders. The fund estimates that 54.9% of the distribution will be a return of capital for September 2020.
