Virtus Investment Partners to Transfer Listing of Common Stock to New York Stock Exchange
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Insights
The transfer of Virtus Investment Partners' stock listing from NASDAQ to the NYSE is a strategic move that may have implications for the company's visibility and potentially its stock liquidity. The NYSE is often perceived as a more prestigious exchange due to its history and the profile of companies listed there. This transition could potentially enhance Virtus's exposure to a broader investor base, including more institutional investors, which might lead to increased demand for VRTS shares.
Moreover, the timing of the transfer coincides with the company's 15th anniversary as an independent public entity, which suggests a milestone moment that could be leveraged for marketing and brand strengthening purposes. For current and prospective shareholders, the move might be interpreted as a sign of the company’s growth and stability.
It is important to note that while the listing exchange is a factor, it does not directly affect a company's fundamentals. Investors should continue to monitor Virtus's performance indicators, such as assets under management, which stood at $165.5 billion as of the last report and the company's ability to innovate and offer competitive investment products in a diverse market.
Switching exchanges can sometimes be part of a larger corporate strategy to align with peers and competitors within an industry. For Virtus Investment Partners, joining the NYSE places it among many leading financial institutions, potentially enhancing its corporate image and prestige within the financial services sector.
The move to the NYSE may also be indicative of Virtus's operational strategy and future direction. The NYSE offers certain benefits, such as a unique market model with designated market makers, which can contribute to higher quality market-making and potentially more stable trading in VRTS shares. This could be particularly advantageous for Virtus's institutional clients and retail investors, offering them potentially more favorable trading conditions.
Additionally, the NYSE's global recognition and media presence might offer Virtus increased visibility, possibly impacting investor and public relations positively. This increased exposure can be crucial in attracting new investors and retaining existing ones, especially in the competitive asset management landscape.
Virtus anticipates that its common stock, which will retain the ticker symbol “VRTS,” will begin trading on the NYSE at market open on Wednesday, January 17. The company’s common stock will continue to trade on NASDAQ until the close of the market on Tuesday, January 16.
“We began 2024 by celebrating our 15th anniversary as an independent public company,” said George R. Aylward, president and chief executive officer of Virtus. “We are pleased to list on the NYSE, the world’s largest exchange and home to many of the nation’s leading financial institutions, as we continue to seek to provide long-term value for our shareholders.”
Virtus, which had
“We are thrilled to welcome Virtus Investment Partners to the New York Stock Exchange,” said John Tuttle, Vice Chair, NYSE Group. “As an NYSE-listed company, Virtus will join many of its peers and our community of iconic companies and leverage the membership value and visibility that our exchange uniquely provides.”
About Virtus Investment Partners, Inc.
Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment management products and services from our affiliated managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.
Forward-Looking Information
This press release contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” “plan,” “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions, and projections about our company, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, cash inflows and outflows, operating cash flows, our ability to expand distribution and product offerings, and future credit facilities, for all forward periods. All of our forward-looking statements are as of the date of this release only. The company can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240105444839/en/
Sean Rourke, Investor Relations
(860) 263-4709
sean.rourke@virtus.com
Joe Fazzino, Media Relations
(860) 263-4725
joe.fazzino@virtus.com
Source: Virtus Investment Partners
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