Welcome to our dedicated page for Virtus Investmen news (Ticker: VRTS), a resource for investors and traders seeking the latest updates and insights on Virtus Investmen stock.
Virtus Investment Partners, Inc. (NYSE: VRTS) operates a multi-manager asset management business and regularly issues news and updates related to its investment platform, affiliated managers, and funds. This news page aggregates company announcements, fund notices, and regulatory disclosures that are relevant to investors following VRTS.
Virtus frequently reports on its preliminary assets under management and other fee-earning assets, broken down by product type and asset class. These updates describe trends across open-end funds, closed-end funds, retail separate accounts, institutional accounts, and exchange-traded funds, as well as allocations to equity, fixed income, multi-asset, and alternatives strategies.
News items also cover developments at affiliated and advised closed-end funds, including Duff & Phelps Utility and Infrastructure Fund Inc., DNP Select Income Fund Inc., DTF Tax-Free Income 2028 Term Fund Inc., Virtus Total Return Fund Inc., Virtus Equity & Convertible Income Fund, Virtus Artificial Intelligence & Technology Opportunities Fund, and Virtus Diversified Income & Convertible Fund. These releases often include information on managed distribution plans, special year-end distributions, regular dividends, and Section 19(a) notices that explain the estimated sources of distributions among net investment income, realized capital gains, and return of capital.
Corporate announcements from Virtus may highlight strategic transactions, such as the acquisition of a minority interest in Crescent Cove Advisors, LP, which adds a private markets capability focused on lending to high-growth technology companies. Other disclosures include material definitive agreements, such as the Equity Purchase Agreement to acquire a majority interest in Keystone National Group, LLC, and credit agreements that provide term loans and revolving credit facilities.
By reviewing the news associated with VRTS, investors can monitor updates on assets under management, fund distribution policies, strategic investments in alternative and private markets, and financial and regulatory developments affecting Virtus’ multi-manager asset management platform.
Virtus Global Multi-Sector Income Fund (NYSE: VGI) has announced the removal of its managed distribution plan, effective December 2021. The fund will continue to pay $0.08 per share in monthly distributions. This decision follows the elimination of an option overlay strategy that was part of the fund's investment approach since 2015, potentially lowering fund expenses. Future distributions will depend on net investment income and capital gains, with a supplemental distribution announcement planned for January 3, 2022.
Virtus Investment Partners reported preliminary assets under management (AUM) of $187.4 billion as of October 31, 2021. This figure includes $5.1 billion from the recent acquisition of Westchester Capital Management. The company also managed $3.8 billion in additional fee-earning assets. Key figures by product type include $79.9 billion in open-end funds and $43.3 billion in retail separate accounts, reflecting a growth from $177.3 billion in AUM in September 2021.
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.