olivLaw · US equity research
Virtus Investment Partners, Inc. VRTS
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Virtus Investment Partners manages investments for institutions and individuals through a multi-manager model spanning mutual funds, separate accounts, and wealth management. The firm had a difficult 2025, ending the year with assets under management of 159.5 billion USD, and in the second quarter of 2026 revenue fell to 201.4 million USD as net outflows continued.
At the close of 04 Nov 2026, Virtus Investment Partners, Inc. (VRTS) stock was 128.89 USD (+7.02% on the day), with market capitalisation 853.6 m USD, P/E 7.4 on diluted EPS of 17.32 USD over the last 12 months, dividend yield 7.45%, beta 1.11, 52-week range 117.74–175.63 USD. Latest reported quarter (Q2 2026): revenue of 201.4 m USD (−4.4% YoY), net income of 44.6 m USD (+4.4% YoY), diluted EPS 6.68 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.4
- neutral
- Bollinger (20, 2)
- 114.61 – 131.94
- in the upper half of the band · %B 0.82 · band width 14.1%
- SMA 50 / 200
- 134.99 / 144.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.20 / -4.50
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −1.1% | −3.1 pp | — |
| 3 months | −20.3% | −0.5% | −19.9 pp | — |
| 6 months | −10.1% | +4.4% | −14.5 pp | — |
| Year to date | −21.0% | +12.3% | −33.3 pp | — |
| 1 year | −19.4% | +13.5% | −32.9 pp | −2.5% |
| 3 years | −35.9% | +76.4% | −112.3 pp | +24.7% |
| 5 years | −60.8% | +63.7% | −124.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 227.0 m | 233.5 m | 217.9 m | 210.5 m | 216.4 m | 208.0 m | 199.5 m | 201.4 m |
| Operating income | 55.3 m | 50.7 m | 36.6 m | 45.2 m | 47.1 m | 39.8 m | 15.4 m | 27.3 m |
| Depreciation & amortisation | 16.3 m ≈ | 16.2 m | 16.1 m | 15.8 m ≈ | 16.2 m ≈ | 15.5 m | 17.7 m | 22.5 m ≈ |
| Pre-tax income | 64.9 m | 58.5 m | 40.4 m | 55.1 m | 44.4 m | 47.3 m | 13.3 m | 53.0 m |
| Income tax | 15.8 m | 19.0 m | 12.4 m | 12.4 m | 13.1 m | 13.4 m | 7.2 m | 8.4 m |
| Net income | 49.1 m | 39.5 m | 28.1 m | 42.7 m | 31.3 m | 33.9 m | 6.2 m | 44.6 m |
| Diluted EPS | 5.71 | 5.53 ≈ | 4.05 | 6.12 | 4.65 | 4.94 ≈ | 1.05 | 6.68 |
| Operating cash flow | 69.1 m ≈ | -102.8 m | -3.8 m | 75.8 m ≈ | 108.3 m ≈ | -247.4 m | 35.9 m | 57.4 m ≈ |
| Capex | 407.0 k ≈ | 1.9 m | 3.0 m | 1.6 m ≈ | 1.4 m ≈ | 944.0 k | 2.4 m | 1.3 m ≈ |
| Dividends paid | 13.7 m ≈ | 15.9 m | 17.1 m | 15.8 m ≈ | 15.4 m ≈ | 16.3 m | 17.9 m | 16.3 m ≈ |
| Share repurchases | 14.9 m ≈ | 12.5 m | 20.0 m | 30.0 m ≈ | 0 ≈ | 10.0 m | 10.0 m | 10.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 39-quarter history (min 8.0, median 12.5, max 29.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 552.2 m | 563.2 m | 603.9 m | 979.2 m | 886.4 m | 845.3 m | 906.9 m | 852.9 m |
| Revenue YoY | +29.8% | +2.0% | +7.2% | +62.2% | −9.5% | −4.6% | +7.3% | −6.0% |
| Net income | 75.5 m | 95.6 m | 80.0 m | 208.1 m | 106.6 m | 141.5 m | 152.5 m | 136.0 m |
| Net income YoY | +104.1% | +26.6% | −16.4% | +160.3% | −48.8% | +32.7% | +7.8% | −10.8% |
| Diluted EPS | 8.86 | 11.74 | 10.02 | 26.01 | 15.50 | 17.71 | 16.89 | 19.97 |
| Diluted EPS YoY | +123.7% | +32.5% | −14.7% | +159.6% | −40.4% | +14.3% | −4.6% | +18.2% |
| net % | 13.7% | 17.0% | 13.2% | 21.3% | 12.0% | 16.7% | 16.8% | 15.9% |
| Free cash flow | -74.3 m | -44.3 m | -227.1 m | 659.9 m | 126.1 m | 228.3 m | -3.8 m | -74.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 478.2 m USD
- Financial debt
- 390.0 m USD
- Net debt
- -88.2 m USD
- Equity
- 934.8 m USD
- Total assets
- 4.3 bn USD
- Debt / equity
- 0.42x
- Current ratio
- unavailable
- ROE
- 14.8%
- ROA
- 3.3%
- FCF margin
- -8.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 603.9 m | 979.2 m | 886.4 m | 845.3 m | 906.9 m | 852.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 143.2 m | 325.5 m | 197.5 m | 151.5 m | 182.5 m | 168.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 38.9 m | 50.8 m | 68.6 m | 70.0 m | 69.0 m | 63.6 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 182.0 m ≈ | 376.3 m ≈ | 266.0 m ≈ | 221.5 m ≈ | 251.5 m ≈ | 232.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 163.9 m | 353.7 m | 163.9 m | 186.6 m | 207.9 m | 187.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 43.9 m | 90.8 m | 57.3 m | 45.1 m | 55.4 m | 51.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 80.0 m | 208.1 m | 106.6 m | 141.5 m | 152.5 m | 136.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 10.02 | 26.01 | 15.50 | 17.71 | 16.89 | 19.97 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 8.0 m | 8.0 m | 7.6 m | 7.4 m | 7.2 m | 6.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 2.98 | 4.64 | 6.30 | 7.10 | 8.30 | 9.30 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 339.8 m | 586.1 m | 589.2 m | 341.0 m | 400.3 m | 478.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 14.5 m | 12.5 m | 19.1 m | 26.2 m | 22.7 m | 21.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 290.4 m | 338.4 m | 348.8 m | 397.1 m | 397.1 m | 397.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 280.3 m | 500.6 m | 442.5 m | 432.1 m | 378.2 m | 327.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.5 bn | 3.9 bn | 4.0 bn | 3.7 bn | 4.0 bn | 4.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 201.2 m | 266.3 m | 255.0 m | 253.4 m | 232.1 m | 390.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 2.6 bn | 3.0 bn | 3.0 bn | 2.7 bn | 3.0 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 720.9 m | 836.6 m | 822.9 m | 868.3 m | 901.6 m | 934.8 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -226.1 m | 665.7 m | 132.7 m | 237.2 m | 1.8 m | -67.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 1.0 m | 5.8 m | 6.6 m | 8.8 m | 5.6 m | 6.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -227.1 m ≈ | 659.9 m ≈ | 126.1 m ≈ | 228.3 m ≈ | -3.8 m ≈ | -74.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 8.7 m | -175.0 m | -27.5 m | -129.7 m | -17.0 m | -47.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 235.3 m | -244.4 m | -102.1 m | -356.1 m | 74.9 m | 191.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 22.8 m | 31.4 m | 47.3 m | 52.0 m | 58.1 m | 64.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 32.5 m | 57.5 m | 90.0 m | 45.0 m | 44.9 m | 60.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 853.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation64
- Returns100
- Quality33
- Balance sheet71
- Growth29
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 122.21 – 524.90 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA262.89 – 398.97 (Mid 337.34)7 companies used · median multiple 11.7x · quartiles 9.3x – 13.8xABX, APAM, BEN, GCMG, LAZ, MORN, VCTR
- Peers: P/E348.40 – 524.90 (Mid 394.07)27 companies used · median multiple 22.8x · quartiles 20.1x – 30.3xAAMI, ABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RPC, TROW, VALU, VCTR, WHG
- Dividend discount (DDM)122.21 – 164.35 (Mid 140.18)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 45 (vs peers) | 12% |
| Net margin · Quality | 14.0% | 46 (vs peers) | 7% |
| FCF conversion · Quality | -44.8% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -1.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 8.8% | 59 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.7x | 71 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.4x | 94 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.9x | 86 (vs peers) | 12% |
| FCF yield · Valuation | -6.1% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 11.3% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial71/100 · 1/3 factors with a value
- Growth29/100 · 2/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation64/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 852.9 m USD in 2025; YoY growth -6.0%; net margin 14.0%; ROE 12.6%; net debt/EBITDA 0.7x.
The estimated value range is 262.89–398.97 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 337.34 USD, the price of 128.89 USD leaves a potential of 161.7% (value / price − 1) and a margin of safety of 61.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.7x
- P/E (TTM): 7.4x
- EV/EBITDA: 4.9x
- Shareholder yield (distributions): 11.3%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -44.8%
- Revenue CAGR 3Y: -1.3%
- FCF yield: -6.1%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Current ratio, Payout ratio (FCF).
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −36% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
1- and 3-year price returns: for VRTS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 72.56 Total return -38% · Per year -38% | 128.65 Total return 7% · Per year 7% | 194.31 Total return 60% · Per year 60% |
| 3 years | 62.48 Total return -36% · Per year -14% | 125.39 Total return 19% · Per year 6% | 209.05 Total return 90% · Per year 24% |
| 5 years | 53.80 Total return -34% · Per year -8% | 122.21 Total return 31% · Per year 6% | 224.90 Total return 123% · Per year 17% |
- Exit P/E± 31.35
- Net margin± 21.94
- Annual revenue growth± 19.07
- Annual dilution± 1.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Virtus Investment Partners manages investments for institutions and individuals through a multi-manager model spanning mutual funds, separate accounts, and wealth management. The firm had a difficult 2025, ending the year with assets under management of 159.5 billion USD, and in the second quarter of 2026 revenue fell to 201.4 million USD as net outflows continued.
SWOT
Strengths
- Diversification across multiple managers, styles and asset classes reduces dependence on any single type of strategy.
- Presence across varied distribution channels, from intermediaries to wealth management and institutions, gives broad client access.
- Recent acquisitions, such as the majority interest in Keystone, broaden the strategy range, particularly in private credit.
Weaknesses
- Revenue depends almost entirely on assets under management, so withdrawals quickly reduce profitability.
- Relative performance of many equity strategies has been weak against benchmarks.
- Debt has increased after acquisitions, and credit agreements include covenants that limit flexibility.
Opportunities
- Growth in ETF and wealth management flows could offset outflows from other products.
- Expansion in private credit through new partnerships or acquisitions could attract institutional capital.
- A recovery in equity markets could lift asset values and fee revenue.
Threats
- Continued outflows from quality-oriented equity strategies could steadily shrink the asset base.
- Competitive pressure may force fee cuts or higher payments to intermediaries.
- Client withdrawals triggered by changes of control or weak performance could quickly hit revenue.
Risks
- Dependence on assets under managementhigh
Lower assets directly reduce fees while fixed costs stay the same, compressing margins.
- Persistent net outflowshigh
Withdrawals continued through 2025 and into 2026, and if the trend persists the revenue base could keep shrinking.
- Debt and credit covenantsmedium
Higher debt and covenants limiting capital returns to shareholders could restrict financial flexibility.
- Terminable or renegotiable contractsmedium
Clients can end agreements on short notice, and a change in control can require re-approval from fund boards.
- Acquisition riskslow
Integrating new managers and undisclosed liabilities could affect results and create unexpected costs.
Investment thesis
What would need to be true (bull case)
- If equity markets and ETF and wealth management flows keep improving, revenue could gradually recover toward earlier levels.
- The majority acquisition of Keystone could open access to private credit, a category with strong institutional demand.
- The multi-manager structure offers diversification that could cushion the effect of weak strategies on the whole company.
What would break the thesis
- Net outflows from equity strategies could continue, further reducing assets and fee revenue.
- Fee pressure and competition from passive products could limit the company's ability to protect margins.
- Higher net debt after acquisitions and credit covenants could restrict shareholder returns and investment.
What to watch
- Trend in net outflows and assets under managementQ3 2026
- Completion and integration of the Keystone acquisition2026
- Trend in adjusted operating marginQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Virtus offers investment strategies through affiliated investment managers, each with its own style, process and brand, and through a few unaffiliated managers for certain funds. Products include open-end and closed-end funds, ETFs, retail separate accounts sold through intermediaries, wealth management services, and institutional accounts including subadvisory and collateral management for structured products. Earnings come mainly from asset-based fees, and the company also runs a broker-dealer that distributes its funds.
Open-end funds form a large part of the asset base, with institutional and retail separate accounts making up most of the rest. Investment management fees fell in 2025 compared with 2024, and in 2026 the company expanded its private credit exposure by acquiring a majority interest in Keystone National Group.
Virtus operates as a multi-manager platform that supports its managers with distribution, operations and business services. This structure offers diversification across styles and asset classes, but it depends on each manager's ability to attract and keep capital.
Segments
Open-end and closed-end funds
At year-end 2025 open-end funds held 52.8 billion USD and closed-end funds held 10.6 billion USD, distributed largely through mutual fund and ETF channels. Average fees on open-end funds declined in 2025 as the mix shifted toward lower-fee strategies.
Retail separate accounts and wealth management
Retail separate accounts, including intermediary-sold and wealth management accounts, held 43.1 billion USD at year-end 2025. The segment saw significant net outflows in 2025, while wealth management flows turned positive in the second quarter of 2026.
Institutional accounts
Institutional clients include corporations, pension funds, foundations, endowments and sovereign wealth funds, and institutional accounts held 53.0 billion USD at year-end 2025. The segment had large net outflows in 2025, though outflows narrowed in the second quarter of 2026 compared with the prior quarter.
Market context
Virtus's activity depends directly on capital market levels, since revenue is tied to assets under management. Equity markets rose in 2025, yet the company still reported lower assets under management, showing that market gains did not fully offset client withdrawals.
The fund industry is highly competitive, and fee pressure along with investor preference for passive products and ETFs could continue to affect market share. For Virtus, product mix and relative performance remain the decisive factors.
Trends
- Persistent net outflowsheadwind
Through 2025 and the first half of 2026 the company recorded continued net outflows, concentrated in quality-oriented equity strategies. If this trend persists, fee revenue could remain under pressure.
- Market recoverytailwind
Rising equity markets in 2025 and a positive market performance contribution in the second quarter of 2026 can support asset values even while flows remain negative.
- Growth in wealth management and ETFstailwind
Positive flows into ETFs and wealth management in the second quarter of 2026 suggest diversification of revenue sources, which could offset weakness elsewhere.
- Fee compressionheadwind
A declining average fee rate and competition from low-cost products limit revenue growth per unit of assets under management, a trend that could persist.
Competitive position
Competition comes from a broad range of financial institutions, including other investment managers, as well as proprietary products of banks, broker-dealers and financial planning firms. Competitors are often larger, have greater resources and can offer less expensive products.
Virtus relies on intermediaries for distribution, which means it does not control the recommendations those intermediaries give clients, and they may favor competing products. Competition is based on performance, fees, access to distribution channels and service quality.
- Other asset management firms
Competitors are generally larger and offer a broad range of financial products with stronger distribution resources.
- Passive and ETF product providers
These providers attract investors who prefer low-cost products, a segment where Virtus has limited presence.
- Banks and brokers with proprietary products
These distributors can promote their own products, which reduces Virtus's access to sales channels.
- Financial planning firms
Independent advisers influence product choice and can move assets toward other managers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Virtus Investment Partners (VRTS) Reports Broad Outflows. Can Growing Products Offset the Erosion?Yahoo Finance — News · 17 Sept 2026 · EN
SEC filings
- Current report20 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote · Financial statements and exhibits
- Current report (amendment)14 May 2026Financial statements and exhibits
- Quarterly report08 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Current report17 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Current report02 Mar 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Virtus Investment Partners, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Virtus Investment Partners, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Virtus Investment Partners, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.