Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Virtus Makes a Move Towards the Emerald Isle Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 10, 2013

Virtus Makes a Move Towards the Emerald Isle

Reported by Ben Geier

Virtus is buying a piece of a familiar company — one that subadvises a Virtus mutual fund.

The Hartford, Connecticutt-based asset manager is buying a 24 percent stake in Kleinwoth Benston Investors (Dublin).

KBID subadvises the Virtus Emerging Markets Equity Income Fund.

The deal was made so KBID could “develop business interests in the US Market,” according to a company news release, which can be read below.


Company Press Release

Virtus Investment Partners and Kleinwort Benson Investors Announce Strategic Partnership for U.S. Market



Dublin, Ireland and Hartford, Connecticut, January 10, 2013 – Kleinwort Benson Investors (Dublin) (“KBID”), which provides specialized equity strategies primarily to institutional investors, and Virtus Investment Partners, Inc. (NASDAQ: VRTS) (“Virtus”), which operates a U.S.-based multi-manager asset management business, today announced an agreement to enter into a partnership to develop business interests in the US retail marketplace.

The strong commitment of both parties to this agreement is demonstrated by Virtus acquiring a 24 percent interest in Kleinwort Benson Investors International, Ltd. (KBII), a 100%-owned subsidiary of KBID. KBII is a U.S. registered investment adviser that subadvises the Virtus Emerging Markets Equity Income Fund, an open end mutual fund that Virtus launched in September1.

Sean Hawkshaw, chief executive officer of Kleinwort Benson Investors, said that Virtus’ multi- boutique model and its powerful distribution position in the U.S. retail market were important considerations in establishing the alliance.

“Providing specialist equity strategies to institutional investors has been the core of our U.S. business until now and our commitment on this front will continue. When we considered further growth opportunities for KBII, we looked to partner with a company that has a proven track record in retail distribution, which Virtus has clearly demonstrated.”

George R. Aylward, president and chief executive officer of Virtus, said the agreement was consistent with the Virtus strategy of bringing distinctive product from boutique investment managers to the retail marketplace.

“Kleinwort Benson Investors is a distinguished firm with a global client base. Its institutional-quality investment processes specializing in income-oriented equities and resource strategies are very attractive. This agreement expands on the relationship when we first partnered with KBII to offer our new Emerging Markets Equity Income Fund, and provides for a strong alignment of interests in pursuing multiple growth opportunities,” Aylward said.

Financial terms of the agreement were not disclosed. The acquisition is expected to be completed early in 2013, subject to customary closing conditions and regulatory approval.
 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use