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Thursday, July 7, 2022

A $42B-AUM Sibling Trio Combines

by: Neil Anderson, Managing Editor

A publicly traded, multi-boutique mutual fund firm is bringing three fixed income shops together to create a $42-billion-AUM boutique.

George Robert Aylward
Virtus Investment Partners, Inc.
President, CEO
Virtus Investment Partners, Inc. [profile] has merged Newfleet Asset Management, LLC, SEIX Investment Advisors LLC, and Stone Harbor Investment Partners, LLC, rebranding the combined entity as "Virtus Fixed Income Advisers, LLC (VFIA). Filings confirm that the three-way combination took effect last Friday, July 1.

All three boutiques were already Virtus subsidiaries. And according to the filings, each of the boutiques will continue to operate independently, as separate divisions of the new VFIA. And VFIA is taking over the three boutiques' various subadvisory agreements.

Hartford, Connecticut-based Virtus bought New York City-based Stone Harbor six months ago. What is now Stone Harbor began in the late 80s as part of Salomon Brothers and stayed on after the Citigroup merger. Stone Harbor officially launched in 2006 when spinning out of Citi. The firm had $14.978 billion in AUM, according to its April 22, 2022 form ADV.

Park Ridge, New Jersey-based SEIX joined Virtus in 2017 as part of the multi-boutique's purchase of RidgeWorth. Founded in 1992, SEIX had grown to $16.9 billion in AUM as of March 31, 2022.

Hartford-based Newfleet was founded in 1999. According to its March 31, 2022 form ADV, it had $10.141 billion in AUM. 

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