VIRTUS INVESTMENT PARTNERS Business Summary

Virtus Investment Partners (VRTS) operates a multi-boutique asset management model, generating revenue primarily through tiered management fees derived from assets under management (AUM). The firm’s business is structured across four primary segments: Open-End Funds (including a high-growth ETF suite), Institutional Accounts, Retail Separate Accounts, and Closed-End Funds. As of January 31, 2026, Virtus reported a preliminary AUM of $158.4 billion, with total client assets of $160.2 billion distributed across equity, fixed income, multi-asset, and alternative strategies. The company competes directly with T. Rowe Price (TROW), Affiliated Managers Group (AMG), and Franklin Resources (BEN), positioning itself as a specialized provider that offers the distribution and operational scale of a major institution while maintaining the autonomous investment processes of its diverse boutique affiliates. The leadership team is anchored by President and CEO George R. Aylward, who has been with the firm since 1996 and was the primary architect of its 2008 spin-off from The Phoenix Companies. The executive suite includes EVP and CFO Michael A. Angerthal, who oversees financial risk and investor relations, and EVP and COO Richard W. Smirl, who leads product management and investment operations. Other key leaders include CHRO Liz Lieberman, CTO Jeff Illian, and Head of Distribution Barry M. Mandinach. The firm’s governance is overseen by a board chaired by Timothy A. Holt and includes seasoned directors such as Peter L. Bain and Susan S. Fleming. Major institutional investors, including Vanguard and PNC Financial Services, maintain significant stakes in the company, reflecting its established position in the global asset management landscape.