Virtus Investment Partners, Inc. (VRTS): Business Model Canvas

In der dynamischen Landschaft des Investmentmanagements entwickelt sich Virtus Investment Partners, Inc. (VRTS) zu einem strategischen Kraftpaket, das innovative Anlagelösungen und modernste Finanzexpertise miteinander verbindet. Durch die sorgfältige Entwicklung eines umfassenden Geschäftsmodells, das mehrere Kundensegmente abdeckt und eine fortschrittliche technologische Infrastruktur nutzt, hat sich VRTS als herausragender Akteur im wettbewerbsintensiven Finanzdienstleistungs-Ökosystem positioniert. Ihr einzigartiger Ansatz vereint aktives Management, personalisierte Strategien und robuste digitale Plattformen, um sowohl Privatanlegern als auch institutionellen Anlegern einen außergewöhnlichen Mehrwert zu bieten und ihr Geschäftsmodell zu einer faszinierenden Studie im modernen Investmentmanagement zu machen.

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Finanzberatern und Broker-Dealern

Virtus Investment Partners unterhält strategische Partnerschaften mit mehreren Finanzvertriebskanälen:

Partnertyp	Anzahl der Partnerschaften	Vertriebsreichweite
Unabhängige Broker-Händler	285	Landesweite Abdeckung
Registrierte Anlageberater (RIAs)	412	Bundesweites Netzwerk
Drahthäuser	6 große Firmen	Umfassender institutioneller Zugang

Zusammenarbeit mit Investment-Management-Firmen

Virtus arbeitet mit spezialisierten Investment-Management-Partnern zusammen:

• Kayne Anderson-Fonds
• Duff & Phelps Investment Management
• Silvant Capital Management
• Newfleet Asset Management

Partnerschaften mit Technologieanbietern für digitale Investitionsplattformen

Technologiepartner	Service bereitgestellt	Umsetzungsjahr
Envestnet	Digitale Investitionsinfrastruktur	2019
Morgenstern	Integration von Forschung und Analyse	2020
Schwarzer Diamant	Vermögensverwaltungsplattform	2018

Beziehungen zu Forschungs- und Analyseunternehmen

Virtus unterhält wichtige Forschungspartnerschaften:

• MSCI-Forschung
• Bloomberg Terminal Services
• FactSet-Forschungssysteme
• S&P Global Market Intelligence

Gesamtwert des Partnerschaftsökosystems: Ungefähr 82,4 Millionen US-Dollar an gemeinschaftlichen Investitionen ab 2023

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltung und Entwicklung von Anlagestrategien

Im vierten Quartal 2023 verwaltete Virtus Investment Partners ein verwaltetes Vermögen (AUM) von rund 94,4 Milliarden US-Dollar. Das Unternehmen entwickelt Anlagestrategien für mehrere Anlageklassen, darunter:

• Aktienstrategien
• Fixed-Income-Strategien
• Multi-Asset-Strategien
• Alternative Anlagestrategien

Strategietyp	AUM ($B)	Prozentsatz des gesamten AUM
Aktienstrategien	52.1	55.2%
Fixed-Income-Strategien	31.6	33.5%
Multi-Asset-Strategien	8.3	8.8%
Alternative Strategien	2.4	2.5%

Portfoliomanagement

Das Unternehmen verwaltet Portfolios übergreifend mehrere Anlageplattformen, einschließlich:

• Investmentfonds
• Separat verwaltete Konten
• Institutionelle Anlagelösungen
• Exchange Traded Funds (ETFs)

Marketing und Vertrieb von Anlageprodukten

Virtus Investment Partners vertreibt Anlageprodukte über:

• Institutionelle Vertriebskanäle
• Einzelhandels-Broker-Händler-Netzwerke
• Plattformen für Finanzberater
• Direktes institutionelles Marketing

Vertriebskanal	Prozentsatz des Vermögens
Institutionelle Anleger	42.3%
Einzelhandelsmakler-Händler	35.7%
Finanzberater	22.0%

Investment-Research und Performance-Analyse

Das Unternehmen beschäftigt 76 Investmentprofis widmet sich ab 2023 der Forschung und dem Portfoliomanagement. Zu den wichtigsten Forschungsschwerpunkten gehören:

• Quantitative Analyse
• Grundlagenforschung
• Risikoadjustierte Leistungsbewertung
• Identifizierung von Markttrends

Compliance und Risikomanagement

Zusammensetzung des Compliance-Teams und Kennzahlen zum Investitionsrisikomanagement:

Compliance-Metrik	Messung
Compliance-Mitarbeiter	24 Profis
Jährliche Compliance-Schulungsstunden	3.600 Stunden
Risikomanagementbudget	5,2 Millionen US-Dollar

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zum 31. Dezember 2023 hatte Virtus Investment Partners 272 Investmentprofis über verschiedene Anlageplattformen hinweg.

Teamzusammensetzung	Anzahl der Fachkräfte
Total Investment-Profis	272
Portfoliomanager	94
Forschungsanalysten	67

Vielfältiges Anlageproduktportfolio

Virtus verwaltet mehrere Anlagestrategien über verschiedene Anlageklassen hinweg.

• Investmentfonds: 56 verschiedene Fonds
• Exchange Traded Funds (ETFs): 12 Fonds
• Separate Kontostrategien: 38 Strategien

Eigene Investment-Research-Funktionen

Die Investment-Research-Infrastruktur umfasst:

Forschungsressource	Spezifikation
Forschungsplattformen	7 verschiedene Investitionsplattformen
Jährliche Forschungsinvestition	14,3 Millionen US-Dollar

Fortschrittliche technologische Infrastruktur

Kennzahlen für Technologieinvestitionen:

• Jährliches Technologiebudget: 22,6 Millionen US-Dollar
• Datenanalysesysteme: 5 Plattformen auf Unternehmensebene
• Investitionen in Cybersicherheit: 4,7 Millionen US-Dollar pro Jahr

Starker Markenruf

Marken- und finanzielle Leistungsindikatoren:

Metrisch	Wert
Verwaltetes Vermögen (AUM)	79,4 Milliarden US-Dollar (4. Quartal 2023)
Jahre im Geschäft	62 Jahre
Morningstar-Bewertungen	29 Fonds mit 4-5-Sterne-Bewertungen

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Wertversprechen

Umfassendes Angebot an Anlagelösungen

Im vierten Quartal 2023 verwaltet Virtus Investment Partners ein verwaltetes Vermögen (AUM) in Höhe von 86,7 Milliarden US-Dollar.

Anlagekategorie	Gesamtes verwaltetes Vermögen ($B)	Prozentsatz
Investmentfonds	42.3	48.8%
Institutionelle Strategien	33.5	38.6%
ETF-Strategien	10.9	12.6%

Aktives Management über mehrere Anlageklassen hinweg

Virtus bietet Anlagestrategien für verschiedene Anlageklassen:

• Globales Eigenkapital
• Festverzinsliche Wertpapiere
• Alternative Investitionen
• Multi-Asset-Strategien

Personalisierte Anlagestrategien

Aufschlüsselung der Anlagestrategie nach Kundentyp im Jahr 2023:

Kundensegment	AUM ($B)	Anpassungsebene
Privatanleger	38.2	Mäßig
Institutionelle Kunden	33.5	Hoch
Finanzberater	15.0	Mittel

Nachgewiesene Erfolgsbilanz der Anlageperformance

Leistungskennzahlen für 2023:

• Durchschnittliche Fondsperformance: 12,4 %
• Übertraf den Benchmark-Index: 68 % der Fonds
• Morningstar-Bewertung: 4,2/5

Innovative Anlageprodukte

Produktinnovations-Highlights im Jahr 2023:

Produkttyp	Anzahl neuer Produkte	Gesamtes verwaltetes Vermögen ($B)
ESG-fokussierte Fonds	7	5.6
Thematische ETFs	4	2.3
Alternative Strategiefonds	3	3.8

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Kundenbeziehungen

Engagierte Unterstützung durch Anlageberater

Im vierten Quartal 2023 beschäftigt Virtus Investment Partners 236 institutionelle Anlageexperten, die Kundenbeziehungen unterstützen. Durchschnittliche Größe des Kundenportfolios: 47,3 Millionen US-Dollar.

Beraterkategorie	Anzahl der Fachkräfte	Durchschnittliche Kundenabdeckung
Leitende Anlageberater	87	15-20 Kunden pro Berater
Institutionelle Vertriebsmitarbeiter	149	25-30 institutionelle Kunden

Personalisierte Kundenkommunikation

Virtus Investment Partners bietet maßgeschneiderte Kommunikationskanäle über mehrere Plattformen hinweg.

• Direkte vierteljährliche Leistungsbeurteilungstreffen
• Persönliche Beratung zur Anlagestrategie
• Maßgeschneidertes Investment-Reporting

Regelmäßige Leistungsberichte

Aufschlüsselung der Häufigkeit der Leistungsberichterstattung für 2023:

Häufigkeit der Berichterstattung	Prozentsatz der Kunden
Monatliche Berichterstattung	42%
Vierteljährliche Berichterstattung	38%
Halbjährliche Berichterstattung	20%

Digitale Plattform für die Kontoverwaltung

Statistiken zu digitalen Plattformen für 2023:

• Gesamtzahl der Nutzer der digitalen Plattform: 18.742
• Engagement in mobilen Apps: 67 % der Nutzer digitaler Plattformen
• Durchschnittliche monatliche Anmeldungen bei digitalen Plattformen: 3,4 pro Benutzer

Kontinuierliche Investitionsaufklärung und Einblicke

Im Jahr 2023 bereitgestellte Ressourcen für die Investitionsbildung:

Bildungsressource	Gesamtressourcen	Durchschnittliche monatliche Aufrufe
Webinare	48	3,200
Forschungsberichte	126	5,600
Markteinblicke	212	7,800

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Kanäle

Finanzberaternetzwerke

Im vierten Quartal 2023 unterhält Virtus Investment Partners ein Netzwerk von rund 2.500 unabhängigen Finanzberatern, die seine Anlageprodukte vertreiben.

Netzwerkmetrik	Wert
Total Financial Advisor-Partnerschaften	2,500
Durchschnittliches betreutes Vermögen pro Partner	42,3 Millionen US-Dollar
Geografische Abdeckung des Netzwerks	50 US-Bundesstaaten

Direktvertriebsteam

Virtus Investment Partners beschäftigt seit Dezember 2023 ein engagiertes Direktvertriebsteam von 87 institutionellen und Einzelhandelsvertriebsexperten.

• Insgesamt 87 Vertriebsmitarbeiter
• 58 institutionelle Vertriebsprofis
• 29 Einzelhandelsverkaufsprofis

Online-Investitionsplattformen

Das Unternehmen vertreibt Anlageprodukte über 12 große Online-Investmentplattformen, wobei das digitale Transaktionsvolumen im Jahr 2023 3,2 Milliarden US-Dollar erreichen wird.

Online-Plattform-Metrik	Wert
Gesamtzahl der Online-Plattformen	12
Digitales Transaktionsvolumen	3,2 Milliarden US-Dollar
Einnahmen aus digitalen Plattformen	124,6 Millionen US-Dollar

Institutionelle Vertriebsmitarbeiter

Virtus beschäftigt 58 engagierte institutionelle Vertriebsmitarbeiter, die sich an Pensionsfonds, Stiftungen und institutionelle Anleger richten.

• 58 institutionelle Vertriebsprofis
• Zielmärkte: Pensionskassen, Stiftungen, Stiftungen
• Durchschnittliche Portfoliogröße institutioneller Kunden: 87,5 Millionen US-Dollar

Digitale Marketing- und Kommunikationskanäle

Im Jahr 2023 nutzte Virtus Investment Partners sieben primäre digitale Marketingkanäle mit einem Gesamtbudget für digitales Marketing von 4,3 Millionen US-Dollar.

Digitaler Kanal	Engagement-Metrik
LinkedIn	42.500 Follower
Twitter	18.200 Follower
Budget für digitales Marketing	4,3 Millionen US-Dollar
Gesamtzahl der digitalen Kanäle	7

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Kundensegmente

Privatanleger

Im vierten Quartal 2023 bedient Virtus Investment Partners rund 250.000 Privatanleger mit seiner vielfältigen Investmentfonds- und ETF-Produktpalette.

Anlegersegment	Gesamtvermögen	Durchschnittliche Kontogröße
Privatanleger	45,2 Milliarden US-Dollar	$180,000

Institutionelle Anleger

Der institutionelle Kundenstamm umfasst Pensionsfonds, Stiftungen und Unternehmensinvestitionsportfolios.

Institutionelles Segment	Anzahl der Kunden	Verwaltete Vermögenswerte
Pensionskassen	87	22,6 Milliarden US-Dollar
Stiftungen	43	8,3 Milliarden US-Dollar
Unternehmensportfolios	62	15,4 Milliarden US-Dollar

Finanzberater

Virtus unterstützt rund 50.000 Finanzberater über unabhängige und Wirehouse-Kanäle.

• Unabhängige Broker-Dealer: 28.000 Berater
• Wirehouse-Kanäle: 22.000 Berater

Vermögende Privatpersonen

Gezieltes High-Net-Worth-Segment mit spezialisierten Anlagestrategien.

Vermögensstufe	Kundenanzahl	Durchschnittlicher Portfoliowert
1 Mio. $ – 5 Mio. $	12,500	2,3 Millionen US-Dollar
5 bis 10 Millionen US-Dollar	4,200	6,7 Millionen US-Dollar
10 Mio. USD+	1,800	15,4 Millionen US-Dollar

Sponsoren von Altersvorsorgeplänen

Wir bedienen die Altersvorsorgemärkte für Unternehmen und den öffentlichen Sektor.

• Gesamtzahl der Kunden mit Altersvorsorgeplänen: 1.250
• Gesamtes Altersvorsorgevermögen: 18,7 Milliarden US-Dollar
• Durchschnittliche Plangröße: 15 Millionen US-Dollar

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Ab dem Geschäftsjahr 2022 meldete Virtus Investment Partners einen Gesamtaufwand für Vergütungen und Leistungen an Arbeitnehmer in Höhe von 159,7 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen)
Gehälter	$112.3
Leistungsprämien	$31.5
Aktienbasierte Vergütung	$15.9

Wartung von Technologie und Infrastruktur

Die Kosten für Technologieinfrastruktur und Wartung für Virtus Investment Partners beliefen sich im Jahr 2022 auf insgesamt 24,6 Millionen US-Dollar.

• Wartung der IT-Systeme: 12,4 Millionen US-Dollar
• Cloud-Computing-Dienste: 6,2 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 5,8 Millionen US-Dollar
• Softwarelizenzierung: 3,2 Millionen US-Dollar

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten des Unternehmens beliefen sich im Jahr 2022 auf 18,3 Millionen US-Dollar.

Marketingkanal	Ausgaben (in Millionen)
Digitales Marketing	$7.5
Sponsoring von Konferenzen und Veranstaltungen	$4.8
Ausgaben des Vertriebsteams	$6.0

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für Virtus Investment Partners im Jahr 2022 auf 9,7 Millionen US-Dollar.

• Rechtsberatung: 4,2 Millionen US-Dollar
• Compliance-Software: 2,5 Millionen US-Dollar
• Prüfung und Berichterstattung: 3,0 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die Forschungs- und Entwicklungsinvestitionen des Unternehmens beliefen sich im Jahr 2022 auf 16,5 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition (in Millionen)
Entwicklung der Anlagestrategie	$8.3
Technologieinnovation	$5.7
Datenanalyse	$2.5

Virtus Investment Partners, Inc. (VRTS) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageprodukten

Im vierten Quartal 2023 meldete Virtus Investment Partners Gesamtverwaltungsgebühren in Höhe von 199,4 Millionen US-Dollar für das Quartal.

Gebührenkategorie	Betrag (4. Quartal 2023)
Verwaltungsgebühren für Investmentfonds	132,6 Millionen US-Dollar
Gebühren für institutionelle Einzelkonten	47,8 Millionen US-Dollar
ETF-Verwaltungsgebühren	19,0 Millionen US-Dollar

Leistungsabhängige Gebühren

Die Performancegebühren für 2023 beliefen sich auf insgesamt 12,3 Millionen US-Dollar, was 5,8 % der gesamten Erträge aus der Anlageverwaltung entspricht.

Vertriebs- und Servicegebühren

Virtus Investment Partners generiert 45,2 Millionen US-Dollar an Vertriebs- und Servicegebühren im Jahr 2023.

• Gebühren für Investmentfonds 12b-1: 31,5 Millionen US-Dollar
• Gebühren der Untertransferagentur: 13,7 Millionen US-Dollar

Einnahmen aus Beratungsdienstleistungen

Die Einnahmen aus Beratungsdienstleistungen beliefen sich im Jahr 2023 auf 23,6 Millionen US-Dollar.

Beratungsdiensttyp	Umsatzbetrag
Institutionelle Beratungsdienste	16,4 Millionen US-Dollar
Einzelhandelsberatungsdienste	7,2 Millionen US-Dollar

Einnahmen aus Vermögensverwaltungsgebühren

Gesamtes verwaltetes Vermögen (AUM) zum 31. Dezember 2023: 89,4 Milliarden US-Dollar.

Anlageklasse	AUM	Durchschnittlicher Gebührensatz
Aktienstrategien	42,6 Milliarden US-Dollar	0.75%
Fixed-Income-Strategien	35,2 Milliarden US-Dollar	0.40%
Alternative Strategien	11,6 Milliarden US-Dollar	1.25%

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors choose Virtus Investment Partners, Inc. (VRTS), and it really boils down to choice and consistent capital return. The firm's structure is built around providing access to specialized investment boutiques, meaning you get a diverse, multi-style approach rather than a single house view. As of October 31, 2025, total client assets stood at $168.0 billion, comprised of $166.2 billion in Assets Under Management (AUM) and $1.8 billion in other fee-earning assets.

The value proposition here is the breadth of expertise available through this partnership model. You aren't just buying one strategy; you're accessing many distinct investment processes.

• Partnership of boutique investment managers.
• Distinct investment style and autonomous process.
• Select subadvisers integrated into the offering.
• Focus on long-term success for investors.

Also, Virtus Investment Partners, Inc. (VRTS) is actively expanding its reach into less correlated areas, specifically private markets. This is evident in the December 5, 2025 announcement regarding the agreement to acquire a majority interest in Keystone National Group. Keystone specializes in asset-backed private credit, offering a differentiated approach compared to standard direct lending. As of October 31, 2025, Keystone managed $2.5 billion in assets, including a flagship tender offer fund, Keystone Private Income Fund (KPIF), with $2.0 billion in assets. The transaction value is $200 million at closing, with potential for up to an additional $170 million in deferred payments, which is expected to be accretive to earnings in 2026. This move gives clients access to asset-backed lending strategies.

The firm offers a broad product choice, covering all major asset classes, which helps you build a complete portfolio foundation. For instance, as of October 31, 2025, the AUM was distributed across these main categories:

Asset Class	AUM as of October 31, 2025 (in millions)
Equity	$89,213
Fixed Income	$39,649
Multi-Asset	$22,056
Alternatives	$15,286

This diversification is also seen in product structure. For example, assets in Exchange-Traded Funds (ETFs) hit $3.4 billion as of Q1 2025, marking a 73% organic growth rate over the preceding year. You can access these strategies through Open-End Funds, Closed-End Funds, Retail Separate Accounts, and more.

Finally, a key proposition for shareholders is the commitment to strong shareholder returns, demonstrated by consistent dividend increases. Virtus Investment Partners, Inc. (VRTS) increased its quarterly common stock cash dividend by 7% to $2.40 per share for Q3 2025, up from the previous $2.25 per share. This $2.40 per share dividend was declared in August 2025, with a payment date of November 14, 2025. The annual dividend equates to $9.60 per share, and one report suggests a payout ratio of 46.99% for the trailing twelve months. This defintely signals confidence in free cash flow generation.

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Customer Relationships

You're looking at how Virtus Investment Partners, Inc. (VRTS) structures its connections with clients-it's all about the multi-manager, multi-channel approach. This model relies heavily on direct access for big players while empowering the intermediaries who bring in the retail and high-net-worth assets.

Dedicated institutional sales and service: Direct relationships with large clients

The institutional segment represents a significant portion of the total assets Virtus Investment Partners manages. As of September 30, 2025, Institutional Accounts stood at $55.9 billion of the total Assets Under Management (AUM) of $169.3 billion. This direct relationship channel involves tailored separate and commingled accounts for large entities. However, this segment faced headwinds; Q3 2025 saw net outflows of $3.9 billion across all products, with institutional accounts being a contributing factor, though Q1 2025 showed institutional net outflows of $1.2 billion which was an improvement from the prior quarter. Management noted known institutional wins in areas like emerging market debt and global/domestic REIT strategies, which are key to stabilizing this relationship base going forward.

Here's a quick look at how the major client segments stacked up at the end of the third quarter of 2025:

Client Segment	AUM as of September 30, 2025 (in billions USD)	AUM as of October 31, 2025 (in billions USD)
Institutional Accounts	$55.9	$55.356
Retail Separate Accounts	$46.8	$45.175
Open-End Funds (Retail/Global/ETF)	$55.7	$54.779
Closed-End Funds	$10.9	$10.894

Intermediary support: Tools and resources for financial professionals

The relationship with financial professionals-advisors, broker-dealers, and consultants-is critical, as they drive significant asset flows through retail separate accounts and open-end funds. Retail Separate Accounts accounted for $46.8 billion in AUM as of September 30, 2025. Virtus Investment Partners supports this channel by expanding resources for its $8.5 billion wealth management business, as noted in early 2025. The firm provides specific support for product placement, such as completing structural steps to facilitate an increase in fixed income offerings within retail separate accounts. The support structure is designed to give these professionals access to specialized expertise from the boutique managers.

Key support elements for the intermediary channel include:

• Providing investment products and services from distinct investment managers.
• Offering solutions across multiple disciplines and product types.
• Supporting the distribution, marketing, and client service capabilities of acquired partners.

Digital engagement: Online market insights and investor resources

Digital engagement centers on making the boutique managers' insights accessible and driving flows through modern, scalable products like ETFs. Exchange-Traded Funds (ETFs) have been a bright spot; they saw positive net flows in Q3 2025, with record quarterly sales of $0.9 billion. The firm continues to prioritize new ETF capabilities and expanding their availability through intermediaries, indicating a focus on digital and accessible product wrappers. The company directs investors and professionals to virtus.com for resources, including market insight and portfolio perspectives from their specialist managers.

Long-term partnership model: Retaining boutique manager autonomy and culture

The core of the Virtus Investment Partners model is its partnership structure, which is reinforced through acquisitions that explicitly preserve the acquired firm's identity. For instance, in the announced acquisition of Keystone National Group, Keystone will maintain autonomy over its investment process, brand and culture. This is a direct mechanism for customer relationship stability, as clients are buying into the manager's style, not just the parent company. Keystone, which managed $2.5 billion as of October 31, 2025, is being acquired for an initial consideration of $200 million, with up to an additional $170 million contingent on future performance. Furthermore, Keystone's management team will retain a 44% ownership position post-closing, with options for Virtus to increase ownership to approximately 75% over years 3 through 6, aligning long-term incentives. This structure helps ensure the boutique managers remain focused on client outcomes and sustainable performance.

Finance: draft 13-week cash view by Friday.

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Channels

You're looking at how Virtus Investment Partners, Inc. gets its products in front of clients, which is a mix of direct relationships and broad distribution partnerships as of late 2025.

The firm's total assets under management (AUM) stood at $169.3 billion as of September 30, 2025, with average AUM for the quarter at $170.3 billion.

The distribution channels are segmented across several key product types, which are detailed below:

• Institutional direct sales: For pension funds and corporate accounts
• Retail separate account sponsors: Managed account platforms
• Fund distribution networks: Open-end and closed-end fund sales
• Exchange-Traded Funds (ETFs): A high-growth channel, reaching $4.7 billion in Q3 2025

Here's the quick math on the AUM split by product type as of the end of Q3 2025, September 30, 2025:

Channel/Product Type	AUM as of September 30, 2025 (in millions)	AUM as of October 31, 2025 (in millions)
Institutional Accounts	$55,936	$55,356
Retail Separate Accounts	$46,798	$45,175
Open-End Funds (excluding ETFs)	(See Note Below)	$54,779
Closed-End Funds	$10,867	$10,894
Exchange-Traded Funds (ETFs)	$4,700 (Q3 2025 figure)	(Included in Open-End Funds)

The total AUM for Open-End Funds was $55.724 billion on September 30, 2025. The ETF component, a key growth area, saw its assets under management grow by $1.0 billion sequentially in Q3 2025 and increased 79% over the prior year.

For the third quarter of 2025, Virtus Investment Partners reported total net outflows across all products of $3.9 billion. Still, the firm reported revenue of $216.4 million for Q3 2025, which surpassed expectations.

You should note the near-term trend, as total AUM declined to $166.204 billion by October 31, 2025. This October decline reflected net outflows in U.S. retail funds, retail separate accounts, and institutional accounts, which were partially offset by positive net flows in exchange-traded funds.

The primary ways Virtus Investment Partners accesses clients include:

• Direct sales efforts targeting large pools of capital like pension funds, represented by Institutional Accounts AUM of $55.936 billion at quarter-end September 30, 2025.
• Distribution through managed account platforms, which account for Retail Separate Accounts AUM of $46.798 billion as of September 30, 2025.
• Selling open-end mutual funds and closed-end funds through established fund distribution networks.
• Aggressively growing the ETF channel, which added $900 million in positive flows during Q3 2025.

Finance: draft 13-week cash view by Friday.

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Customer Segments

You're looking at how Virtus Investment Partners, Inc. (VRTS) divides its client base for its investment management products and services. This segmentation is key to understanding where their $166.2 billion in Assets Under Management (AUM) as of October 31, 2025, actually resides.

The customer segments are clearly defined by the type of account structure and the distribution channel used to access Virtus Investment Partners' boutique managers.

Institutional investors:

• Institutional Accounts represented $55,356 million of AUM as of October 31, 2025.
• This segment includes U.S. and international corporations, government entities, endowments, foundations, and multi-employer pension plans.

Retail separate account clients:

• Retail Separate Accounts held $45,175 million in AUM at the end of October 2025.
• These are high-net-worth individuals, typically accessing strategies through managed account sponsors or independent broker-dealer firms and RIAs (Registered Investment Advisors).

Individual investors:

This group primarily purchases the firm's pooled investment vehicles. As of October 31, 2025, the combined AUM in these retail products was substantial:

Here's the quick math on the retail pooled products:

Product Type	AUM (in millions USD) as of October 31, 2025
Open-End Funds (includes U.S. retail funds and ETFs)	$54,779
Closed-End Funds	$10,894

The Open-End Funds category, at $54,779 million, includes U.S. retail funds, global funds, and exchange-traded funds (ETFs). ETF assets specifically grew 29% to $4.7 billion in Q3 2025.

Wealth channel clients:

Virtus Investment Partners is actively targeting this channel, particularly with specialized, less liquid strategies. The recent acquisition of Keystone National Group solidifies this focus.

• Keystone National Group manages $2.5 billion in assets as of October 2025.
• Keystone's flagship $2.0 billion Keystone Private Income Fund (KPIF) is available in the RIA market, which serves the wealth management channel.
• The firm also manages two private REITs comprising $0.5 billion across private real estate debt and equity.

What this estimate hides: The Alternatives asset class, which includes real estate securities, was $14,373 million as of April 30, 2025, indicating other private market exposure beyond the newly acquired Keystone platform.

Finance: draft a pro-forma AUM allocation incorporating Keystone's $2.5 billion by Friday.

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Virtus Investment Partners, Inc. (VRTS) incurs to run its business, which is heavily weighted toward compensating the investment talent that generates the management fees. Honestly, in this business, people costs are the biggest lever, both up and down.

The cost structure is dominated by compensation, which is variable based on performance and AUM growth. For the three months ended September 30, 2025, Employment expenses, as adjusted, were reported at $98.7 million. This reflects the significant variable incentive compensation component tied to investment performance and asset flows. To give you a sense of the full-year scale, total Employment expenses for the full year 2024 were $432,587 thousand, or approximately $432.6 million.

Payments to subadvisers and partners fall under the broader umbrella of fees and operating costs. While direct subadviser pass-throughs are often netted against revenues, the distribution component is a clear outflow. For the full year 2024, Distribution and service fees totaled $54,692 thousand, or about $54.7 million.

General operating expenses cover the necessary infrastructure to support the investment teams and distribution network. For the third quarter of 2025, Other operating expenses, as adjusted, were $31.1 million. This category includes technology, compliance overhead, and general administrative costs. Looking at the full-year 2024 GAAP figures, Other operating expenses alone were $127,526 thousand ($127.5 million), with an additional $6,987 thousand ($7.0 million) in Other operating expenses of consolidated investment products (CIP).

Strategic initiative expenses are discrete costs tied to growth activities, like acquisitions or significant integration efforts. For the quarter ending September 30, 2025, the company recorded $1.0 million in discrete business initiative expenses within its adjusted operating expenses. For the entire 2024 fiscal year, the reported Restructuring expense was $1,487 thousand, or $1.5 million. These costs are lumpy, so you have to watch the quarter-to-quarter changes closely.

Here's a quick look at the key operating expense components for the most recent reported quarter and the prior full year:

Expense Category (Basis)	Period Ending September 30, 2025 (As Adjusted, $ Millions)	Year Ended December 31, 2024 (GAAP, $ Millions)
Employment Expenses	$98.7	$432.6 (Total Employment Expenses)
Other Operating Expenses (Excl. CIP)	$31.1	$127.5
Distribution and Service Fees	N/A (Quarterly data not isolated)	$54.7
Discrete/Strategic Initiative Expenses	$1.0 (Discrete Business Initiative Expenses)	$1.5 (Restructuring Expense)
Total Reported Operating Expenses (GAAP)	N/A (As Adjusted Total: $169.3)	$724.5 (Total Operating Expenses)

The relationship between revenue generation and these costs is crucial. You can see the variable nature of compensation clearly when comparing periods. For instance, Employment expenses, as adjusted, were $104.3 million in Q4 2024, but dropped to $98.7 million in Q3 2025, showing a direct link to the profit cycle.

You should track these specific cost drivers:

• Variable Compensation: Directly tied to investment performance and AUM changes.
• Subadviser/Partner Payments: Embedded in fee structures, impacting net revenue margins.
• Technology Spend: Essential for compliance reporting and trading infrastructure.
• Integration Costs: Spikes occur following acquisitions, like the $1.0 million noted in Q3 2025.

The company's total operating expenses on a GAAP basis for the three months ended September 30, 2025, were $169.3 million. That's the total cost base you're working with before adjusting for non-cash or one-time items.

Virtus Investment Partners, Inc. (VRTS) - Canvas Business Model: Revenue Streams

You're looking at how Virtus Investment Partners, Inc. actually brings in the money, which is key for understanding its valuation, so let's cut right to the numbers from late 2025.

The primary engine for Virtus Investment Partners, Inc. revenue is the Investment management fees, which are directly tied to the assets under management (AUM) they oversee. For the third quarter of 2025, the reported total GAAP revenue hit $216.4 million, showing sequential growth driven by higher average AUM, even with market pressures. Honestly, that total revenue figure is the headline, but the adjusted revenue, which strips out things like seed capital and CLO investment impacts to show core operating results, was $196.7 million for the same period.

Here's a quick look at the key revenue drivers and related activity from Q3 2025:

Revenue Stream Component	Q3 2025 Financial Metric	Associated Activity/Context
Total GAAP Revenue	$216.4 million	Primary measure for the quarter
Adjusted Revenue (Fee Revenue Proxy)	$196.7 million	Reflects core fee revenues, up 3% sequentially
CLO Structured Product Activity	$0.4 billion	Issuance amount for a new Collateralized Loan Obligation (CLO) in Q3 2025
Total Assets Under Management (AUM)	$169.3 billion	AUM at September 30, 2025

Beyond the core management fees, Virtus Investment Partners, Inc. captures revenue from other specialized areas. You'll want to track these, as they can be lumpy but show the breadth of their service offering. The firm generates Performance fees from specific alternative and institutional strategies, though the exact dollar amount for Q3 2025 isn't explicitly separated from the main fee line in the top-line GAAP revenue number.

Also in the mix are fees for keeping the funds running smoothly:

• Administrative and distribution service fees: These fees saw a decline of 7.7% for the quarter.
• Collateralized Loan Obligation (CLO) fees: Revenue derived from structured products like the $0.4 billion CLO issued in the quarter, which is part of the institutional sales activity.

If you're modeling out the next quarter, keep an eye on average AUM, because that's what directly moves the needle on the investment management fees. Finance: draft 13-week cash view by Friday.