Virtus Investment Partners, Inc. (VRTS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la gestión de inversiones, Virtus Investment Partners, Inc. (VRTS) surge como una potencia estratégica, entrelazando soluciones innovadoras de inversión y experiencia financiera de vanguardia. Al crear meticulosamente un modelo de negocio integral que abarca múltiples segmentos de clientes y aprovecha la infraestructura tecnológica avanzada, VRTS se ha posicionado como un jugador formidable en el ecosistema competitivo de servicios financieros. Su enfoque único combina la gestión activa, las estrategias personalizadas y las plataformas digitales robustas para ofrecer un valor excepcional a los inversores minoristas e institucionales por igual, lo que hace que su modelo de negocio sea un estudio fascinante en la gestión de inversiones modernas.

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con asesores financieros y corredores de bolsa

Virtus Investment Partners mantiene asociaciones estratégicas con múltiples canales de distribución financiera:

Tipo de socio	Número de asociaciones	Alcance de distribución
Corredores de bolsa independientes	285	Cobertura nacional
Asesores de inversiones registrados (RIA)	412	Red nacional
Casas de alambre	6 empresas principales	Acceso institucional integral

Colaboración con empresas de gestión de inversiones

Virtus colabora con socios especializados de gestión de inversiones:

• Kayne Anderson fondos
• Sin valor & Gestión de inversiones de Phelps
• Gestión de capital silvante
• Gestión de activos de Newfleet

Asociaciones con proveedores de tecnología para plataformas de inversión digital

Socio tecnológico	Servicio proporcionado	Año de implementación
Envidia	Infraestructura de inversión digital	2019
Estrella de la mañana	Integración de investigación e análisis	2020
Diamante negro	Plataforma de gestión de patrimonio	2018

Relaciones con empresas de investigación y análisis

Virtus mantiene asociaciones críticas de investigación:

• Investigación de MSCI
• Servicios terminales de Bloomberg
• Sistemas de investigación de datos
• S&P Global Market Intelligence

Valor del ecosistema de asociación total: aproximadamente $ 82.4 millones en inversiones colaborativas a partir de 2023

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocio: actividades clave

Desarrollo de la estrategia de gestión de activos y de inversión

A partir del cuarto trimestre de 2023, Virtus Investment Partners logró aproximadamente $ 94.4 mil millones en activos bajo administración (AUM). La compañía desarrolla estrategias de inversión en múltiples clases de activos que incluyen:

• Estrategias de capital
• Estrategias de renta fija
• Estrategias de activos múltiples
• Estrategias de inversión alternativas

Tipo de estrategia	Aum ($ b)	Porcentaje de AUM total
Estrategias de capital	52.1	55.2%
Estrategias de renta fija	31.6	33.5%
Estrategias de activos múltiples	8.3	8.8%
Estrategias alternativas	2.4	2.5%

Gestión de cartera

La compañía administra carteras en todo Múltiples plataformas de inversión, incluido:

• Fondos mutuos
• Cuentas administradas por separado
• Soluciones de inversión institucional
• Fondos cotizados en intercambio (ETF)

Marketing y distribución de productos de inversión

Virtus Investment Partners distribuye productos de inversión a través de:

• Canales de ventas institucionales
• Redes de corredor de bolsa minorista
• Plataformas de asesores financieros
• Marketing institucional directo

Canal de distribución	Porcentaje de activos
Inversores institucionales	42.3%
Corredores de bolsa minoristas	35.7%
Asesores financieros	22.0%

Investigación de inversiones y análisis de desempeño

La empresa emplea 76 profesionales de inversión dedicado a la investigación y la gestión de la cartera a partir de 2023. Las áreas de enfoque de investigación clave incluyen:

• Análisis cuantitativo
• Investigación fundamental
• Evaluación del rendimiento ajustada al riesgo
• Identificación de tendencias de mercado

Cumplimiento y gestión de riesgos

Composición del equipo de cumplimiento y métricas de gestión de riesgos de inversión:

Métrico de cumplimiento	Medición
Personal de cumplimiento	24 profesionales
Horas de capacitación anual de cumplimiento	3,600 horas
Presupuesto de gestión de riesgos	$ 5.2 millones

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

Al 31 de diciembre de 2023, Virtus Investment Partners había 272 profesionales de inversión en varias plataformas de inversión.

Composición del equipo	Número de profesionales
Profesionales de inversión totales	272
Gerentes de cartera	94
Analistas de investigación	67

Cartera de productos de inversión diversos

Virtus administra múltiples estrategias de inversión en diferentes clases de activos.

• Fondos mutuos: 56 fondos distintos
• Fondos cotizados en bolsa (ETF): 12 fondos
• Estrategias de cuenta separadas: 38 estrategias

Capacidades de investigación de inversiones propietarias

La infraestructura de investigación de inversiones incluye:

Recurso de investigación	Especificación
Plataformas de investigación	7 plataformas de inversión distintas
Inversión de investigación anual	$ 14.3 millones

Infraestructura tecnológica avanzada

Métricas de inversión tecnológica:

• Presupuesto de tecnología anual: $ 22.6 millones
• Sistemas de análisis de datos: 5 plataformas de nivel empresarial
• Inversión de ciberseguridad: $ 4.7 millones anuales

Reputación de marca fuerte

Indicadores de desempeño de marca y financiero:

Métrico	Valor
Activos bajo gestión (AUM)	$ 79.4 mil millones (cuarto trimestre de 2023)
Años en los negocios	62 años
Calificaciones de Morningstar	29 fondos con 4-5 calificaciones de estrellas

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocio: propuestas de valor

Gama integral de soluciones de inversión

A partir del cuarto trimestre de 2023, Virtus Investment Partners administra $ 86.7 mil millones en activos bajo administración (AUM).

Categoría de inversión	Total AUM ($ B)	Porcentaje
Fondos mutuos	42.3	48.8%
Estrategias institucionales	33.5	38.6%
Estrategias de ETF	10.9	12.6%

Gestión activa en múltiples clases de activos

Virtus ofrece estrategias de inversión en diversas clases de activos:

• Capital global
• Ingreso fijo
• Inversiones alternativas
• Estrategias de activos múltiples

Estrategias de inversión personalizadas

Desglose de la estrategia de inversión por tipo de cliente en 2023:

Segmento de clientes	Aum ($ b)	Nivel de personalización
Inversores minoristas	38.2	Moderado
Clientes institucionales	33.5	Alto
Asesores financieros	15.0	Medio

Truito comprobado de rendimiento de inversión

Métricas de rendimiento para 2023:

• Rendimiento promedio del fondo: 12.4%
• Índice de referencia superado: 68% de los fondos
• Calificación de Morningstar: 4.2/5

Productos de inversión innovadores

Lo más destacado de la innovación de productos en 2023:

Tipo de producto	Número de nuevos productos	Total AUM ($ B)
Fondos centrados en ESG	7	5.6
ETF temáticos	4	2.3
Fondos de estrategia alternativa	3	3.8

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: relaciones con los clientes

Soporte de asesor de inversiones dedicada

A partir del cuarto trimestre de 2023, Virtus Investment Partners mantiene 236 profesionales de inversión institucional que apoyan las relaciones con los clientes. Tamaño promedio de la cartera del cliente: $ 47.3 millones.

Categoría de asesor	Número de profesionales	Cobertura promedio del cliente
Asesores de inversiones senior	87	15-20 clientes por asesor
Representantes de ventas institucionales	149	25-30 clientes institucionales

Comunicación personalizada del cliente

Virtus Investment Partners proporciona Canales de comunicación personalizados a través de múltiples plataformas.

• Reuniones directas de revisión de rendimiento trimestral
• Consultas de estrategia de inversión personalizada
• Informes de inversión a medida

Informes de rendimiento regulares

Desglose de frecuencia de informes de rendimiento para 2023:

Frecuencia de informes	Porcentaje de clientes
Informes mensuales	42%
Informes trimestrales	38%
Informes semestuales	20%

Plataforma digital para la gestión de cuentas

Estadísticas de plataforma digital para 2023:

• Usuarios totales de la plataforma digital: 18,742
• Participación de la aplicación móvil: 67% de los usuarios de plataforma digital
• Inicio de sesión de plataforma digital mensual promedio: 3.4 por usuario

Educación e información continua de inversión

Recursos de educación de inversión proporcionados en 2023:

Recurso educativo	Recursos totales	Vistas mensuales promedio
Seminarios web	48	3,200
Informes de investigación	126	5,600
Ideas del mercado	212	7,800

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: canales

Redes de asesores financieros

A partir del cuarto trimestre de 2023, Virtus Investment Partners mantiene una red de aproximadamente 2.500 asesores financieros independientes que distribuyen sus productos de inversión.

Métrico de red	Valor
Asociaciones de asesores financieros totales	2,500
Activos promedio bajo asesoramiento por socio	$ 42.3 millones
Cobertura geográfica de red	50 estados de EE. UU.

Equipo de ventas directas

Virtus Investment Partners emplea un equipo de ventas directo dedicado de 87 profesionales de ventas institucionales y minoristas a diciembre de 2023.

• 87 representantes de ventas totales
• 58 profesionales de ventas institucionales
• 29 profesionales de ventas minoristas

Plataformas de inversión en línea

La compañía distribuye productos de inversión a través de 12 plataformas principales de inversión en línea, con volúmenes de transacciones digitales que alcanzan $ 3.2 mil millones en 2023.

Métrica de plataforma en línea	Valor
Plataformas en línea totales	12
Volumen de transacción digital	$ 3.2 mil millones
Ingresos de la plataforma digital	$ 124.6 millones

Representantes de ventas institucionales

Virtus mantiene 58 representantes de ventas institucionales dedicados dirigidos a fondos de pensiones, dotaciones e inversores institucionales.

• 58 profesionales de ventas institucionales
• Mercados objetivo: fondos de pensiones, dotaciones, bases
• Tamaño promedio de la cartera de clientes institucionales: $ 87.5 millones

Canales de marketing digital y comunicación

En 2023, Virtus Investment Partners utilizó 7 canales de marketing digital primarios con un presupuesto total de marketing digital de $ 4.3 millones.

Canal digital	Métrico de compromiso
LinkedIn	42,500 seguidores
Gorjeo	18,200 seguidores
Presupuesto de marketing digital	$ 4.3 millones
Canales digitales totales	7

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: segmentos de clientes

Inversores minoristas

A partir del cuarto trimestre de 2023, Virtus Investment Partners atiende a aproximadamente 250,000 inversores minoristas a través de su línea diversa de productos de fondos mutuos y productos ETF.

Segmento de inversores	Activos totales	Tamaño promedio de la cuenta
Inversores minoristas	$ 45.2 mil millones	$180,000

Inversores institucionales

La base de clientes institucionales comprende fondos de pensiones, dotaciones y carteras de inversión corporativa.

Segmento institucional	Número de clientes	Activos administrados
Fondos de pensiones	87	$ 22.6 mil millones
Dotación	43	$ 8.3 mil millones
Carteras corporativas	62	$ 15.4 mil millones

Asesores financieros

Virtus admite aproximadamente 50,000 asesores financieros en canales independientes y de cable.

• Broker-Dealers independientes: 28,000 asesores
• Canales de Wirehouse: 22,000 asesores

Individuos de alto nivel de red

Segmento de alto patrimonio de alto nivel con estrategias de inversión especializadas.

Nivel de riqueza	Recuento de clientes	Valor de cartera promedio
$ 1M - $ 5M	12,500	$ 2.3 millones
$ 5M - $ 10M	4,200	$ 6.7 millones
$ 10M+	1,800	$ 15.4 millones

Patrocinadores del plan de jubilación

Sirviendo a los mercados del plan de jubilación del sector público y corporativo.

• Plan de jubilación Total Clientes: 1.250
• Activos de jubilación total: $ 18.7 mil millones
• Tamaño promedio del plan: $ 15 millones

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del año fiscal 2022, Virtus Investment Partners reportó una compensación total y gastos de beneficios de los empleados de $ 159.7 millones.

Categoría de gastos	Cantidad (en millones)
Salarios	$112.3
Bonos de rendimiento	$31.5
Compensación basada en acciones	$15.9

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura y mantenimiento de tecnología para Virtus Investment Partners en 2022 totalizaron $ 24.6 millones.

• Mantenimiento de sistemas de TI: $ 12.4 millones
• Servicios de computación en la nube: $ 6.2 millones
• Infraestructura de ciberseguridad: $ 5,8 millones
• Licencias de software: $ 3.2 millones

Gastos de marketing y distribución

Los costos de marketing y distribución para la empresa fueron de $ 18.3 millones en 2022.

Canal de marketing	Gasto (en millones)
Marketing digital	$7.5
Patrocinios de conferencia y eventos	$4.8
Gastos del equipo de ventas	$6.0

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Virtus Investment Partners en 2022 ascendieron a $ 9.7 millones.

• Consultoría legal: $ 4.2 millones
• Software de cumplimiento: $ 2.5 millones
• Auditoría e informes: $ 3.0 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para la compañía fueron de $ 16.5 millones en 2022.

Área de enfoque de I + D	Inversión (en millones)
Desarrollo de la estrategia de inversión	$8.3
Innovación tecnológica	$5.7
Análisis de datos	$2.5

Virtus Investment Partners, Inc. (VRTS) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de productos de inversión

A partir del cuarto trimestre de 2023, Virtus Investment Partners reportó tarifas de administración total de $ 199.4 millones para el trimestre.

Categoría de tarifa	Cantidad (cuarto trimestre 2023)
Tarifas de gestión de fondos mutuos	$ 132.6 millones
Tarifas de cuenta separadas institucionales	$ 47.8 millones
Tarifas de gestión del ETF	$ 19.0 millones

Tarifas basadas en el desempeño

Las tarifas de rendimiento para 2023 totalizaron $ 12.3 millones, lo que representa el 5.8% de los ingresos totales de la gestión de inversiones.

Tarifas de distribución y servicio

Virtus Investment Partners generó $ 45.2 millones en tarifas de distribución y servicio en 2023.

• Tarifas de Fondo Mutual 12B-1: $ 31.5 millones
• Tarifas de la agencia de subtransferencia: $ 13.7 millones

Ingresos del servicio de asesoramiento

Los ingresos por servicios de asesoramiento para el año 2023 alcanzaron los $ 23.6 millones.

Tipo de servicio de asesoramiento	Monto de ingresos
Servicios de asesoramiento institucional	$ 16.4 millones
Servicios de asesoramiento minorista	$ 7.2 millones

Ingresos de tarifas de gestión de activos

Activos totales bajo administración (AUM) al 31 de diciembre de 2023: $ 89.4 mil millones.

Clase de activo	Aum	Tasa de tarifas promedio
Estrategias de capital	$ 42.6 mil millones	0.75%
Estrategias de renta fija	$ 35.2 mil millones	0.40%
Estrategias alternativas	$ 11.6 mil millones	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.