Virtus Investment Partners, Inc. (VRTS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la gestion des investissements, Virtus Investment Partners, Inc. (VRTS) apparaît comme une puissance stratégique, tissant des solutions d'investissement innovantes et une expertise financière de pointe. En fabriquant méticuleusement un modèle commercial complet qui s'affiche de plusieurs segments de clients et exploite une infrastructure technologique avancée, VRTS s'est positionné comme un acteur formidable dans l'écosystème des services financiers compétitifs. Leur approche unique mélange la gestion active, les stratégies personnalisées et les plateformes numériques robustes pour offrir une valeur exceptionnelle aux investisseurs de vente au détail et institutionnels, faisant de leur modèle d'entreprise une étude fascinante dans la gestion des investissements modernes.

Virtus Investment Partners, Inc. (VRTS) - Modèle commercial: partenariats clés

Alliances stratégiques avec des conseillers financiers et des courtiers

Virtus Investment Partners entretient des partenariats stratégiques avec plusieurs canaux de distribution financière:

Type de partenaire	Nombre de partenariats	Réalisation de la distribution
Courtiers indépendants	285	Couverture nationale
Conseillers en investissement enregistrés (RIAS)	412	Réseau national
Filon	6 grandes entreprises	Accès institutionnel complet

Collaboration avec les sociétés de gestion des investissements

Virtus collabore avec des partenaires de gestion des investissements spécialisés:

• Fonds Kayne Anderson
• Mince & Gestion des investissements de Phelps
• Gestion du capital Silvant
• Newfleet Asset Management

Partenariats avec les fournisseurs de technologies pour les plateformes d'investissement numérique

Partenaire technologique	Service fourni	Année de mise en œuvre
Envestnet	Infrastructure d'investissement numérique	2019
Morningstar	Intégration de la recherche et de l'analyse	2020
Diamant noir	Plate-forme de gestion de patrimoine	2018

Relations avec les sociétés de recherche et d'analyse

Virtus maintient des partenariats de recherche critiques:

• Recherche MSCI
• Services de terminal Bloomberg
• Systèmes de recherche de faits
• S&P Global Market Intelligence

Valeur totale de l'écosystème du partenariat: environ 82,4 millions de dollars en investissements collaboratifs à partir de 2023

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: activités clés

Gestion des actifs et développement de stratégie d'investissement

Au quatrième trimestre 2023, Virtus Investment Partners a géré environ 94,4 milliards de dollars d'actifs sous gestion (AUM). La société élabore des stratégies d'investissement dans plusieurs classes d'actifs, notamment:

• Stratégies d'actions
• Stratégies à revenu fixe
• Stratégies multi-actifs
• Stratégies d'investissement alternatives

Type de stratégie	Aum ($ b)	Pourcentage de l'AUM total
Stratégies d'actions	52.1	55.2%
Stratégies à revenu fixe	31.6	33.5%
Stratégies multi-actifs	8.3	8.8%
Stratégies alternatives	2.4	2.5%

Gestion du portefeuille

La société gère les portefeuilles à travers plusieurs plateformes d'investissement, y compris:

• Fonds communs de placement
• Comptes gérés séparément
• Solutions d'investissement institutionnelles
• Fonds négociés en bourse (ETF)

Marketing et distribution de produits d'investissement

Virtus Investment Partners distribue des produits d'investissement à travers:

• Canaux de vente institutionnels
• Réseaux de courtiers de détail
• Plateformes de conseillers financiers
• Marketing institutionnel direct

Canal de distribution	Pourcentage d'actifs
Investisseurs institutionnels	42.3%
Courtiers de détail	35.7%
Conseillers financiers	22.0%

Recherche d'investissement et analyse des performances

L'entreprise emploie 76 professionnels de l'investissement Dédié à la recherche et à la gestion du portefeuille en 2023. Les principaux domaines de la recherche de recherche comprennent:

• Analyse quantitative
• Recherche fondamentale
• Évaluation des performances ajustées au risque
• Identification des tendances du marché

Compliance et gestion des risques

Composition de l'équipe de conformité et mesures de gestion des risques d'investissement:

Métrique de conformité	Mesures
Personnel de conformité	24 professionnels
Heures de formation annuelles de conformité	3 600 heures
Budget de gestion des risques	5,2 millions de dollars

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au 31 décembre 2023, Virtus Investment Partners avait 272 professionnels de l'investissement sur diverses plateformes d'investissement.

Composition de l'équipe	Nombre de professionnels
Total des professionnels de l'investissement	272
Gestionnaires de portefeuille	94
Analystes de recherche	67

Portfolio de produits d'investissement diversifié

Virtus gère plusieurs stratégies d'investissement dans différentes classes d'actifs.

• Fonds communs de placement: 56 fonds distincts
• Fonds négociés en bourse (ETF): 12 fonds
• Stratégies de compte distinctes: 38 stratégies

Capacités de recherche en investissement propriétaire

L'infrastructure de recherche en investissement comprend:

Ressource de recherche	Spécification
Plateformes de recherche	7 plateformes d'investissement distinctes
Investissement de recherche annuel	14,3 millions de dollars

Infrastructure technologique avancée

Métriques d'investissement technologique:

• Budget technologique annuel: 22,6 millions de dollars
• Systèmes d'analyse de données: 5 plateformes de niveau d'entreprise
• Investissement en cybersécurité: 4,7 millions de dollars par an

Grande réputation de marque

Indicateurs de performance de marque et financière:

Métrique	Valeur
Actifs sous gestion (AUM)	79,4 milliards de dollars (Q4 2023)
Années de travail	62 ans
Notes de Morningstar	29 fonds avec des notes 4-5 étoiles

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: propositions de valeur

Gamme complète de solutions d'investissement

Au quatrième trimestre 2023, Virtus Investment Partners gère 86,7 milliards de dollars d'actifs sous gestion (AUM).

Catégorie d'investissement	AUM total ($ b)	Pourcentage
Fonds communs de placement	42.3	48.8%
Stratégies institutionnelles	33.5	38.6%
Stratégies ETF	10.9	12.6%

Gestion active dans plusieurs classes d'actifs

Virtus propose des stratégies d'investissement dans diverses classes d'actifs:

• Capitaux propres mondiaux
• Revenu fixe
• Investissements alternatifs
• Stratégies multi-actifs

Stratégies d'investissement personnalisées

Répartition de la stratégie d'investissement par type de client en 2023:

Segment client	Aum ($ b)	Niveau de personnalisation
Investisseurs de détail	38.2	Modéré
Clients institutionnels	33.5	Haut
Conseillers financiers	15.0	Moyen

Bouchage éprouvé des performances d'investissement

Métriques de performance pour 2023:

• Performance moyenne du fonds: 12,4%
• Indice de référence surperformé: 68% des fonds
• Note Morningstar: 4.2 / 5

Produits d'investissement innovants

Fait saillie de l'innovation des produits en 2023:

Type de produit	Nombre de nouveaux produits	AUM total ($ b)
Fonds axés sur l'ESG	7	5.6
ETF thématiques	4	2.3
Fonds de stratégie alternative	3	3.8

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: relations avec les clients

Support de conseiller en investissement dédié

Depuis le quatrième trimestre 2023, Virtus Investment Partners maintient 236 professionnels de l'investissement institutionnels soutenant les relations avec les clients. Taille moyenne du portefeuille des clients: 47,3 millions de dollars.

Catégorie de conseiller	Nombre de professionnels	Couverture moyenne du client
Conseillers en investissement supérieur	87	15-20 clients par conseiller
Représentants des ventes institutionnelles	149	25-30 clients institutionnels

Communication client personnalisée

Virtus Investment Partners fournit canaux de communication personnalisés sur plusieurs plates-formes.

• Réunions de revue trimestrielle directes
• Consultations de stratégie d'investissement personnalisées
• Rapports d'investissement sur mesure

Rapports de performances réguliers

Répartition de la fréquence des performances pour 2023:

Fréquence de rapport	Pourcentage de clients
Reportage mensuel	42%
Reportage trimestriel	38%
Rapports semestriels	20%

Plateforme numérique pour la gestion des comptes

Statistiques de la plate-forme numérique pour 2023:

• Utilisateurs totaux de plate-forme numérique: 18 742
• Engagement des applications mobiles: 67% des utilisateurs de la plate-forme numérique
• Connects de plate-forme numérique mensuels moyens: 3,4 par utilisateur

Éducation et connaissances en cours d'investissement

Ressources d'éducation aux investissements fournies en 2023:

Ressource éducative	Ressources totales	Vues mensuelles moyennes
Webinaires	48	3,200
Rapports de recherche	126	5,600
Insistance au marché	212	7,800

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: canaux

Réseaux de conseillers financiers

Depuis le quatrième trimestre 2023, Virtus Investment Partners conserve un réseau d'environ 2 500 conseillers financiers indépendants distribuant ses produits d'investissement.

Métrique du réseau	Valeur
Partenariats totaux de conseillers financiers	2,500
Actifs moyens sous conseil par partenaire	42,3 millions de dollars
Couverture géographique du réseau	50 États américains

Équipe de vente directe

Virtus Investment Partners emploie une équipe de vente directe dédiée de 87 professionnels des ventes institutionnels et de détail en décembre 2023.

• 87 représentants des ventes totales
• 58 professionnels des ventes institutionnels
• 29 professionnels de la vente au détail

Plateformes d'investissement en ligne

La société distribue des produits d'investissement grâce à 12 principales plateformes d'investissement en ligne, avec des volumes de transactions numériques atteignant 3,2 milliards de dollars en 2023.

Métrique de la plate-forme en ligne	Valeur
Plates-formes en ligne totales	12
Volume de transaction numérique	3,2 milliards de dollars
Revenus de plate-forme numérique	124,6 millions de dollars

Représentants des ventes institutionnelles

Virtus maintient 58 représentants des ventes institutionnels dédiés ciblant les fonds de pension, les dotations et les investisseurs institutionnels.

• 58 professionnels des ventes institutionnels
• Marchés cibles: fonds de pension, dotations, fondations
• Taille moyenne du portefeuille des clients institutionnels: 87,5 millions de dollars

Canaux de marketing numérique et de communication

En 2023, Virtus Investment Partners a utilisé 7 canaux de marketing numérique primaires avec un budget de marketing numérique total de 4,3 millions de dollars.

Canal numérique	Métrique de l'engagement
Liendin	42 500 abonnés
Gazouillement	18 200 abonnés
Budget de marketing numérique	4,3 millions de dollars
Total des canaux numériques	7

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail

Au quatrième trimestre 2023, Virtus Investment Partners dessert environ 250 000 investisseurs de détail grâce à sa gamme de produits communs et de produits ETF divers.

Segment des investisseurs	Actif total	Taille moyenne du compte
Investisseurs de détail	45,2 milliards de dollars	$180,000

Investisseurs institutionnels

La clientèle institutionnelle comprend des fonds de retraite, des dotations et des portefeuilles d'investissement d'entreprise.

Segment institutionnel	Nombre de clients	Actifs gérés
Fonds de pension	87	22,6 milliards de dollars
Dotation	43	8,3 milliards de dollars
Portefeuilles d'entreprise	62	15,4 milliards de dollars

Conseillers financiers

Virtus prend en charge environ 50 000 conseillers financiers sur des canaux indépendants et wirehouse.

• Courateurs indépendants: 28 000 conseillers
• Canaux de fil: 22 000 conseillers

Individus à haute nette

Segment ciblé à haute navette avec des stratégies d'investissement spécialisées.

Niveau de richesse	Compte de clientèle	Valeur de portefeuille moyenne
1 M $ - 5 M $	12,500	2,3 millions de dollars
5 M $ - 10 M $	4,200	6,7 millions de dollars
10 M $ +	1,800	15,4 millions de dollars

Sponsors du plan de retraite

Desservant les marchés du plan de retraite du secteur des entreprises et du secteur public.

• Clients du plan de retraite total: 1 250
• Actif total de retraite: 18,7 milliards de dollars
• Taille moyenne du plan: 15 millions de dollars

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Depuis l'exercice 2022, Virtus Investment Partners a déclaré une rémunération totale et des dépenses en prestations des employés de 159,7 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Salaires	$112.3
Bonus de performance	$31.5
Compensation en stock	$15.9

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique et de maintenance pour les partenaires d'investissement Virtus en 2022 ont totalisé 24,6 millions de dollars.

• Maintenance des systèmes informatiques: 12,4 millions de dollars
• Services de cloud computing: 6,2 millions de dollars
• Infrastructure de cybersécurité: 5,8 millions de dollars
• Licence logicielle: 3,2 millions de dollars

Dépenses de marketing et de distribution

Les coûts de marketing et de distribution pour l'entreprise étaient de 18,3 millions de dollars en 2022.

Canal de marketing	Dépenses (en millions)
Marketing numérique	$7.5
Conférences et parrainages d'événements	$4.8
Dépenses de l'équipe de vente	$6.0

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour Virtus Investment Partners en 2022 s'élevaient à 9,7 millions de dollars.

• Conseil juridique: 4,2 millions de dollars
• Logiciel de conformité: 2,5 millions de dollars
• Audit et rapport: 3,0 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour la société se sont élevés à 16,5 millions de dollars en 2022.

Zone de focus R&D	Investissement (en millions)
Développement de stratégie d'investissement	$8.3
Innovation technologique	$5.7
Analyse des données	$2.5

Virtus Investment Partners, Inc. (VRTS) - Modèle d'entreprise: Strots de revenus

Frais de gestion des produits d'investissement

Au quatrième trimestre 2023, Virtus Investment Partners a déclaré des frais de gestion totaux de 199,4 millions de dollars pour le trimestre.

Catégorie de frais	Montant (Q4 2023)
Frais de gestion des fonds communs de placement	132,6 millions de dollars
Frais de compte séparés institutionnels	47,8 millions de dollars
Frais de gestion des ETF	19,0 millions de dollars

Frais de performance

Les frais de performance pour 2023 ont totalisé 12,3 millions de dollars, ce qui représente 5,8% du total des revenus de gestion des investissements.

Frais de distribution et de service

Virtus Investment Partners généré 45,2 millions de dollars de frais de distribution et de service en 2023.

• Fonds commun de placement 12B-1 Frais: 31,5 millions de dollars
• Frais d'agence de sous-transfert: 13,7 millions de dollars

Revenus de service consultatif

Les revenus du service consultatif pour l'année 2023 ont atteint 23,6 millions de dollars.

Type de service consultatif	Montant des revenus
Services de conseil institutionnel	16,4 millions de dollars
Services de conseil au détail	7,2 millions de dollars

Revenu des frais de gestion des actifs

Total des actifs sous gestion (AUM) au 31 décembre 2023: 89,4 milliards de dollars.

Classe d'actifs	Aum	Taux de frais moyen
Stratégies d'actions	42,6 milliards de dollars	0.75%
Stratégies à revenu fixe	35,2 milliards de dollars	0.40%
Stratégies alternatives	11,6 milliards de dollars	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.