Virtus Investment Partners, Inc. (VRTS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da gestão de investimentos, a Virtus Investment Partners, Inc. (VRTS) surge como uma potência estratégica, tecendo soluções inovadoras de investimento e experiência financeira de ponta. Ao criar meticulosamente um modelo de negócios abrangente que abrange vários segmentos de clientes e aproveita a infraestrutura tecnológica avançada, a VRTS se posicionou como um participante formidável no ecossistema de serviços financeiros competitivos. Sua abordagem única combina o gerenciamento ativo, estratégias personalizadas e plataformas digitais robustas para oferecer valor excepcional aos investidores de varejo e institucional, tornando seu modelo de negócios um estudo fascinante no gerenciamento moderno de investimentos.

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com consultores financeiros e corretores

A Virtus Investment Partners mantém parcerias estratégicas com vários canais de distribuição financeira:

Tipo de parceiro	Número de parcerias	Alcance de distribuição
Corretor independente	285	Cobertura nacional
Consultores de investimento registrados (RIAS)	412	Rede nacional
Wirehouses	6 grandes empresas	Acesso institucional abrangente

Colaboração com empresas de gerenciamento de investimentos

O Virtus colabora com parceiros especializados de gerenciamento de investimentos:

• Kayne Anderson Funds
• Duff & Phelps Investment Management
• Silvant Capital Management
• Gerenciamento de ativos newfleet

Parcerias com provedores de tecnologia para plataformas de investimento digital

Parceiro de tecnologia	Serviço prestado	Ano de implementação
Envestnet	Infraestrutura de investimento digital	2019
Morningstar	Integração de pesquisa e análise	2020
Diamante preto	Plataforma de gerenciamento de patrimônio	2018

Relacionamentos com empresas de pesquisa e análise

Virtus mantém parcerias críticas de pesquisa:

• Pesquisa MSCI
• Serviços de terminais da Bloomberg
• FACTSET PESQUISA SISTEMAS
• S&P Global Market Intelligence

Valor do ecossistema total de parceria: aproximadamente US $ 82,4 milhões em investimentos colaborativos a partir de 2023

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: Atividades -chave

Gerenciamento de ativos e desenvolvimento de estratégia de investimento

A partir do quarto trimestre 2023, os parceiros de investimento da Virtus conseguiram aproximadamente US $ 94,4 bilhões em ativos sob gestão (AUM). A empresa desenvolve estratégias de investimento em várias classes de ativos, incluindo:

• Estratégias de patrimônio
• Estratégias de renda fixa
• Estratégias multi-ativos
• Estratégias de investimento alternativas

Tipo de estratégia	AUM ($ B)	Porcentagem de AUM total
Estratégias de patrimônio	52.1	55.2%
Estratégias de renda fixa	31.6	33.5%
Estratégias multi-ativos	8.3	8.8%
Estratégias alternativas	2.4	2.5%

Gerenciamento de portfólio

A empresa gerencia portfólios Múltiplas plataformas de investimento, incluindo:

• Fundos mútuos
• Contas gerenciadas separadamente
• Soluções de investimento institucional
• Fundos negociados em bolsa (ETFs)

Marketing e distribuição de produtos de investimento

Virtus Investment Partners Distribui produtos de investimento através de:

• Canais de vendas institucionais
• Redes de corretor-corretor de varejo
• Plataformas de consultores financeiros
• Marketing institucional direto

Canal de distribuição	Porcentagem de ativos
Investidores institucionais	42.3%
Corretores de varejo	35.7%
Consultores financeiros	22.0%

Pesquisa de investimento e análise de desempenho

A empresa emprega 76 profissionais de investimento Dedicado à pesquisa e gerenciamento de portfólio a partir de 2023. As principais áreas de foco de pesquisa incluem:

• Análise quantitativa
• Pesquisa fundamental
• Avaliação de desempenho ajustada ao risco
• Identificação de tendências de mercado

Conformidade e gerenciamento de riscos

Composição da equipe de conformidade e métricas de gerenciamento de riscos de investimento:

Métrica de conformidade	Medição
Equipe de conformidade	24 profissionais
Horário anual de treinamento de conformidade	3.600 horas
Orçamento de gerenciamento de riscos	US $ 5,2 milhões

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 31 de dezembro de 2023, os parceiros de investimento da Virtus tinham 272 profissionais de investimento em várias plataformas de investimento.

Composição da equipe	Número de profissionais
Total de profissionais de investimento	272
Gerentes de portfólio	94
Analistas de pesquisa	67

Portfólio de produtos de investimento diversificado

O Virtus gerencia várias estratégias de investimento em diferentes classes de ativos.

• Fundos mútuos: 56 fundos distintos
• Fundos negociados em bolsa (ETFs): 12 fundos
• Estratégias de conta separadas: 38 estratégias

Capacidades de pesquisa de investimento proprietárias

A infraestrutura de pesquisa de investimento inclui:

Recurso de pesquisa	Especificação
Plataformas de pesquisa	7 plataformas de investimento distintas
Investimento anual de pesquisa	US $ 14,3 milhões

Infraestrutura tecnológica avançada

Métricas de investimento em tecnologia:

• Orçamento de tecnologia anual: US $ 22,6 milhões
• Sistemas de análise de dados: 5 plataformas de nível corporativo
• Investimento de segurança cibernética: US $ 4,7 milhões anualmente

Forte reputação da marca

Indicadores de marca e desempenho financeiro:

Métrica	Valor
Ativos sob gestão (AUM)	US $ 79,4 bilhões (Q4 2023)
Anos de negócios	62 anos
Morningstar Ratings	29 fundos com classificações de 4-5 estrelas

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: proposições de valor

Gama abrangente de soluções de investimento

A partir do quarto trimestre 2023, os parceiros de investimento da Virtus gerenciam US $ 86,7 bilhões em ativos sob gestão (AUM).

Categoria de investimento	Total AUM ($ B)	Percentagem
Fundos mútuos	42.3	48.8%
Estratégias institucionais	33.5	38.6%
Estratégias de ETF	10.9	12.6%

Gerenciamento ativo em várias classes de ativos

O Virtus oferece estratégias de investimento em diversas classes de ativos:

• Equidade global
• Renda fixa
• Investimentos alternativos
• Estratégias multi-ativos

Estratégias de investimento personalizadas

Redução da estratégia de investimento por tipo de cliente em 2023:

Segmento de cliente	AUM ($ B)	Nível de personalização
Investidores de varejo	38.2	Moderado
Clientes institucionais	33.5	Alto
Consultores financeiros	15.0	Médio

Histórico comprovado de desempenho de investimento

Métricas de desempenho para 2023:

• Desempenho médio do fundo: 12,4%
• Índice de referência superado: 68% dos fundos
• Morningstar Classificação: 4.2/5

Produtos de investimento inovadores

A inovação de produtos destaca em 2023:

Tipo de produto	Número de novos produtos	Total AUM ($ B)
ESG Fundos focados	7	5.6
ETFs temáticos	4	2.3
Fundos de estratégia alternativos	3	3.8

Virtus Investment Partners, Inc. (VRTS) - Modelo de Negócios: Relacionamentos do Cliente

Suporte dedicado ao consultor de investimentos

A partir do quarto trimestre 2023, os parceiros de investimento da Virtus mantém 236 profissionais de investimento institucional que apoiam as relações com os clientes. Tamanho médio do portfólio de clientes: US $ 47,3 milhões.

Categoria de consultor	Número de profissionais	Cobertura média do cliente
Consultores de investimento seniores	87	15-20 clientes por consultor
Representantes de vendas institucionais	149	25-30 clientes institucionais

Comunicação personalizada do cliente

Virtus Investment Partners fornece canais de comunicação personalizados em várias plataformas.

• Reuniões de Revisão de Desempenho Trimestral Direct
• Consultas de estratégia de investimento personalizadas
• Relatórios de investimento personalizado

Relatórios de desempenho regulares

Relatório de desempenho Redução de frequência para 2023:

Frequência de relatório	Porcentagem de clientes
Relatórios mensais	42%
Relatórios trimestrais	38%
Relatórios semestrais	20%

Plataforma digital para gerenciamento de contas

Estatísticas da plataforma digital para 2023:

• Usuários totais da plataforma digital: 18.742
• Engajamento de aplicativos móveis: 67% dos usuários da plataforma digital
• Logins médios mensais da plataforma digital: 3,4 por usuário

Educação em andamento em andamento e insights

Recursos de educação em investimento fornecidos em 2023:

Recurso da educação	Recursos totais	Visualizações mensais médias
Webinars	48	3,200
Relatórios de pesquisa	126	5,600
Insights de mercado	212	7,800

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: canais

Redes de consultores financeiros

A partir do quarto trimestre 2023, os parceiros de investimento da Virtus mantém uma rede de aproximadamente 2.500 consultores financeiros independentes que distribuem seus produtos de investimento.

Métrica de rede	Valor
Total de parcerias de consultor financeiro	2,500
Ativos médios sob orientação por parceiro	US $ 42,3 milhões
Cobertura geográfica da rede	50 estados dos EUA

Equipe de vendas diretas

A Virtus Investment Partners emprega uma equipe de vendas direta dedicada de 87 profissionais de vendas institucionais e de varejo em dezembro de 2023.

• 87 representantes totais de vendas
• 58 profissionais de vendas institucionais
• 29 profissionais de vendas de varejo

Plataformas de investimento on -line

A empresa distribui produtos de investimento através de 12 principais plataformas de investimento on -line, com volumes de transações digitais atingindo US $ 3,2 bilhões em 2023.

Métrica de plataforma online	Valor
Total de plataformas online	12
Volume de transação digital	US $ 3,2 bilhões
Receita da plataforma digital	US $ 124,6 milhões

Representantes de vendas institucionais

O Virtus mantém 58 representantes de vendas institucionais dedicadas direcionando fundos de pensão, doações e investidores institucionais.

• 58 profissionais de vendas institucionais
• Mercados -alvo: fundos de pensão, doações, fundações
• Tamanho médio do portfólio de clientes institucionais: US $ 87,5 milhões

Canais de marketing e comunicação digital

Em 2023, os parceiros de investimento da Virtus utilizaram 7 canais de marketing digital primários com um orçamento total de marketing digital de US $ 4,3 milhões.

Canal digital	Métrica de engajamento
LinkedIn	42.500 seguidores
Twitter	18.200 seguidores
Orçamento de marketing digital	US $ 4,3 milhões
Total de canais digitais	7

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

Investidores de varejo

A partir do quarto trimestre 2023, a Virtus Investment Partners atende a aproximadamente 250.000 investidores de varejo por meio de seu diverso Fundo Mútuo e linha de produtos ETF.

Segmento de investidores	Total de ativos	Tamanho médio da conta
Investidores de varejo	US $ 45,2 bilhões	$180,000

Investidores institucionais

A Base Institucional de Clientes compreende fundos de pensão, doações e portfólios de investimentos corporativos.

Segmento institucional	Número de clientes	Ativos gerenciados
Fundos de pensão	87	US $ 22,6 bilhões
Doações	43	US $ 8,3 bilhões
Portfólios corporativos	62	US $ 15,4 bilhões

Consultores financeiros

O Virtus suporta aproximadamente 50.000 consultores financeiros em canais independentes e Wirehouse.

• Corretores independentes: 28.000 consultores
• Canais de Wirehouse: 22.000 consultores

Indivíduos de alta rede

Segmento direcionado de alta rede com estratégias de investimento especializadas.

Nível de riqueza	Contagem de clientes	Valor médio do portfólio
$ 1m - US $ 5m	12,500	US $ 2,3 milhões
US $ 5 milhões - US $ 10 milhões	4,200	US $ 6,7 milhões
US $ 10 milhões+	1,800	US $ 15,4 milhões

Patrocinadores do plano de aposentadoria

Servindo mercados do plano de aposentadoria do setor corporativo e do setor público.

• Plano de aposentadoria total clientes: 1.250
• Total de ativos de aposentadoria: US $ 18,7 bilhões
• Tamanho médio do plano: US $ 15 milhões

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

No ano fiscal de 2022, os parceiros de investimento da Virtus reportaram a remuneração total e as despesas de benefícios dos funcionários de US $ 159,7 milhões.

Categoria de despesa	Quantidade (em milhões)
Salários	$112.3
Bônus de desempenho	$31.5
Remuneração baseada em ações	$15.9

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura e manutenção de tecnologia para parceiros de investimento da Virtus em 2022 totalizaram US $ 24,6 milhões.

• Manutenção de sistemas de TI: US $ 12,4 milhões
• Serviços de computação em nuvem: US $ 6,2 milhões
• Infraestrutura de segurança cibernética: US $ 5,8 milhões
• Licenciamento de software: US $ 3,2 milhões

Despesas de marketing e distribuição

Os custos de marketing e distribuição da empresa foram de US $ 18,3 milhões em 2022.

Canal de marketing	Despesas (em milhões)
Marketing digital	$7.5
Patrocínios de conferência e evento	$4.8
Despesas da equipe de vendas	$6.0

Custos de conformidade regulatória

As despesas de conformidade regulatória para parceiros de investimento da Virtus em 2022 totalizaram US $ 9,7 milhões.

• Consultoria legal: US $ 4,2 milhões
• Software de conformidade: US $ 2,5 milhões
• Auditoria e relatórios: US $ 3,0 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para a empresa foram de US $ 16,5 milhões em 2022.

Área de foco em P&D	Investimento (em milhões)
Desenvolvimento da estratégia de investimento	$8.3
Inovação tecnológica	$5.7
Análise de dados	$2.5

Virtus Investment Partners, Inc. (VRTS) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de produtos de investimento

A partir do quarto trimestre de 2023, os parceiros de investimento da Virtus reportaram taxas totais de gerenciamento de US $ 199,4 milhões no trimestre.

Categoria de taxa	Valor (Q4 2023)
Taxas de gerenciamento de fundos mútuos	US $ 132,6 milhões
Taxas institucionais de conta separadas	US $ 47,8 milhões
Taxas de gerenciamento de ETF	US $ 19,0 milhões

Taxas baseadas em desempenho

As taxas de desempenho de 2023 totalizaram US $ 12,3 milhões, representando 5,8% da receita total de gerenciamento de investimentos.

Taxas de distribuição e serviço

Virtus Investment Partners gerou US $ 45,2 milhões em taxas de distribuição e serviço em 2023.

• Fundo Mútuo 12B-1 Taxas: US $ 31,5 milhões
• Taxas de agência sub-transferida: US $ 13,7 milhões

Receitas de serviço de consultoria

As receitas de serviços de consultoria para o ano de 2023 atingiram US $ 23,6 milhões.

Tipo de serviço de consultoria	Valor da receita
Serviços de consultoria institucional	US $ 16,4 milhões
Serviços de consultoria de varejo	US $ 7,2 milhões

Receita de taxa de gerenciamento de ativos

Total de ativos sob gestão (AUM) em 31 de dezembro de 2023: US $ 89,4 bilhões.

Classe de ativos	Aum	Taxa média de taxa
Estratégias de patrimônio	US $ 42,6 bilhões	0.75%
Estratégias de renda fixa	US $ 35,2 bilhões	0.40%
Estratégias alternativas	US $ 11,6 bilhões	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.