Virtus Investment Partners Announces Financial Results For The

The following excerpt is from the company's SEC filing.

Quarter 2016

Earnings per Diluted Share, as Adjusted, of

Quarter, Includes ($0.13) Impact from Variable Incentive Fee, Compared with

in Prior-Year Quarter; Earnings Per Share of

Operating Income, as Adjusted, of

$15.2 million

Quarter Compared with

$32.2 million

in Prior-Year Quarter; Operating Income of

$12.8 million

Total Sales of

$2.8 billion

$3.7 billion

in Prior-Year Quarter; Net Flows of

($2.6) billion

($2.2) billion

Assets Under Management of

$45.7 billion

March 31, 201 6

$54.8 billion

March 31, 2015

Proceeds from Pending Seed Capital Liquidations to be Used Primarily for Capital Return

Hartford, CT,

April 29, 2016

Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today reported financial results for the three months ended

Management Commentary

“Our first quarter net flows were impacted by elevated redemptions in one of our funds following an organizational change at a subadviser, which offset modest growth in separately managed accounts, further traction in ETFs, and positive market performance,” said George Aylward, president and chief executive officer.

“Operating income, as adjusted, decreased in the quarter due to lower revenues from a decline in average assets under management and the partial-quarter impact of a negative variable incentive fee. Excluding that fee, as well as incremental payroll taxes associated with annual incentive payments, operating margin, as adjusted, would have been 30 percent.

“Relative investment performance across our product offerings remains strong and we continue to believe that we offer products that can be attractive across market cycles. Our ability to offer differentiated investment solutions from a variety of distinctive managers is a fundamental element of our business model.

“In the quarter we returned $19.9 million of capital to shareholders and reduced ending shares outstanding by 1.7 percent from December 31, 2015, contributing to a 7.3 percent reduction from March 31, 2015. While the core elements of our capital strategy remain the same, the current products in our pipeline require lower levels of seed, and therefore we expect to use the majority of the proceeds from pending fund liquidations to support return of capital to shareholders.”

Virtus Investment Partners, Inc. | 100 Pearl Street | Hartford, CT 06103 | www.virtus.com

Financial Highlights (Unaudited)

(Dollars in millions, except per share data or as noted)

Three Months Ended

3/31/2016

3/31/2015

Change

12/31/2015

Non-GAAP Financial Measures (1)

Revenues, as adjusted

Operating expenses, as adjusted

Operating margin, as adjusted

Net income attributable to common stockholders, as adjusted

Earnings per share - diluted, as adjusted

U.S. GAAP Financial Measures

Assets Under Management and Flows (in billions)

Ending assets under management

Average assets under management

Gross sales

Net flows

(1) See the information on pages 11 through 13 for a reconciliation to their most directly comparable U.S. GAAP measures and the notes beginning on page 14 for other important disclosures

Asset Flows and Assets Under Management

Assets under management were

compared with

$47.4 billion

December 31, 2015

. The change from the prior year is attributable to net flows of ($6.8) billion and market depreciation of ($1.5) billion. The sequential change reflects

of net flows, which more than offset

$1.1 billion

of market appreciation.

Total sales were

quarter compared with

in the prior-year quarter and

$3.2 billion

in the sequential quarter. Net flows were

($1.1) billion

in the sequential quarter. Net outflows in the quarter were primarily attributable to open-end mutual funds, while separately managed accounts and ETFs contributed positive flows.

Open-end mutual fund sales were

$2.2 billion

$3.0 billion

$2.5 billion

in the sequential quarter. The decrease from the prior-year quarter reflects lower sales across asset classes; the sequential-quarter decrease reflects lower sales in the Emerging Markets Opportunities Fund. Mutual fund net flows were

($2.4) billion

($1.2) billion

in the sequential quarter. Current-quarter net outflows reflect elevated redemptions in the Emerging Markets Opportunities Fund following an organizational change at the fund's subadviser.

ETF sales were

$62.3 million

$57.7 million

in the sequential quarter. For the respective periods, ETF net flows were

$28.5 million

$34.7 million

Institutional sales were

$186.2 million

$368.1 million

$226.6 million

($90.4) million

$220.9 million

$45.3 million

in the sequential quarter. Current-quarter net flows included a $115.0 million partial redemption of the low-fee portion of a client account.

Earnings Summary

Non-GAAP Results

Management believes that a series of non-GAAP financial measures most accurately reflects the company’s operating results from providing investment management and related services to individuals and institutions, and uses these measures to evaluate financial performance. Quarterly reconciliations of the most comparable U.S. GAAP measure to each non-GAAP measure can be found on pages 11 through 13 of this earnings release.

Revenues, as Adjusted

Total revenues, as adjusted, were

$62.4 million

$79.7 million

$66.7 million

in the sequential quarter. The declines from the prior periods reflect lower investment management and administration and transfer agent fees.

Investment management fees, as adjusted, were

$70.8 million

$60.9 million

in the sequential quarter. Average assets under management were

$55.7 billion

$48.5 billion

in the sequential quarter. The average fee rate in the quarter was

basis points compared with

basis points in the prior-year quarter and

basis points in the sequential quarter. The average fee rate in the current and sequential quarter each included the impact of a negative variable incentive fee; excluding that fee, the open-end fund fee rate would have been 49.9 and 52.1 basis points, respectively. The decline in the fee rate from the sequential quarter reflects higher fund expense reimbursements and the effect of outflows in higher-fee products.

Administration and transfer agent fees, as adjusted, were

$10.1 million

$13.1 million

$11.1 million

in the sequential quarter. The decrease from the prior periods reflects lower average open-end fund assets under management.

Operating Expenses, as Adjusted

Total operating expenses, as adjusted, were

$47.2 million

$47.6 million

$47.3 million

in the sequential quarter. The decrease from prior periods reflects lower other operating expenses, as adjusted, that offset higher employment expenses, as adjusted.

Employment expenses, as adjusted, were

$36.0 million

$35.6 million

$34.4 million

in the sequential quarter. The increase over the sequential quarter reflects $2.3 million of higher payroll taxes related to the timing of the payment of annual incentive compensation, partially offset by lower variable compensation. The increase over the prior-year quarter is primarily attributable to the addition of Virtus ETF Solutions and resources to support quantitative strategies that were previously managed by a subadviser.

Other operating expenses, as adjusted, were

$10.4 million

$11.2 million

$12.0 million

in the sequential quarter. The sequential quarter included $0.8 million of discrete professional fees and fund-related expenses. The decrease from the prior-year quarter reflects lower professional, travel and marketing expenses.

Operating Income, as Adjusted, and Related Margin

Operating income, as adjusted, was

$19.4 million

in the sequential quarter. The related margin was

24 percent

40 percent

29 percent

for the respective prior periods, reflecting lower revenues, as adjusted. Excluding the impact of the incremental payroll taxes and variable incentive fee, the

quarter operating margin, as adjusted, would have been 30 percent compared with 34 percent in the sequential quarter.

Net Income Attributable to Common Stockholders, as Adjusted

Net income attributable to common stockholders, as adjusted, was

$9.5 million

per diluted common share, compared with

$20.3 million

per share in the prior-year quarter and

$11.9 million

per share in the sequential quarter. Current and sequential quarter adjusted earnings per share included ($0.13) and ($0.33) related to the variable incentive fee, respectively. Excluding the impact of that fee and the incremental payroll taxes, current and sequential-quarter adjusted earnings per share would have been $1.42 and $1.70, respectively.

Effective Tax Rate, as Adjusted

The effective tax rate, as adjusted, was 38 percent for the

quarter, unchanged from the prior-year quarter and compared with 39 percent in the sequential quarter.

Total revenues were

$80.3 million

$103.8 million

$86.1 million

in the sequential quarter reflecting lower average assets and fee rates.

Operating expenses were

$67.5 million

$79.3 million

$69.6 million

in the sequential quarter. Operating expenses decreased from the sequential quarter due to lower distribution and other asset-based expenses.

Net income attributable to common stockholders in the first quarter was

$12.4 million

per diluted common share, which includes $2.4 million, or $0.28 per share, of unrealized gains on investments. This compares with net income of

$19.3 million

per share, in the prior-year quarter that included ($2.6) million, or ($0.28) per share, of unrealized losses. In the sequential quarter, the company reported net income of

$6.6 million

per share, that included ($8.5) million, or ($0.97) per share, of unrealized losses.

quarter effective tax rate was 39 percent compared with 36 percent in the prior-year quarter and 60 percent in the sequential quarter. The tax rates for the current and prior-year quarters were impacted by valuation allowance releases of $0.1 million and $1.0 million, respectively. The sequential quarter tax rate was impacted by a ($2.5) million valuation allowance.

Balance Sheet and Liquidity

Cash and investments were

$382.5 million

$430.2 million

$421.5 million

. The decrease from prior periods was primarily due to return of capital to shareholders and the timing of annual incentive payments that offset cash generated. On a per share basis, cash and investments were $46 at

compared with $48 at

and $50 at

, the company had no debt outstanding and $75.0 million of unused capacity on its credit facility.

Working capital was

$59.1 million

$189.8 million

$71.8 million

reflects return of capital, increased seed activity and an equity investment in an entity created for a potential CLO. The change from

was primarily due to return of capital to shareholders and net seed activity of ($5.5) million, partially offset by cash generated by the business.

The company’s seed capital investments were

$280.9 million

$241.8 million

$273.7 million

. The change from the prior-year quarter reflects $54.9 million of net seed activity partially offset by unrealized mark-to-market adjustments.

Three of the company’s alternative funds are in the process of being liquidated and the return of seed capital is expected to generate proceeds of approximately $114.0 million in the second quarter. The company expects to use the majority of the proceeds to support return of capital to shareholders.

quarter, the company returned $19.9 million to shareholders, including share repurchases of $15.0 million. As a result of share repurchases, ending shares outstanding decreased to 8.3 million at

, a decline of 7.3 percent from

and 1.7 percent from

Balance Sheet Highlights (Unaudited)

(in millions)

Cash and cash equivalents

Seed capital investments (1)

Investments - other (2)

     Total - cash and investments

Deferred taxes, net

Dividends payable

Total equity attributable to stockholders

Working capital (3)

(1) Represents the company’s investments in sponsored investment products including the company's investment in consolidated sponsored investment products (CSIPs), net of non-controlling interests. For the periods ending

, net assets of CSIPs represent $272.5 million, $274.7 million, and $343.5 million, of total assets, $20.2 million, $16.5 million, and $15.4 million of total liabilities, and $40.4 million, $35.0 million, and $73.9 million of redeemable noncontrolling interests, respectively.

(2) Investments that are not related to the company’s seed investments including mutual funds and an investment in a consolidated investment product (potential CLO). For the periods ended March 31, 2016 and December 31, 2015, the investment in the consolidated investment product consisted of $202.7 million and $209.3 million of total assets and $162.0 million and $171.1 million of total liabilities, respectively.

(3) Defined as cash and investments plus accounts receivable, net, less seed capital investments, a potential CLO, accrued compensation and benefits, accounts payable and accrued liabilities, and dividends payable

Conference Call

Virtus Investment Partners management will host an investor conference call on Friday, April 29, at 10 a.m. Eastern to discuss these financial results and related matters. The webcast of the call will be available in the Investor Relations section of www.virtus.com or by telephone at 877-930-7765 if calling from within the U.S. or 253-336-7413 if calling from outside the U.S. (Conference ID:

2364428). A replay of the call will be available through May 6 via webcast or by telephone at 855-859-2056 if calling from within the U.S. or 404-537-3406 if calling from outside the U.S. (Conference ID: 2364428). The presentation that will be reviewed as part of the conference call will be available in the Presentations section of www.virtus.com.

About Virtus Investment Partners

Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. Virtus offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs, and provides products and services through affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand. Its affiliates include Duff & Phelps Investment Management, Euclid Advisors, Kayne Anderson Rudnick Investment Management, Kleinwort Benson Investors International, Newfleet Asset Management, Rampart Investment Management, Virtus ETF Solutions, and Zweig Advisers. Additional information can be found at www.virtus.com.

Contacts

Jeanne Hess, Investor Relations

(860) 263-4730

jeanne.hess@virtus.com

Joe Fazzino, Media Relations

(860) 263-4725

joe.fazzino@virtus.com

U.S. GAAP Consolidated Statements of Operations

(in thousands, except per share data)

57,644

70,496

60,611

Distribution and service fees

12,478

19,598

14,246

13,042

11,014

Other income and fees

     Total revenues

80,295

103,831

86,115

35,977

35,622

34,376

Distribution and other asset-based expenses

18,101

24,507

19,831

10,765

16,726

12,498

Other operating expenses of consolidated sponsored investment products

Other operating expenses of consolidated investment products

Depreciation and other amortization

Amortization expense

     Total operating expenses

67,545

79,289

69,609

12,750

24,542

16,506

Other Income (Expense)

Realized and unrealized (loss) gain on investments, net

Realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net

(4,910

Realized and unrealized gain (loss) on investments of consolidated investment product, net

(2,784

Other income, net

     Total other income (expense), net

(7,287

Interest Income (Expense)

Interest expense

Interest and dividend income

Interest and dividend income of investments of consolidated sponsored investment products

Interest income of investments of consolidated investment product

     Total interest income, net

Income Before Income Taxes

19,426

30,593

14,249

Income tax expense

10,868

11,870

19,725

Noncontrolling interests

12,363

19,342

Earnings Per Share - Basic

Earnings Per Share - Diluted

Cash Dividends Declared Per Share

Weighted Average Shares Outstanding - Basic

Weighted Average Shares Outstanding - Diluted

N/M - Not Meaningful

Non-GAAP Consolidated Income Statement Information

Revenues, As Adjusted

57,735

70,801

60,853

Distribution and service fees, as adjusted

12,502

19,618

14,272

10,092

13,119

11,123

Other income and fees, as adjusted

Distribution and other asset-based expenses, as adjusted

(18,101

(24,507

(19,831

     Total revenues, as adjusted

62,403

79,726

66,661

Operating Expenses, As Adjusted

10,351

11,175

12,001

Depreciation and other amortization, as adjusted

     Total operating expenses, as adjusted

47,190

47,576

47,258

Operating Income, As Adjusted

15,213

32,150

19,403

Other Income (Expense), as adjusted

Realized and unrealized (loss) gain on investments, net, as adjusted

Other income, net, as adjusted

     Total other income (expense), net, as adjusted

Interest Income (Expense), as adjusted

Interest expense, as adjusted

Interest and dividend income, as adjusted

     Total interest income, net, as adjusted

Pre-Tax Income, As Adjusted

15,442

32,798

19,339

Income tax expense, as adjusted

12,500

Net Income, As Adjusted

20,298

11,864

Noncontrolling interests, as adjusted

Net Income Attributable to Common Stockholders, As Adjusted

20,332

11,931

Earnings Per Share - Basic, As Adjusted

Earnings Per Share - Diluted, As Adjusted

Assets Under Management - Product and Asset Class

Mar 31, 2015

Jun 30, 2015

Sep 30, 2015

Dec 31, 2015

Mar 31, 2016

By product (period end):

Open-End Funds (1)

35,317.8

33,345.3

29,716.4

28,882.1

26,536.0

Closed-End Funds

7,288.0

6,901.0

6,349.8

6,222.3

6,543.6

Exchange Traded Funds

Separately Managed Accounts (2)

7,131.0

6,952.1

6,539.6

6,784.4

7,021.1

Institutional Accounts (2)

5,036.2

5,070.0

5,025.0

5,155.7

5,196.9

54,773.0

52,401.0

47,937.7

47,385.3

45,651.2

By product (average) (3)

36,663.7

34,852.2

31,627.1

30,017.6

27,295.9

7,435.8

7,256.5

6,714.5

6,378.5

6,152.3

6,846.3

7,125.3

6,930.9

6,552.7

6,768.4

4,786.7

5,054.8

5,082.4

5,199.9

5,112.4

55,732.5

54,392.7

50,624.8

48,492.1

45,666.1

By asset class (period end):

Equity

33,129.0

31,908.8

28,231.0

28,314.9

27,061.4

Fixed Income

16,521.1

16,010.8

15,580.6

15,115.6

14,994.2

Alternatives (4)

4,703.8

4,031.2

3,681.7

3,468.7

3,091.0

Other (5)

Assets Under Management - Average Net Management Fees Earned (6)

(In basis points)

All Products

(1) Includes assets under management of open-end and variable insurance funds

(2) Includes assets under management related to option strategies

(3) Averages are calculated as follows:

- Funds - average daily or weekly balances

- Separately Managed Accounts - prior quarter ending balance or average of month-end balances in quarter

- Institutional Accounts - average of month-end balances in quarter

(4) Consists of real estate securities, master-limited partnerships, and other

(5) Consists of option strategies

(6) Represents net investment management fees divided by average assets. Net investment management fees are defined as investment management fees, as adjusted, less fees paid to third party service providers for investment management related services. For the three months ended March 31, 2016, the impact of third party service providers for investment management related services on Open-End Funds and All Products was 1.8 and 1.1 basis points, respectively.

Assets Under Management - Asset Flows by Product

(In millions)

6/30/2015

9/30/2015

Beginning balance

37,514.2

Inflows

3,014.2

2,619.5

1,866.2

2,546.9

2,193.4

Outflows

(5,398.0

(4,174.5

(3,736.0

(3,702.0

(4,794.3

(2,383.8

(1,555.0

(1,869.8

(1,155.1

(2,600.9

Market performance

(352.9

(1,780.9

Other (2)

(104.4

Ending balance

7,581.4

(168.6

(281.6

(380.4

(124.8

(105.4

(170.8

(146.2

(100.0

Separately Managed Accounts (3)

6,884.8

(355.3

(342.2

(334.5

(396.6

(364.3

(353.2

(138.0

Institutional Accounts (3)

4,722.0

(147.2

(110.3

(181.3

(276.6

(109.9

56,702.4

3,710.8

3,267.8

2,547.2

3,164.0

2,841.1

(5,900.5

(4,616.2

(4,194.6

(4,302.9

(5,469.0

(2,189.7

(1,348.4

(1,647.4

(1,138.9

(2,627.9

(782.3

(2,653.5

1,062.8

(241.3

(162.4

(291.4

(169.0

(2) Represents open-end and closed-end mutual fund distributions, net of reinvestments, net flows of cash management strategies, net flows and market performance of structured products, which are a component of institutional accounts, and net flows from non-sales related activities such as asset acquisitions/(dispositions), marketable securities investments/(withdrawals), and the impact on assets from the use of leverage

(3) Includes assets under management related to option strategies

Reconciliation of US GAAP Consolidated Statement of Operations to Non-GAAP Consolidated Income Statement Information

(Unaudited, in thousands)

Reclassifications

Adjustments

U.S. GAAP Basis

Consolidated investment products

Amortization of intangible assets

Seed capital and CLO investments

Non-GAAP Basis

Distribution and services fees

(1,133

(1,189

(2,235

(2,504

(3,659

(1,883

Interest and dividend income of investments of consolidated sponsored investment products, net

(2,961

Interest income of investments of consolidated investment product, net

(1,474

(2,687

(5,542

(2,045

(3,497

See pages 14 through 15 for notes to the reconciliation

Consolidated sponsored investment products

(5,551

Restructuring and severance

Realized and unrealized gain (loss) on investments, net

(2,768

(2,590

Other income (expense), net

(2,324

Total interest income (expense), net

(1,389

(3,766

(3,346

(1,239

(5,539

Realized and unrealized (loss) gain on investments of consolidated sponsored investment products, net

Realized and unrealized (loss) gain on investments of consolidated investment product, net

Total other (expense) income, net

(3,283

(3,184

(1,632

(1,684

(1,387

The following are notes to the reconciliations of the most comparable U.S. GAAP measure to each non-GAAP measure for the periods presented on pages 11 through 13.

The non-GAAP financial measures included in this release differ from financial measures determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items, as well as the adjustment of certain expenses and other items that are not reflective of the earnings generated from providing investment management and related services. Non-GAAP financial measures have material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures.

In particular, the company reclassifies:

Distribution and other asset-based expenses - These costs are generally passed directly through to external parties. Management believes that making this adjustment aids in comparing the company’s operating results with other asset management firms that do not distribute products through intermediary distribution partners or utilize third party service providers for investment management related services.

Consolidated investment products - Management believes that excluding the operating activities of majority-owned funds and CLOs to reflect revenues and expenses of the company prior to the consolidation of these products is consistent with the approach of reflecting its operating results as only revenues generated and expenses incurred related to providing investment management and related services will be included in operating income, as adjusted.

, excludes from net income:

Closed-end fund launch costs - Expenses related to the launch of closed-end funds, or similar products, including structuring fees and sales-based compensation related to the launch. The timing of closed-end fund issuances can be unpredictable, and related costs can fluctuate considerably. In addition, revenue associated with these costs will not fully impact financial results until future periods. Management believes that making these adjustments aids in comparing the company’s operating results with prior periods and with other asset management firms that do not issue closed-end funds, or similar products.

Amortization of intangible assets - Non-cash amortization expense or impairment expense, if any, attributable to acquisition-related intangible assets. Management believes that making this adjustment aids in comparing the company’s operating results with other asset management firms that have not engaged in acquisitions.

Seed capital and CLO investments - Gains and losses (realized and unrealized), dividends and interest income generated by seed capital and CLO investments. Earnings or losses generated by investments in seed capital products can vary significantly from period-to-period and do not reflect the company’s operating results from providing investment management and related services. Management believes that making this adjustment aids in comparing the company’s operating results with prior periods and with other asset management firms that do not have meaningful seed capital and CLO investments.

Other - Certain expenses and losses related to restructuring, severance, regulatory matters, and transition items that are not reflective of the ongoing earnings generation of the business. In addition, income tax expense/(benefit) items, such as adjustments for uncertain tax positions, valuation allowances and other unusual items not related to current operating results to reflect a

normalized effective rate. Management believes that making these adjustments aids in comparing the company’s operating results with prior periods.

Components of Other for the respective periods are shown in the table below:

(in thousands)

Loss contingency

Tax impact of loss contingency

(1,600

System transition expenses

Tax impact of system transition expenses

Discrete tax adjustments

Total Other

Revenues, as adjusted,

comprise the fee revenues paid by clients for investment management and related services. Revenues, as adjusted, for purposes of calculating net income attributable to common stockholders, as adjusted, differ from U.S. GAAP revenues in that they are reduced by distribution and other asset-based expenses that are generally passed through to external parties, and exclude the impact of consolidated sponsored investment products.

Operating expenses, as adjusted,

is calculated to reflect expenses from ongoing continuing operations attributable to stockholders. Operating expenses, as adjusted, for purposes of calculating net income attributable to common stockholders, as adjusted, differ from U.S. GAAP expenses in that they exclude amortization or impairment, if any, of intangible assets, restructuring and severance, the impact of consolidated sponsored investment products, and certain other expenses that do not reflect the ongoing earnings generation of the business.

Operating margin, as adjusted,

is a metric used to evaluate efficiency represented by operating income, as adjusted, divided by revenues, as adjusted.

Earnings per share, as adjusted,

represent net income attributable to common stockholders, as adjusted, divided by weighted average shares outstanding, on either a basic or diluted basis.

Forward-Looking Information

This press release contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” “plan,” “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” or similar statements or variations of such terms.

Our forward-looking statements are based on a series of expectations, assumptions and projections about our company, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, cash inflows and outflows, operating cash flows, our ability to expand distribution and product offerings, and future credit facilities, for all forward periods. All of our forward-looking statements are as of the date of this release only. The company can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially.

Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including those discussed under “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2015 Annual Report on Form 10-K, as well as the following risks and uncertainties: (a) any reduction in our assets under management; (b) the withdrawal, renegotiation or termination of investment advisory agreements; (c) damage to our reputation; (d) failure to comply with investment guidelines or other contractual requirements; (e) the inability to attract and retain key personnel; (f) the competition we face in our business; (g) adverse regulatory and legal developments; (h) unfavorable changes in tax laws or limitations; (i) adverse developments, or changes in our relationships with, unaffiliated subadvisers; (j) changes in key distribution relationships; (k) interruptions in service or failure to provide service by third-party service providers; (l) volatility associated with our common stock; (m) civil litigation and government investigations or proceedings; (n) the risk of capital loss associated with our investments; (o) the inability to make quarterly distributions; (p) the lack of availability of required and necessary capital on satisfactory terms; (q) liabilities and losses not covered by insurance; (r) strategic transactions and other risks and uncertainties described in our 2015 Annual Report on Form 10-K or in any of our filings with the Securities and Exchange Commission (“SEC”).

Certain other factors which may impact our continuing operations, prospects, financial results and liquidity or which may cause actual results to differ from such forward-looking statements are discussed or included in the company’s periodic reports filed with the SEC and are available on our website at www.virtus.com under “Investor Relations.” You are urged to carefully consider all such factors.

The company does not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If there are any future public statements or disclosures by us which modify or impact any of the forward-looking statements contained in or accompanying this release, such statements or disclosures will be deemed to modify or supersede such statements in this release.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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The Vanguard Group just provided an update on share ownership of Virtus Investment Partners - July 10, 2017

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