Virtus Investment Partners Announces Share Repurchase Program

Oct 14, 2010, 17:42 ET from Virtus Investment Partners, Inc.

HARTFORD, Conn., Oct. 14 /PRNewswire/ -- Virtus Investment Partners, Inc. (Nasdaq: VRTS), which operates a multi-manager asset management business, today announced that its Board of Directors has authorized a repurchase program of up to 350,000 shares of its common stock.

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"This program represents the next step in our capital management strategy," said George R. Aylward, president and chief executive officer.  He noted that as part of the company's long-term capital management strategy, which is intended to enhance operating flexibility, the company previously implemented a $100 million shelf registration, amended its credit facility to increase the credit limit and extend the facility's maturity, and converted a portion of its 8% Convertible Preferred Shares, thus reducing annual preferred dividend payments.

"With these foundational steps complete, we can move to a next phase, and that includes addressing ways to return capital to our shareholders.  A share buyback program is one way to accomplish this goal, and it has the additional benefit of maintaining shareholders' ownership levels by generally offsetting shares issued under equity-based plans," Aylward added.

Under the terms of the approved program, which required the consent of the Series B Convertible Preferred shareholder, the company may repurchase shares on the open market or in privately negotiated transactions.  The size and timing of any repurchases will depend on price and prevailing market and business conditions, and will be subject to the restrictions related to volume, price and timing under applicable laws, including Rule 10b-18 of the Securities and Exchange Act of 1934, as amended.

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.  The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand.  Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs.  Additional information can be found at


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SOURCE Virtus Investment Partners, Inc.