Virtus Investment Partners reported fourth quarter assets under management of $159 billion, down from $169 billion, due to net outflows of $8.1 billion and market performance. The outflows were almost entirely driven by quality-oriented equity strategies, which represent half of AUM but have underperformed amid market preference for momentum-driven stocks. Total sales reached $5.3 billion compared with $6.3 billion in the third quarter. The operating margin declined to 32.4% from 33%, whilst earnings per share fell to $6.50 from $6.69. The company is expanding into private markets with a pending acquisition of a 56% stake in Keystone National Group, a private credit manager with $2.5 billion in assets, and a 35% investment in Crescent Cove, a venture growth manager with over $1 billion in AUM.

Can Virtus gain an edge in alternative credit? Inside its $200m bet on Keystone National Group. Discover how Virtus is expanding into private credit with a $200M acquisition of Keystone National Group. Find out what this means for investors. Virtus Investment Partners, Inc. (NYSE: VRTS) has signed a definitive agreement to acquire a majority interest in Keystone National Group, a move that significantly expands Virtus's presence in private credit and asset backed lending. The transaction, valued at $200 million in upfront cash with the potential for $170 million in future earn out payments tied to Keystone's revenue performance, is expected to close in the first quarter of 2026 subject to regulatory approvals and customary closing conditions.