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July 7, 2020

Virtus partnership adds billions in mutual fund assets

HBJ Photo | Joe Cooper Virtus Investment Partners is headquartered at One Financial Plaza in downtown Hartford.

Hartford-based Virtus Investment Partners says it will take on advising, distribution and administration duties for more than $20 billion worth of mutual fund and other account assets.

Financial terms of the partnership with New York-based Allianz Global Investors (AllianzGI) were not disclosed, but the two companies said there are no payments from either party due at closing.

Once finalized, the deal would see Virtus’ total assets under management rise to approximately $128 billion, up from $105.3 billion as of May 31.

The arrangement also allows for joint product development. 

“The partnership was structured with an alignment of economic interests over time,” the companies said in a joint announcement.

Virtus said the deal will enhance its offerings to its own customers, while AllianzGI said it will expand its access and presence in U.S. retail markets while maintaining its U.S. distribution focus on markets in which it specializes, including institutional and insurance.  

Correction: A previous version of this story misstated Virtus' expected total assets under management.

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