Virtus Investment Partners [profile]
is assembling a team of wholesalers that will devote their efforts to the independent broker and RIA channels. The Hartford, Connecticut-based asset manager plans to hire around six external wholesalers, Virtus spokesman Joe Fazzino told The MFWire.com
Sales director Paul Cahill
, who has been with Virtus since 2007, will run the team, which Virtus plans to launch in January. Cahill reports to Jeff Cerutti
, executive vice president and head of retail distribution.
Currently, Virtus has 17 external wholesalers that call on advisors across channels. Going forward, those wholesalers will concentrate on national and regional broker-dealers and continue to report to national sales manager John McCormack
"Virtus has enjoyed robust sales growth over the past three years and this is a natural extension of our business model," Cerutti said in a press release on Monday.
He added that sales of Virtus' long-term, open-end mutual funds went from $2.7 billion in 2009 to $7.1 billion during the first three quarters of 2011.
Company Press Release
Virtus Investment Partners to Expand Sales Force
Creates team to focus on Independent and RIA channels
HARTFORD, Conn., Nov. 28, 2011 -- Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced it will expand its wholesaling force by establishing a team of experienced sales professionals to focus exclusively on the independent broker and registered investment advisor (RIA) channels. The new team will be led by Paul Cahill, sales director, reporting to Jeff Cerutti, executive vice president and head of retail distribution, and is expected to launch in January 2012.
"Virtus has enjoyed robust sales growth over the past three years and this is a natural extension of our business model," said Cerutti, who noted that the company's long-term, open-end mutual fund sales have grown from $2.7 billion in 2009 to $7.1 billion for the nine months ended September 30, 2011. "The primary responsibility of the new team is to build upon the sales success we have achieved through the national and regional broker-dealers by adding a dedicated focus on supporting brokers at independent firms and registered investment advisors."
Virtus offers a broad set of investment products, including the Virtus Mutual Funds, through distributors from the leading national and regional broker-dealers, independent brokerage firms, and registered investment advisors. The regional directors in the new Independent-RIA sales division will work alongside the current regional directors, who continue to serve the national broker-dealer and regional firms.
"We offer products from a distinctive group of boutique investment managers, which we believe is particularly appealing to independent advisors and RIAs as they work to distinguish themselves in their markets," Cerutti added.
"Virtus is committed to the long-term success of the advisors and investors with whom we work. By expanding our sales team at this time, we can be sure we are offering the highest level of service to our existing clients while continuing to build upon the momentum of, and interest in, the broad spectrum of investment portfolios we represent."
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 www.virtus.com.
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