Virtus expanding manager stable with Westchester acquisition
Getty Images
Virtus Investment Partners entered into an agreement to acquire global event-driven money manager Westchester Capital Management.
The agreement calls for Virtus to acquire the firm for $135 million at closing, with a potential for future payments based on revenue and growth, said Virtus spokesman Joe Fazzino. Westchester Capital is currently owned by the principals of the firm, and Lincoln Peak Capital owns a minority stake in the firm as well, Mr. Fazzino said.
The deal is expected to close in the second half of 2021, he said.
The firm will join Virtus Investment Partners’ group of affiliated boutique money managers. Roy Behren and Michael Shannon, Westchester’s managing partners and portfolio managers, agreed to long-term employment and are “reinvesting a significant portion of the transaction proceeds into the firm’s investment strategies,” according to the release.
InfraCap REIT Preferred ETF (NYSE Arca: PFFR) Declares Monthly Dividend yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Duff & Phelps Investment Management Names David Grumhaus President and Chief Investment Officer
Nathan Partain retires from firm after 31 years
News provided by
Share this article
Share this article
CHICAGO, Jan. 8, 2021 /PRNewswire/ Duff & Phelps Investment Management Co. announced today that David D. Grumhaus, Jr., who had been co-chief investment officer with Nathan I. Partain, CFA, has been named president and chief investment officer, effective January 1. Partain, who retired from the firm as of December 31, 2020, will remain with the company as a consultant on a transitionary basis.
Grumhaus, who joined Duff & Phelps in 2014, was named co-chief Investment officer of the company in February 2020 as part of the company s succession plan. Prior to that, he was head of the firm s Infrastructure and Utilities Group. He continues as head of the firm s MLP and Energy Infrastructure Strategy and manages its midstream and MLP strategies, including as portfolio manager of certa
InfraCap MLP ETF (NYSE Arca: AMZA) Declares Monthly Distribution cnweekly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnweekly.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
NEW YORK, Dec. 18, 2020 /PRNewswire/ The Virtus InfraCap U.S. Preferred Stock ETF (NYSE Arca: PFFA) (the Fund ) has declared a monthly distribution of $0.15 per share ($1.80 per share on an annualized basis). The distribution will be paid December 30, 2020 to shareholders of record as of the close of business December 22, 2020.
PFFA Cash Distribution:
Record Date: Tuesday, December 22, 2020
Payable Date: Wednesday, December 30, 2020
Infrastructure Capital Advisors expects to declare future distributions on a monthly basis. Distributions are planned, but not guaranteed, for every month. The next distribution is scheduled to occur in January 2021.
For more information about PFFA s distribution policy, its 2020 distribution calendar, or tax information, please visit the Fund s website at www.virtusetfs.com.