Hartford asset-manager Virtus Investment Partners has acquired a stake in a unit of United Kingdom asset manager Kleinwort Benson Investors, enhancing their markets in the U.S. and overseas.
Virtus didn’t say Thurday what it paid for its 24 percent equity stake in Kleinwort Benson Investors International Ltd. (KBII).
KBII is a U.S. registered investment adviser that subadvises the Virtus Emerging Markets Equity Income Fund, an open-end mutual fund that Virtus launched in September.
Sean Hawkshaw, CEO of Dublin, Ireland’s Kleinwort Benson Investors, said that Virtus’ multi-boutique model and its powerful distribution position in the U.S. retail market were important considerations in establishing the alliance.
As of Sept. 30, parent Kleinwort Benson had €3.4 billion ($4.3 billion) of assets under management. KBII managed €742 million ($979 million) of assets for North American clients at Dec. 31.
Virtus’ asset under management were $41.8 billion at Sept. 30.
