Hartford asset-manager Virtus Investment Partners Inc. is expanding into customized options strategies with its planned buyout of Boston’s Rampart Investment Management, authorities say.
Virtus isn’t saying what it will pay for Rampart, a 29-year-old employee-owned firm with $1.4 billion under management.
Rampart co-founders Ronald M. Egalka, president and chief investment officer, and David R. Fraley, executive vice president, director of client services, will continue to helm the firm after the deal closes sometime in the fourth quarter, officials said.
Under Virtus, Rampart will continue expanding its customer base of high net-worth individuals and institutional clients, while providing its options overlay capability into Virtus’ existing investment strategies and new products.
Virtus said the deal will have negligible impact on its near-term earnings.
Barrington Partners of Boston represented Rampart in the transaction.
