Virtus Investment Partners Inc. says a director who represents the Bank of Montreal’s stake in the Hartford asset manager is giving up his seat to avoid a conflict of interest.
Barry M. Cooper, appointed in January 2009, is one of two directors representing interests of BMO Financial Group, Bank of Montreal’s parent and the indirect owner of 23 percent of Virtus’ equity.
BMO’s U.S. banking subsidiary, Harris Bankcorp Inc. in Chicago, is the beneficial owner of the Virtus stake.
Virtus was spun off from The Phoenix Cos. in late 2008.
Cooper is relinquishing his seat due to a change in his leadership responsibilities at certain BMO affiliates that have direct dealings with Virtus, the asset manager said.
Cooper is chairman of Jones Heward Investment Counsel, the institutional investment management division of BMO Financial.
Virtus CEO George R. Aylward praised Cooper for his guidance and expertise.
Virtus’ board has approved his unidentified replacement, but final approval must come from by BMO when its committee and board meets next Thursday.
