Hartford-based asset manager Virtus Investment Partners said it has completed a previously announced majority investment in Utah-based Keystone National Group, effective March 1.
Hartford-based asset manager Virtus Investment Partners said it has completed a previously announced majority investment in Utah-based Keystone National Group, effective March 1.
Keystone, a Salt Lake City-based private credit investment firm, specializes in asset-backed lending strategies, including equipment finance, real estate finance, financial assets and corporate loans. The firm managed $2.5 billion in assets as of Dec. 31, 2025, according to the announcement.
Virtus said the deal expands its investment capabilities into private markets. Keystone’s management team will retain autonomy over its investment process and brand and keep a significant equity stake in the business.
Virtus is a publicly traded asset management company that oversees mutual funds, exchange-traded funds, closed-end funds and institutional and retail separate accounts through affiliated investment managers.
The company said it managed $159.5 billion in assets as of Dec. 31, 2025. For the fourth quarter, the company reported revenue of $208 million, down 11% from $233.5 million in the year-ago period. Net income attributable to Virtus totaled $35.5 million, or $5.17 per diluted share, compared with $33.3 million, or $4.66 per diluted share, a year earlier.
