Hartford asset manager Virtus Investment Partners said it has agreed to purchase a majority stake in a New York City company that operates an electronic platform for exchange-traded funds.
Virtus said ETF Issuer Solutions’ platform will allow it to offer an actively-managed ETF product to its clients.
“There is growing interest among financial advisors and investors to use exchange-traded funds in their retail and institutional portfolios because of the tax efficiency and liquidity benefits that ETFs offer,” Virtus CEO George R. Aylward said in a statement.
Financial terms of the transaction, expected to close in March, were not disclosed.
ETIS subadvisers manage three ETFs, and the company is registering an additional seven with the U.S. Securities and Exchange Commission, Virtus said.
The business is managed by co-founders Matthew B. Brown and William J. Smalley.
Read more
