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Name | Symbol | Market | Type |
---|---|---|---|
Virtus Investment Partners Inc | NASDAQ:VRTSP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.27 | 0.0001 | 4,294.67 | 0 | 01:00:00 |
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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26-3962811
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $.01 par value
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VRTS
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The NASDAQ Stock Market LLC
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(including attached Preferred Share Purchase Rights)
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Large accelerated filer
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x |
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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Item 1.
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Business.
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Manager
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Products
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Strategies
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Assets
(in billions)
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Ceredex Value Advisors
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Open-end funds and institutional accounts
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Value-oriented strategies;
large-, mid- and small-cap domestic equities
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$
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9.4
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Duff & Phelps Investment Management
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Closed- and open-end funds and institutional accounts
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Equity income strategies;
global listed infrastructure, domestic, international real estate and energy, and international equities
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$
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11.2
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Kayne Anderson Rudnick Investment Management
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Open-end funds, institutional accounts, intermediary-sold managed accounts and private client accounts
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Quality-oriented equity strategies in
small to large cap, including domestic global, international and emerging market strategies
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$
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33.0
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Newfleet Asset Management
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Closed- and open-end funds, ETFs, institutional, intermediary-sold managed accounts, private client accounts and structured products
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Fixed income strategies;
multi-sector, enhanced core strategies and dedicated sector strategies such as bank loans and high yield
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$
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10.4
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Rampart Investment Management Company
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Closed- and open-end funds, institutional accounts and intermediary-sold managed accounts
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Quantitative and option related strategies
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$
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1.0
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Seix Investment Advisors
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Open-end funds, institutional, ETFs and structured products
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High yield, leveraged loans, investment grade taxable, tax-exempt and multi-sector strategies
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$
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18.2
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Silvant Capital Management
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Open-end funds and institutional
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Growth equity strategies, including large-cap and small-cap
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$
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0.8
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Sustainable Growth Advisers
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Institutional and private client accounts and open-end funds
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Large-cap growth strategies, including domestic, global, international and emerging markets
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$
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14.8
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Fund assets
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(in billions)
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Open-end funds
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$
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42.9
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Closed-end funds
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6.7
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Exchange traded funds
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1.2
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Retail separate accounts
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20.4
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Institutional accounts
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32.6
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Structured products
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3.9
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Total Long-Term
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107.7
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Liquidity (1)
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1.2
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Total Assets Under Management
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$
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108.9
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(1)
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Represents assets under management in liquidity strategies, including certain open-end funds and institutional accounts.
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Asset Class
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Number of Funds Offered
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Total Assets
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Advisory Fee
Range (1) |
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(in millions)
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(%)
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Domestic Equity
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22
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$
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16,661
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2.15-0.40
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Fixed Income
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22
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12,808
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1.85-0.21
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International/Global Equity
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13
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11,459
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1.20-0.65
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Alternatives
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9
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1,139
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1.30-0.55
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Asset Allocation
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4
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803
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1.00-0.45
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Total Open-End Funds
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70
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$
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42,870
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(1)
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Percentage of average daily net assets. The percentages listed represent the range of management advisory fees paid by the funds, from the highest to the lowest. The range indicated includes the impact of breakpoints at which management advisory fees for certain of the funds in each fund type decrease as assets in the funds increase. Subadvisory fees paid on funds managed by unaffiliated subadvisers are not reflected in the percentages listed.
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Fund Type/Name
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Total Assets
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Advisory
Fee
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(in millions)
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(%)
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Asset Allocation
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DNP Select Income Fund Inc.
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$
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4,230
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0.60-0.50
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(1)
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Virtus Total Return Fund Inc.
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689
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0.75
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(2)
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Alternatives
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Duff & Phelps Utility and Infrastructure Fund Inc.
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887
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1.00
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(1)
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Duff & Phelps Select MLP and Midstream Energy Fund Inc.
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169
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1.00
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(2)
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Fixed Income
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Duff & Phelps Utility and Corporate Bond Trust Inc.
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367
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0.50
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(1)
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Virtus Global Multi-Sector Income Fund
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207
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0.95
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(2)
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DTF Tax-Free Income Inc.
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199
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0.50
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(1)
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Total Closed-End Funds
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$
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6,748
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(1)
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Percentage of average weekly net assets. A range indicates that the fund has breakpoints at which management advisory fees decrease as assets in the fund increase.
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(2)
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Percentage of average daily net assets of each fund.
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ETF Name
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Total Assets
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Advisory
Fee (1) |
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(in millions)
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(%)
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Alternative
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Virtus Real Asset Income ETF
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$
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322
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0.033
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InfraCap MLP ETF
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312
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0.075
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Virtus Private Credit Strategy ETF
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224
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0.468
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InfraCap Reit Preferred ETF
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44
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0.075
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Equity
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Virtus InfraCap U.S. Preferred Stock ETF
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97
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0.140
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Virtus LifeSci Biotech Clinical Trials ETF
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42
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0.450
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Reaves Utilities ETF
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35
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0.490
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Virtus LifeSci Biotech Products ETF
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28
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0.450
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Virtus Glovista Emerging Markets ETF
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6
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0.650
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Virtus WMC Global Factor Opportunities ETF
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6
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0.280
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Fixed Income
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Virtus Newfleet Multi-Sector Bond ETF
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22
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0.700
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Virtus Newfleet Dynamic Credit ETF
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10
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0.550
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Virtus Seix Senior Loan ETF
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8
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0.570
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Total ETFs
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$
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1,156
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(1)
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Percentage of average daily net assets of each fund. Subadvisory fees paid on funds managed by unaffiliated subadvisers are not reflected in the percentages listed.
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Asset Class
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Total Assets
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(in millions)
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Equity
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$
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13,620
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Fixed income
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1,915
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Alternative
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57
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Total Intermediary-Sold Managed Accounts
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$
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15,592
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Asset Class
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Total Assets
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(in millions)
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Equity
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$
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3,073
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Fixed income
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1,613
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Alternative
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136
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Total Private Client Accounts
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$
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4,822
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Asset Class
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Total Assets
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(in millions)
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Equity
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$
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21,268
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Fixed income
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9,091
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Alternative
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2,276
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Total Institutional Accounts
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$
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32,635
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Fund Name
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Inception
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Total Assets
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(in millions)
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Mountain View CLO IX Ltd.
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2015
|
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$
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553
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Mountain View CLO 2017-1 Ltd.
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2017
|
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503
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Mountain View CLO 2014-1 Ltd.
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2014
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409
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Mountain View CLO X Ltd.
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2015
|
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406
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Mountain View CLO XIV Ltd.
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2019
|
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406
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Mountain View CLO 2017-2 Ltd.
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2018
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405
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Mountain View CLO 2013-1 Ltd.
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2013
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398
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Newfleet CLO 2016-1 Ltd.
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2016
|
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351
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Mountain View CLO 2016-1 Ltd.
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2016
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303
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Broderick CDO 1 Ltd.
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2005
|
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169
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Total Structured Products
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$
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3,903
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Years Ended December 31,
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||||||||||
(in thousands)
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2019
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2018
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2017 (1)
|
||||||
Open-end funds
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$
|
229,637
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$
|
231,175
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|
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$
|
175,260
|
|
Closed-end funds
|
42,199
|
|
|
41,455
|
|
|
44,687
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|
|||
Retail separate accounts
|
82,999
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|
|
73,532
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|
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54,252
|
|
|||
Institutional accounts
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96,429
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|
|
77,711
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|
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46,600
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|
|||
Structured products
|
6,381
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|
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9,622
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|
|
6,302
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|
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Other products (2)
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3,832
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3,526
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|
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3,974
|
|
|||
Total investment management fees
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461,477
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437,021
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331,075
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Administration fees
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42,009
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44,503
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34,413
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|
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Shareholder service fees
|
17,875
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19,111
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|
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14,583
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|
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Total
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$
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521,361
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$
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500,635
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$
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380,071
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(1)
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Prior period amounts have not been adjusted and are reported in accordance with historical accounting under Accounting Standards Codification 605, Revenue Recognition.
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Item 1A.
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Risk Factors.
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•
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General domestic and global economic and political conditions. Capital, equity and credit markets can experience substantial volatility. Changes in interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, commodity prices, currency exchange rates and controls, and national and international political circumstances (including wars, terrorist acts, pandemics and security operations) and other conditions may impact the capital, equity and credit markets which may impact our assets under management. Employment rates, economic weakness and budgetary challenges in parts of the world, the impact of the United Kingdom’s withdrawal from the European Union, uncertainty regarding international trade policies, regional turmoil in the Middle East, concern over prospects in China and emerging markets, growing debt for certain countries, and uncertainty about the consequences of governments withdrawing monetary stimulus all indicate that economic and political conditions remain unpredictable.
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•
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Price declines in specific securities, market segments or geographic areas where those assets are invested. Funds and portfolios that we manage that are focused on certain geographic markets and industry sectors, are particularly vulnerable to political, social and economic events in those markets and sectors. If these markets or industries decline or experience volatility, this could have a negative impact on our assets under management and our revenues. For example, certain non-U.S. markets, particularly emerging markets, are not as developed or as efficient as the U.S. financial markets and, as a result, may be less liquid, less regulated and significantly more volatile than the U.S. financial markets. Liquidity in such markets may be adversely impacted by factors including political or economic events, government policies, expropriation, volume trading limits by foreign investors, and social or civil unrest, etc. These factors may negatively impact the market value of an investment or our ability to dispose of it.
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•
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Any real or perceived negative absolute or relative performance. Sales and redemptions of our investment strategies can be affected by investment performance relative to other competing investment strategies or to established benchmarks. Our investment management strategies are rated, ranked or assessed by independent third-parties, distribution partners and industry periodicals and services. These assessments often influence the investment decisions of clients. If the performance or assessment of our investment strategies is seen as underperforming relative to peers, it could result in an increase in the withdrawal of assets by existing clients and the inability to attract additional investments from existing and new clients. Certain of our investment strategies have capacity constraints, as there is a limit to the number of securities available for the strategy to operate effectively. In those instances, we may choose to limit access to new or existing investors.
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•
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Changes in interest rates. Increases in interest rates from their historically low levels may adversely affect the net asset values of our assets under management. Furthermore, increases in interest rates may result in reduced prices in equity markets. Conversely, decreases in interest rates could lead to outflows in fixed income assets that we manage as investors seek higher yields.
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Item 1B.
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Unresolved Staff Comments.
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Item 2.
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Properties.
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Item 3.
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Legal Proceedings.
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Item 4.
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Mine Safety Disclosures.
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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Period
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Total number of shares purchased
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Average price paid per share (1)
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Total number of shares purchased as part of publicly announced plans or programs (2)
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Maximum number of shares that may yet be purchased under the plans or programs (2)
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|||||
October 1—31, 2019
|
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7,295
|
|
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$
|
108.23
|
|
|
7,295
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|
|
330,888
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November 1—30, 2019
|
|
45,038
|
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$
|
115.96
|
|
|
45,038
|
|
|
285,850
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December 1—31, 2019
|
|
33,412
|
|
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$
|
119.27
|
|
|
33,412
|
|
|
252,438
|
|
Total
|
|
85,745
|
|
|
|
|
85,745
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|
(1)
|
Average price paid per share is calculated on a settlement basis and excludes commissions.
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Item 6.
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Selected Financial Data.
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Years Ended December 31,
|
||||||||||||||||||
(in thousands, except per share data)
|
2019 (1)
|
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2018 (1)
|
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2017 (1)
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2016 (2)
|
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2015 (2)
|
||||||||||
Results of Operations
|
|
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|
||||||||||
Revenues
|
$
|
563,246
|
|
|
$
|
552,235
|
|
|
$
|
425,607
|
|
|
$
|
322,554
|
|
|
$
|
381,977
|
|
Operating expenses
|
438,536
|
|
|
439,136
|
|
|
367,572
|
|
|
271,740
|
|
|
301,599
|
|
|||||
Operating income (loss)
|
124,710
|
|
|
113,099
|
|
|
58,035
|
|
|
50,814
|
|
|
80,378
|
|
|||||
Income tax expense (benefit)
|
35,177
|
|
|
32,961
|
|
|
40,490
|
|
|
21,044
|
|
|
36,972
|
|
|||||
Net income (loss)
|
105,508
|
|
|
76,080
|
|
|
39,939
|
|
|
48,763
|
|
|
30,671
|
|
|||||
Net income (loss) attributable to common stockholders
|
87,312
|
|
|
67,192
|
|
|
28,676
|
|
|
48,502
|
|
|
35,106
|
|
|||||
Earnings (loss) per share—basic
|
12.54
|
|
|
9.37
|
|
|
4.09
|
|
|
6.34
|
|
|
3.99
|
|
|||||
Earnings (loss) per share—diluted
|
11.74
|
|
|
8.86
|
|
|
3.96
|
|
|
6.20
|
|
|
3.92
|
|
|||||
Cash dividends declared per preferred share
|
7.25
|
|
|
7.25
|
|
|
7.25
|
|
|
—
|
|
|
—
|
|
|||||
Cash dividends declared per common share
|
2.44
|
|
|
2.00
|
|
|
1.80
|
|
|
1.80
|
|
|
1.80
|
|
|||||
|
As of December 31,
|
||||||||||||||||||
(in thousands)
|
2019 (1)
|
|
2018 (1)
|
|
2017 (2)
|
|
2016 (2)
|
|
2015 (2)
|
||||||||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
221,781
|
|
|
$
|
201,705
|
|
|
$
|
132,150
|
|
|
$
|
64,588
|
|
|
$
|
87,574
|
|
Investments
|
83,206
|
|
|
79,558
|
|
|
108,492
|
|
|
89,371
|
|
|
56,738
|
|
|||||
Investments of CIP
|
2,030,110
|
|
|
1,749,568
|
|
|
1,597,752
|
|
|
489,042
|
|
|
522,820
|
|
|||||
Goodwill and other intangible assets, net
|
600,757
|
|
|
629,178
|
|
|
472,107
|
|
|
45,215
|
|
|
47,588
|
|
|||||
Total assets
|
3,204,634
|
|
|
2,870,535
|
|
|
2,590,799
|
|
|
824,388
|
|
|
859,729
|
|
|||||
Accrued compensation and benefits
|
101,377
|
|
|
93,339
|
|
|
86,658
|
|
|
47,885
|
|
|
49,617
|
|
|||||
Debt
|
277,839
|
|
|
329,184
|
|
|
248,320
|
|
|
30,000
|
|
|
—
|
|
|||||
Notes payable of CIP
|
1,834,535
|
|
|
1,620,260
|
|
|
1,457,435
|
|
|
328,761
|
|
|
—
|
|
|||||
Total liabilities
|
2,454,532
|
|
|
2,169,187
|
|
|
1,981,397
|
|
|
465,449
|
|
|
276,408
|
|
|||||
Redeemable noncontrolling interests
|
63,845
|
|
|
57,481
|
|
|
4,178
|
|
|
37,266
|
|
|
73,864
|
|
|||||
Mandatory convertible preferred stock
|
110,843
|
|
|
110,843
|
|
|
110,843
|
|
|
—
|
|
|
—
|
|
|||||
Total equity
|
686,257
|
|
|
643,867
|
|
|
605,224
|
|
|
321,673
|
|
|
509,457
|
|
|||||
|
As of December 31,
|
||||||||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Assets Under Management
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets under management
|
$
|
108,904
|
|
|
$
|
92,030
|
|
|
$
|
90,963
|
|
|
$
|
45,366
|
|
|
$
|
47,385
|
|
Total long-term assets under management
|
$
|
107,726
|
|
|
$
|
90,417
|
|
|
$
|
88,835
|
|
|
$
|
45,366
|
|
|
$
|
47,385
|
|
(1)
|
Derived from audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
|
(2)
|
Derived from audited consolidated financial statements not included in this Annual Report on Form 10-K.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
|
December 31,
|
|
As of Change
|
|||||
Index
|
|
2019
|
|
2018
|
|
%
|
|||
MSCI World Index
|
|
2,358
|
|
|
1,884
|
|
|
25.2
|
%
|
Standard & Poor's 500 Index
|
|
3,231
|
|
|
2,507
|
|
|
28.9
|
%
|
Russell 2000 Index
|
|
1,668
|
|
|
1,349
|
|
|
23.6
|
%
|
MSCI Emerging Markets Index
|
|
1,115
|
|
|
966
|
|
|
15.4
|
%
|
Bloomberg Barclays U.S. Aggregate Bond Index
|
|
2,225
|
|
|
2,047
|
|
|
8.7
|
%
|
Standard & Poor's / LSTA Leveraged Loan Index
|
|
2,273
|
|
|
2,054
|
|
|
10.7
|
%
|
•
|
Earnings per diluted share was $11.74 in 2019, an increase of $2.88, or 32.5%, from $8.86 per diluted share in 2018.
|
•
|
Total sales were $20.1 billion in 2019 compared with $22.8 billion in 2018. Net flows were $(0.8) billion in 2019 compared with $(3.7) billion in 2018.
|
•
|
Assets under management were $108.9 billion at December 31, 2019 compared to $92.0 billion at December 31, 2018.
|
|
|
|
Three Year
|
||||
Fund Type/Name
|
Assets
(in millions) |
|
Average
Return (1)
|
Benchmark Index
Return (2)
|
Peer Group Percentile
Ranking (3)
|
||
|
|
|
%
|
%
|
%
|
||
U.S. Retail Funds
|
|
|
|
|
|
||
Equity
|
|
|
|
|
|
||
Virtus KAR Small-Cap Growth Fund
|
$
|
5,463
|
|
|
27.98
|
12.49
|
1
|
Virtus Ceredex Mid-Cap Value Equity Fund
|
3,716
|
|
|
11.06
|
8.10
|
3
|
|
Virtus KAR Small-Cap Core Fund
|
1,604
|
|
|
22.89
|
8.59
|
4
|
|
Virtus Ceredex Large-Cap Value Equity Fund
|
1,306
|
|
|
10.90
|
9.68
|
35
|
|
Virtus KAR Mid-Cap Growth Fund
|
681
|
|
|
27.73
|
17.36
|
1
|
|
Virtus KAR Small-Cap Value Fund
|
633
|
|
|
7.67
|
4.77
|
88
|
|
Virtus KAR Capital Growth Fund
|
561
|
|
|
21.19
|
20.49
|
22
|
|
Virtus Ceredex Small-Cap Value Equity Fund
|
556
|
|
|
4.33
|
4.77
|
86
|
|
Virtus KAR Mid-Cap Core Fund
|
529
|
|
|
16.17
|
12.06
|
44
|
|
Virtus Rampart Equity Trend Fund
|
304
|
|
|
8.55
|
15.27
|
95
|
|
Virtus Rampart Sector Trend Fund
|
206
|
|
|
10.42
|
15.27
|
89
|
|
Virtus Rampart Enhanced Core Equity Fund
|
146
|
|
|
11.08
|
15.27
|
85
|
|
Virtus Zevenbergen Innovative Growth Stock Fund
|
137
|
|
|
26.90
|
19.89
|
2
|
|
Virtus Silvant Large-Cap Growth Stock Fund
|
109
|
|
|
19.01
|
20.49
|
42
|
|
Virtus KAR Small-Mid Cap Core Fund
|
54
|
|
|
N/A
|
N/A
|
N/A
|
|
Virtus Horizon Wealth Masters Fund
|
46
|
|
|
8.23
|
12.06
|
71
|
|
Virtus Silvant Small-Cap Growth Stock Fund
|
30
|
|
|
13.32
|
12.49
|
53
|
|
|
|
|
|
|
|
||
Fixed Income
|
|
|
|
|
|
||
Virtus Newfleet Multi-Sector Short Term Bond Fund
|
6,362
|
|
|
3.23
|
3.04
|
11
|
|
Virtus Seix Floating Rate High Income Fund
|
3,341
|
|
|
3.54
|
4.48
|
54
|
|
Virtus Newfleet Low Duration Core Plus Bond Fund
|
485
|
|
|
2.92
|
2.58
|
21
|
|
Virtus Newfleet Senior Floating Rate Fund
|
354
|
|
|
3.26
|
4.48
|
70
|
|
Virtus Newfleet Multi-Sector Intermediate Bond Fund
|
318
|
|
|
5.01
|
4.03
|
40
|
|
Virtus Seix Total Return Bond Fund
|
307
|
|
|
3.11
|
4.03
|
94
|
|
Virtus Seix Investment Grade Tax-Exempt Bond Fund
|
301
|
|
|
3.67
|
4.10
|
70
|
|
Virtus Seix High Yield Fund
|
299
|
|
|
5.89
|
6.45
|
31
|
|
Virtus Seix High Income Fund
|
296
|
|
|
5.31
|
6.37
|
57
|
|
Virtus Newfleet Tax-Exempt Bond Fund
|
130
|
|
|
4.06
|
4.24
|
47
|
|
Virtus Seix Core Bond Fund
|
105
|
|
|
3.46
|
4.03
|
66
|
|
Virtus Newfleet Core Plus Bond Fund
|
98
|
|
|
4.91
|
4.03
|
12
|
|
Virtus Newfleet High Yield Fund
|
60
|
|
|
5.57
|
6.36
|
47
|
|
Virtus Seix High Grade Municipal Bond Fund
|
59
|
|
|
4.61
|
4.72
|
51
|
|
Virtus Seix Corporate Bond Fund
|
39
|
|
|
4.96
|
5.92
|
67
|
|
Virtus Seix U.S. Mortgage Fund
|
21
|
|
|
2.95
|
3.25
|
33
|
|
|
|
|
|
|
|
|
|
|
Three Year
|
||||
Fund Type/Name
|
Assets
(in millions) |
|
Average
Return (1)
|
Benchmark Index Return (2)
|
Peer Group Percentile
Ranking (3)
|
||
|
|
|
%
|
%
|
%
|
||
International/Global
|
|
|
|
|
|
||
Virtus Vontobel Emerging Markets Opportunities Fund
|
7,312
|
|
|
10.88
|
11.57
|
45
|
|
Virtus KAR International Small-Cap Fund
|
1,926
|
|
|
15.17
|
9.65
|
12
|
|
Virtus Vontobel Foreign Opportunities Fund
|
1,098
|
|
|
14.15
|
9.56
|
29
|
|
Virtus Vontobel Global Opportunities Fund
|
348
|
|
|
16.30
|
12.44
|
15
|
|
Virtus KAR Emerging Markets Small-Cap Fund
|
129
|
|
|
13.60
|
6.70
|
16
|
|
Virtus SGA Global Growth Fund
|
92
|
|
|
19.85
|
12.44
|
5
|
|
Virtus KAR Global Quality Dividend Fund
|
42
|
|
|
9.69
|
10.55
|
N/A
|
|
Virtus SGA International Growth Fund
|
42
|
|
|
16.03
|
9.87
|
14
|
|
|
|
|
|
|
|
||
Alternatives
|
|
|
|
|
|
||
Virtus Duff & Phelps Real Estate Securities Fund
|
561
|
|
|
8.10
|
8.14
|
51
|
|
Virtus Duff & Phelps International Real Estate Securities Fund
|
255
|
|
|
13.79
|
10.76
|
5
|
|
Virtus Duff & Phelps Global Infrastructure Fund
|
108
|
|
|
12.37
|
12.12
|
19
|
|
Virtus Duff & Phelps Global Real Estate Securities Fund
|
56
|
|
|
11.83
|
8.28
|
17
|
|
Virtus Aviva Multi-Strategy Target Return Fund
|
38
|
|
|
0.99
|
1.16
|
80
|
|
Virtus KAR Long/Short Equity Fund
|
37
|
|
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
||
Asset Allocation
|
|
|
|
|
|
||
Virtus Tactical Allocation Fund
|
621
|
|
|
12.66
|
12.36
|
5
|
|
Virtus Rampart Multi-Asset Trend Fund
|
48
|
|
|
5.40
|
8.99
|
65
|
|
Virtus Herzfeld Fund
|
46
|
|
|
8.16
|
9.20
|
62
|
|
|
|
|
|
|
|
||
Global Funds
|
|
|
|
|
|
||
Virtus GF SGA Global Growth Fund
|
308
|
|
|
N/A
|
N/A
|
N/A
|
|
Virtus GF Multi-Sector Short Duration Bond Fund
|
62
|
|
|
2.81
|
3.26
|
4
|
|
Virtus GF U.S. Small Cap Focus Fund
|
62
|
|
|
24.33
|
8.59
|
2
|
|
Virtus GF Multi-Sector Income Fund
|
27
|
|
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
||
Variable Insurance Funds
|
|
|
|
|
|
||
Virtus KAR Capital Growth Series
|
238
|
|
|
21.80
|
20.49
|
17
|
|
Virtus SGA International Growth Series
|
148
|
|
|
4.63
|
9.87
|
99
|
|
Virtus Newfleet Multi-Sector Intermediate Bond Series
|
118
|
|
|
4.69
|
4.03
|
54
|
|
Virtus KAR Small-Cap Growth Series
|
104
|
|
|
29.26
|
12.49
|
1
|
|
Virtus Rampart Enhanced Core Equity Series
|
97
|
|
|
11.30
|
15.27
|
83
|
|
Virtus Duff & Phelps Real Estate Securities Series
|
78
|
|
|
8.07
|
8.14
|
52
|
|
Virtus KAR Small-Cap Value Series
|
77
|
|
|
8.00
|
4.77
|
86
|
|
Virtus Strategic Allocation Series
|
77
|
|
|
12.60
|
12.36
|
5
|
|
|
|
|
|
|
|
||
Other Funds
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
$
|
42,870
|
|
|
|
|
|
(1)
|
Represents the average annual total return performance of the largest share class as measured by net assets for which performance data is available. Performance shown does not include the effect of applicable sales charges, if any. Had any applicable sales charges been reflected, performance would be lower than shown above.
|
(2)
|
Represents the average annual total return of the benchmark index. Benchmark indices are unmanaged, their returns do not reflect any fees, expenses or sales charges, and they are not available for direct investment. The Benchmark Index for each fund can be found in the respective fund's fact sheet on our website at https://www.virtus.com/investor-center/mutual-fund-documents.
|
(3)
|
Represents the peer ranking of the fund’s average annual total return according to Morningstar. The Morningstar Peer Group for each fund can be found in the respective fund's fact sheet on our website at https://www.virtus.com/investor-
|
|
As of December 31,
|
|
As of Change
|
|||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Open-End Funds (1)
|
$
|
42,870
|
|
|
$
|
37,710
|
|
|
$
|
5,160
|
|
|
13.7
|
%
|
Closed-End Funds
|
6,748
|
|
|
5,956
|
|
|
792
|
|
|
13.3
|
%
|
|||
Exchange Traded Funds
|
1,156
|
|
|
668
|
|
|
488
|
|
|
73.2
|
%
|
|||
Retail Separate Accounts
|
20,414
|
|
|
14,998
|
|
|
5,416
|
|
|
36.1
|
%
|
|||
Institutional Accounts
|
32,635
|
|
|
27,445
|
|
|
5,190
|
|
|
18.9
|
%
|
|||
Structured Products
|
3,903
|
|
|
3,640
|
|
|
263
|
|
|
7.2
|
%
|
|||
Total Long-Term
|
107,726
|
|
|
90,417
|
|
|
17,309
|
|
|
19.1
|
%
|
|||
Liquidity (2)
|
1,178
|
|
|
1,613
|
|
|
(435
|
)
|
|
(26.9
|
)%
|
|||
Total Assets Under Management
|
$
|
108,904
|
|
|
$
|
92,030
|
|
|
$
|
16,874
|
|
|
18.3
|
%
|
Average Long-Term Assets Under Management (3)
|
$
|
100,472
|
|
|
$
|
94,567
|
|
|
$
|
5,905
|
|
|
6.2
|
%
|
Average Assets Under Management (3)
|
$
|
102,072
|
|
|
$
|
96,278
|
|
|
$
|
5,794
|
|
|
6.0
|
%
|
(1)
|
Represents assets under management of U.S. retail funds, offshore funds and variable insurance funds.
|
(2)
|
Represents assets under management in liquidity strategies, including certain open-end funds and institutional accounts.
|
(3)
|
Averages are calculated as follows:
|
Asset Flows by Product
|
|
|
|
||||
|
|
|
|
||||
(in millions)
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Open-End Funds (1)
|
|
|
|
||||
Beginning balance
|
$
|
37,710
|
|
|
$
|
43,078
|
|
Inflows
|
10,835
|
|
|
14,836
|
|
||
Outflows
|
(13,029
|
)
|
|
(17,098
|
)
|
||
Net flows
|
(2,194
|
)
|
|
(2,262
|
)
|
||
Market performance
|
7,536
|
|
|
(2,522
|
)
|
||
Other (2)
|
(182
|
)
|
|
(584
|
)
|
||
Ending balance
|
$
|
42,870
|
|
|
$
|
37,710
|
|
Closed-End Funds
|
|
|
|
||||
Beginning balance
|
$
|
5,956
|
|
|
$
|
6,666
|
|
Inflows
|
44
|
|
|
22
|
|
||
Outflows
|
—
|
|
|
—
|
|
||
Net flows
|
44
|
|
|
22
|
|
||
Market performance
|
1,116
|
|
|
(289
|
)
|
||
Other (2)
|
(368
|
)
|
|
(443
|
)
|
||
Ending balance
|
$
|
6,748
|
|
|
$
|
5,956
|
|
Exchange Traded Funds
|
|
|
|
||||
Beginning balance
|
$
|
668
|
|
|
$
|
1,039
|
|
Inflows
|
784
|
|
|
290
|
|
||
Outflows
|
(279
|
)
|
|
(342
|
)
|
||
Net flows
|
505
|
|
|
(52
|
)
|
||
Market performance
|
90
|
|
|
(163
|
)
|
||
Other (2)
|
(107
|
)
|
|
(156
|
)
|
||
Ending balance
|
$
|
1,156
|
|
|
$
|
668
|
|
Retail Separate Accounts
|
|
|
|
||||
Beginning balance
|
$
|
14,998
|
|
|
$
|
13,937
|
|
Inflows
|
3,315
|
|
|
3,061
|
|
||
Outflows
|
(1,790
|
)
|
|
(2,440
|
)
|
||
Net flows
|
1,525
|
|
|
621
|
|
||
Market performance
|
4,045
|
|
|
(736
|
)
|
||
Other (2)
|
(154
|
)
|
|
1,176
|
|
||
Ending balance
|
$
|
20,414
|
|
|
$
|
14,998
|
|
Institutional Accounts
|
|
|
|
||||
Beginning balance
|
$
|
27,445
|
|
|
$
|
20,815
|
|
Inflows
|
4,777
|
|
|
4,144
|
|
||
Outflows
|
(5,720
|
)
|
|
(6,543
|
)
|
||
Net flows
|
(943
|
)
|
|
(2,399
|
)
|
||
Market performance
|
6,377
|
|
|
(992
|
)
|
||
Other (2)
|
(244
|
)
|
|
10,021
|
|
||
Ending balance
|
$
|
32,635
|
|
|
$
|
27,445
|
|
Structured Products
|
|
|
|
||||
Beginning balance
|
$
|
3,640
|
|
|
$
|
3,299
|
|
Inflows
|
389
|
|
|
421
|
|
||
Outflows
|
(98
|
)
|
|
(71
|
)
|
||
Net flows
|
291
|
|
|
350
|
|
||
Market performance
|
173
|
|
|
180
|
|
||
Other (2)
|
(201
|
)
|
|
(189
|
)
|
||
Ending balance
|
$
|
3,903
|
|
|
$
|
3,640
|
|
Total Long-Term
|
|
|
|
||||
Beginning balance
|
$
|
90,417
|
|
|
$
|
88,834
|
|
Inflows
|
20,144
|
|
|
22,774
|
|
||
Outflows
|
(20,916
|
)
|
|
(26,494
|
)
|
||
Net flows
|
(772
|
)
|
|
(3,720
|
)
|
||
Market performance
|
19,337
|
|
|
(4,522
|
)
|
||
Other (2)
|
(1,256
|
)
|
|
9,825
|
|
||
Ending balance
|
$
|
107,726
|
|
|
$
|
90,417
|
|
Liquidity (3)
|
|
|
|
||||
Beginning balance
|
$
|
1,613
|
|
|
$
|
2,129
|
|
Other (2)
|
(435
|
)
|
|
(516
|
)
|
||
Ending balance
|
$
|
1,178
|
|
|
$
|
1,613
|
|
Total
|
|
|
|
||||
Beginning balance
|
$
|
92,030
|
|
|
$
|
90,963
|
|
Inflows
|
20,144
|
|
|
22,774
|
|
||
Outflows
|
(20,916
|
)
|
|
(26,494
|
)
|
||
Net flows
|
(772
|
)
|
|
(3,720
|
)
|
||
Market performance
|
19,337
|
|
|
(4,522
|
)
|
||
Other (2)
|
(1,691
|
)
|
|
9,309
|
|
||
Ending balance
|
$
|
108,904
|
|
|
$
|
92,030
|
|
(1)
|
Represents assets under management of U.S. retail funds, offshore funds and variable insurance funds.
|
(2)
|
Represents open-end and closed-end fund distributions net of reinvestments, the net change in assets from liquidity strategies and the effect on net flows from non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), structured products reset transactions and the use of leverage.
|
(3)
|
Represents assets under management in liquidity strategies, including in certain open-end funds and institutional accounts.
|
|
December 31,
|
|
Change
|
|||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Asset Class
|
|
|
|
|
|
|
|
|||||||
Equity
|
$
|
70,720
|
|
|
$
|
53,297
|
|
|
$
|
17,423
|
|
|
32.7
|
%
|
Fixed income
|
31,186
|
|
|
33,425
|
|
|
(2,239
|
)
|
|
(6.7
|
)%
|
|||
Alternatives (1)
|
5,820
|
|
|
3,695
|
|
|
2,125
|
|
|
57.5
|
%
|
|||
Total Long-term
|
107,726
|
|
|
90,417
|
|
|
17,309
|
|
|
19.1
|
%
|
|||
Liquidity (2)
|
1,178
|
|
|
1,613
|
|
|
(435
|
)
|
|
(26.9
|
)%
|
|||
Total
|
$
|
108,904
|
|
|
$
|
92,030
|
|
|
$
|
16,874
|
|
|
18.3
|
%
|
(1)
|
Consists of real estate securities, mid-stream energy securities and master limited partnerships, options strategies and other.
|
(2)
|
Represents assets under management in liquidity strategies, including in certain open-end funds and institutional accounts.
|
|
Years Ended December 31,
|
||||||||||||
|
Average Fee Earned
(expressed in basis points) |
|
Average Assets Under Management
(in millions) (2) |
||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
Products
|
|
|
|
|
|
|
|
||||||
Open-End Funds (1)
|
56.1
|
|
|
53.0
|
|
|
$
|
40,917
|
|
|
$
|
43,623
|
|
Closed-End Funds
|
64.7
|
|
|
66.0
|
|
|
6,524
|
|
|
6,283
|
|
||
Exchange Traded Funds
|
22.1
|
|
|
17.9
|
|
|
1,012
|
|
|
985
|
|
||
Retail Separate Accounts
|
47.9
|
|
|
47.1
|
|
|
17,311
|
|
|
15,069
|
|
||
Institutional Accounts
|
31.3
|
|
|
32.1
|
|
|
30,834
|
|
|
24,966
|
|
||
Structured Products
|
36.9
|
|
|
43.1
|
|
|
3,874
|
|
|
3,641
|
|
||
All Long-Term Products
|
46.6
|
|
|
46.7
|
|
|
100,472
|
|
|
94,567
|
|
||
Liquidity (3)
|
10.1
|
|
|
10.4
|
|
|
1,600
|
|
|
1,711
|
|
||
All Products
|
46.0
|
|
|
46.0
|
|
|
$
|
102,072
|
|
|
$
|
96,278
|
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Investment management fees
|
$
|
461,477
|
|
|
$
|
437,021
|
|
|
$
|
24,456
|
|
|
5.6
|
%
|
Other revenue
|
101,769
|
|
|
115,214
|
|
|
(13,445
|
)
|
|
(11.7
|
)%
|
|||
Total revenues
|
563,246
|
|
|
552,235
|
|
|
11,011
|
|
|
2.0
|
%
|
|||
Total operating expenses
|
438,536
|
|
|
439,136
|
|
|
(600
|
)
|
|
(0.1
|
)%
|
|||
Operating income (loss)
|
124,710
|
|
|
113,099
|
|
|
11,611
|
|
|
10.3
|
%
|
|||
Other income (expense), net
|
8,253
|
|
|
(23,180
|
)
|
|
31,433
|
|
|
(135.6
|
)%
|
|||
Interest income (expense), net
|
7,722
|
|
|
19,122
|
|
|
(11,400
|
)
|
|
(59.6
|
)%
|
|||
Income (loss) before income taxes
|
140,685
|
|
|
109,041
|
|
|
31,644
|
|
|
29.0
|
%
|
|||
Income tax expense (benefit)
|
35,177
|
|
|
32,961
|
|
|
2,216
|
|
|
6.7
|
%
|
|||
Net income (loss)
|
105,508
|
|
|
76,080
|
|
|
29,428
|
|
|
38.7
|
%
|
|||
Noncontrolling interests
|
(9,859
|
)
|
|
(551
|
)
|
|
(9,308
|
)
|
|
1,689.3
|
%
|
|||
Net Income (Loss) Attributable to Stockholders
|
$
|
95,649
|
|
|
$
|
75,529
|
|
|
$
|
20,120
|
|
|
26.6
|
%
|
Preferred stockholder dividends
|
(8,337
|
)
|
|
(8,337
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net Income (Loss) Attributable to Common Stockholders
|
87,312
|
|
|
67,192
|
|
|
20,120
|
|
|
29.9
|
%
|
|||
Earnings (loss) per share-diluted
|
$
|
11.74
|
|
|
$
|
8.86
|
|
|
$
|
2.88
|
|
|
32.5
|
%
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Investment management fees
|
|
|
|
|
|
|
|
|||||||
Open-end funds
|
$
|
229,637
|
|
|
$
|
231,175
|
|
|
$
|
(1,538
|
)
|
|
(0.7
|
)%
|
Closed-end funds
|
42,199
|
|
|
41,455
|
|
|
744
|
|
|
1.8
|
%
|
|||
Retail separate accounts
|
82,999
|
|
|
73,532
|
|
|
9,467
|
|
|
12.9
|
%
|
|||
Institutional accounts
|
96,429
|
|
|
77,711
|
|
|
18,718
|
|
|
24.1
|
%
|
|||
Structured products
|
6,381
|
|
|
9,622
|
|
|
(3,241
|
)
|
|
(33.7
|
)%
|
|||
Other products
|
3,832
|
|
|
3,526
|
|
|
306
|
|
|
8.7
|
%
|
|||
Total investment management fees
|
461,477
|
|
|
437,021
|
|
|
24,456
|
|
|
5.6
|
%
|
|||
Distribution and service fees
|
40,898
|
|
|
50,715
|
|
|
(9,817
|
)
|
|
(19.4
|
)%
|
|||
Administration and shareholder service fees
|
59,884
|
|
|
63,614
|
|
|
(3,730
|
)
|
|
(5.9
|
)%
|
|||
Other income and fees
|
987
|
|
|
885
|
|
|
102
|
|
|
11.5
|
%
|
|||
Total revenues
|
$
|
563,246
|
|
|
$
|
552,235
|
|
|
$
|
11,011
|
|
|
2.0
|
%
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Operating expenses
|
|
|
|
|
|
|
|
|||||||
Employment expenses
|
$
|
240,521
|
|
|
$
|
238,501
|
|
|
$
|
2,020
|
|
|
0.8
|
%
|
Distribution and other asset-based expenses
|
82,099
|
|
|
92,441
|
|
|
(10,342
|
)
|
|
(11.2
|
)%
|
|||
Other operating expenses
|
74,363
|
|
|
74,853
|
|
|
(490
|
)
|
|
(0.7
|
)%
|
|||
Other operating expenses of CIP
|
4,015
|
|
|
3,515
|
|
|
500
|
|
|
14.2
|
%
|
|||
Restructuring and severance
|
2,302
|
|
|
87
|
|
|
2,215
|
|
|
2,546.0
|
%
|
|||
Depreciation expense
|
4,992
|
|
|
4,597
|
|
|
395
|
|
|
8.6
|
%
|
|||
Amortization expense
|
30,244
|
|
|
25,142
|
|
|
5,102
|
|
|
20.3
|
%
|
|||
Total operating expenses
|
$
|
438,536
|
|
|
$
|
439,136
|
|
|
$
|
(600
|
)
|
|
(0.1
|
)%
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|||||||
Realized and unrealized gain (loss) on investments, net
|
$
|
7,044
|
|
|
$
|
(5,217
|
)
|
|
$
|
12,261
|
|
|
(235.0
|
)%
|
Realized and unrealized gain (loss) of CIP, net
|
(1,202
|
)
|
|
(21,252
|
)
|
|
20,050
|
|
|
(94.3
|
)%
|
|||
Other income (expense), net
|
2,411
|
|
|
3,289
|
|
|
(878
|
)
|
|
(26.7
|
)%
|
|||
Total Other Income (Expense), net
|
$
|
8,253
|
|
|
$
|
(23,180
|
)
|
|
$
|
31,433
|
|
|
(135.6
|
)%
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Interest Income (Expense)
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
(19,473
|
)
|
|
$
|
(19,445
|
)
|
|
$
|
(28
|
)
|
|
0.1
|
%
|
Interest and dividend income
|
3,844
|
|
|
4,999
|
|
|
(1,155
|
)
|
|
(23.1
|
)%
|
|||
Interest and dividend income of investments of CIP
|
115,356
|
|
|
98,356
|
|
|
17,000
|
|
|
17.3
|
%
|
|||
Interest expense of CIP
|
(92,005
|
)
|
|
(64,788
|
)
|
|
(27,217
|
)
|
|
42.0
|
%
|
|||
Total Interest Income, net
|
$
|
7,722
|
|
|
$
|
19,122
|
|
|
$
|
(11,400
|
)
|
|
(59.6
|
)%
|
|
December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
221,781
|
|
|
$
|
201,705
|
|
|
$
|
20,076
|
|
|
10.0
|
%
|
Investments
|
83,206
|
|
|
79,558
|
|
|
3,648
|
|
|
4.6
|
%
|
|||
Debt
|
277,839
|
|
|
329,184
|
|
|
(51,345
|
)
|
|
(15.6
|
)%
|
|||
Redeemable noncontrolling interests
|
63,845
|
|
|
57,481
|
|
|
6,364
|
|
|
11.1
|
%
|
|||
Total equity
|
686,257
|
|
|
643,867
|
|
|
42,390
|
|
|
6.6
|
%
|
|
Years Ended December 31,
|
|
Change
|
|||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019 vs.
2018 |
|
%
|
|||||||
Cash Flow Data
|
|
|
|
|
|
|
|
|||||||
Provided by (used in)
|
|
|
|
|
|
|
|
|||||||
Operating activities
|
$
|
(36,723
|
)
|
|
$
|
(62,555
|
)
|
|
$
|
25,832
|
|
|
(41.3
|
)%
|
Investing activities
|
4,448
|
|
|
(121,228
|
)
|
|
125,676
|
|
|
(103.7
|
)%
|
|||
Financing activities
|
99,558
|
|
|
204,157
|
|
|
(104,599
|
)
|
|
(51.2
|
)%
|
|
Payments Due
|
||||||||||||||||||
(in millions)
|
Total
|
|
Less Than
1 Year |
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years |
||||||||||
Lease obligations
|
$
|
34.9
|
|
|
$
|
5.9
|
|
|
$
|
14.9
|
|
|
$
|
6.9
|
|
|
$
|
7.2
|
|
Term Loan (1)
|
337.2
|
|
|
15.6
|
|
|
45.8
|
|
|
275.8
|
|
|
—
|
|
|||||
Credit Facility, including commitment fee (1)
|
0.9
|
|
|
0.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|||||
Minimum payments on service contracts (2)
|
17.2
|
|
|
9.8
|
|
|
6.1
|
|
|
1.3
|
|
|
—
|
|
|||||
Total
|
$
|
390.2
|
|
|
$
|
31.7
|
|
|
$
|
67.3
|
|
|
$
|
284.0
|
|
|
$
|
7.2
|
|
(1)
|
At December 31, 2019, we had $285.7 million outstanding under our Term Loan, which has a variable interest rate, and no amounts outstanding under our Credit Facility. Payments due are estimated based on the variable interest rate and commitment fee rate in effect
|
(2)
|
Service contracts include contractual amounts that will be due to purchase goods and services to be used in our operations and may be canceled at earlier times than those indicated under certain conditions that may include termination fees.
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
|
December 31, 2019
|
||||||
(in thousands)
|
Fair Value
|
|
10% Change
|
||||
Investment Securities - Fair Value (1)
|
$
|
60,990
|
|
|
$
|
6,099
|
|
Our net interest in CIP (2)
|
135,307
|
|
|
13,531
|
|
||
Total Investments subject to Market Risk
|
$
|
196,297
|
|
|
$
|
19,630
|
|
(1)
|
If a 10% increase or decrease in fair values were to occur, it would result in a corresponding increase or decrease in our pre-tax earnings.
|
(2)
|
These represent our direct investments in investment products that are consolidated. Upon consolidation, these direct investments are eliminated, and the assets and liabilities of CIP are consolidated in the Consolidated Balance Sheet, together with a noncontrolling interest balance representing the portion of the CIP owned by third parties. If a 10% increase or decrease in the fair values of our direct investments in CIP were to occur, it would result in a corresponding increase or decrease in our pre-tax earnings.
|
Item 8.
|
Financial Statements and Supplementary Data.
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
Controls and Procedures.
|
Item 9B.
|
Other Information.
|
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
Item 11.
|
Executive Compensation.
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Plan Category
|
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
|
Weighted-average
exercise price of outstanding options, warrants and rights (1) |
|
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
||||
Equity compensation plans approved by security holders (2)
|
535,030
|
|
|
$
|
39.35
|
|
|
552,999
|
|
Equity compensation plans not approved by security holders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
535,030
|
|
|
$
|
39.35
|
|
|
552,999
|
|
(1)
|
The weighted-average exercise price set forth in this column is calculated excluding outstanding restricted stock unit awards ("RSUs") since recipients of such awards are not required to pay an exercise price to receive the shares subject to these awards.
|
(2)
|
Represents 6,654 shares of common stock issuable upon the exercise of stock options and 528,376 shares of our common stock issuable upon the vesting of RSUs outstanding under the Company’s Omnibus Incentive and Equity Plan (the "Omnibus Plan"). Of the 2,820,000 maximum number of shares of our common stock authorized for issuance under the Omnibus Plan, 107,901 shares of common stock have been issued on a cumulative basis in the form of direct grants to directors.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
Item 14.
|
Principal Accounting Fees and Services.
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
|
(a)(1)
|
Financial Statements: The following Report of Independent Registered Public Accounting Firm and Consolidated Financial Statements of Virtus are included in this Annual Report:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017
|
|
|
|
|
|
|
|
|
|
|
(a)(2)
|
Financial Statement Schedules:
|
|
(a)(3)
|
Exhibits:
|
Exhibit
Number
|
|
Exhibit Description
|
|
|
|
(2)
|
|
Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession
|
2.1
|
|
|
2.2
|
|
|
2.3
|
|
|
(3)
|
|
Articles of Incorporation and Bylaws
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
3.6
|
|
|
(4)
|
|
Instruments Defining the Rights of Security Holders including Indentures
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
(10)
|
|
Material Contracts
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
10.5*
|
|
|
10.6*
|
|
|
10.7*
|
|
|
10.8*
|
|
|
10.9*
|
|
|
10.10*
|
|
|
10.11*
|
|
|
10.12*
|
|
|
10.13*
|
|
|
10.14*
|
|
|
10.15*
|
|
|
10.16*
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
10.20
|
|
|
10.21*
|
|
(21)
|
|
Subsidiaries of the Registrant
|
21.1
|
|
(23)
|
|
Consents of Experts and Counsel
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
|
Certifications of Registrant’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certifications of Registrant’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certifications of Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
|
The following information formatted in iXBRL (Inline Extensible Business Reporting Language): (a) Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018, (b) Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017, (c) Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017, (d) Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017, (e) Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2019, 2018 and 2017 and (f) Notes to Consolidated Financial Statements.
|
104
|
|
Cover page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
|
*
|
Management contract, compensatory plan or arrangement.
|
Item 16.
|
Form 10-K Summary.
|
|
|
|
Virtus Investment Partners, Inc.
|
||
|
|
|
By:
|
|
/S/ MICHAEL A. ANGERTHAL
|
|
|
Michael A. Angerthal
|
|
|
Executive Vice President
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
|
/S/ MARK C. TREANOR
|
|
/S/ GEORGE R. AYLWARD
|
Mark C. Treanor
Director and Non-Executive Chairman
|
|
George R. Aylward
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
|
|
|
/S/ PETER L. BAIN
|
|
/S/ SUSAN S. FLEMING
|
Peter L. Bain
Director
|
|
Susan S. Fleming
Director |
|
|
|
/S/ PAUL G. GREIG
|
|
/S/ TIMOTHY A. HOLT
|
Paul G. Greig
Director
|
|
Timothy A. Holt
Director
|
|
|
|
/S/ SHEILA HOODA
|
|
/S/ MELODY L. JONES
|
Sheila Hooda
Director
|
|
Melody L. Jones
Director
|
|
|
|
/S/ STEPHEN T. ZARRILLI
|
|
/S/ MICHAEL A. ANGERTHAL
|
Stephen T. Zarrilli
Director |
|
Michael A. Angerthal
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
Page
|
Report of Independent Registered Public Accounting Firms
|
|
|
|
|
|
Audited Consolidated Financial Statements
|
|
|
|
||
|
||
|
||
|
||
|
||
|
•
|
We tested the design and operating effectiveness of controls over management’s review of the consolidation analysis of new or modified investment products during the year.
|
•
|
We read the governing documents (including the collateral management agreement, preference share subscription agreement and credit agreement, if applicable) of each investment product to confirm that:
|
•
|
Key facts included in management’s consolidation analysis are consistent with the governing documents and the Company’s interests in the investment products;
|
•
|
Relevant terms impacting the consolidation analysis under GAAP were considered including the evaluation of whether the investment product is a VOE or VIE;
|
•
|
The Company’s assessment effectively identifies the primary beneficiary of those investment products considered to be VIEs through an analysis of the power to direct activities of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE.
|
•
|
We involved specialists from our consolidation subject matter expert team to assist us in analyzing the appropriate application of GAAP where the accounting considerations were complex.
|
(in thousands, except share data)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
221,781
|
|
|
$
|
201,705
|
|
Investments
|
|
83,206
|
|
|
79,558
|
|
||
Accounts receivable, net
|
|
74,132
|
|
|
70,047
|
|
||
Assets of consolidated investment products ("CIP")
|
|
|
|
|
||||
Cash and cash equivalents of CIP
|
|
99,691
|
|
|
52,015
|
|
||
Cash pledged or on deposit of CIP
|
|
467
|
|
|
936
|
|
||
Investments of CIP
|
|
2,030,110
|
|
|
1,749,568
|
|
||
Other assets of CIP
|
|
23,612
|
|
|
31,057
|
|
||
Furniture, equipment and leasehold improvements, net
|
|
18,150
|
|
|
20,154
|
|
||
Intangible assets, net
|
|
310,391
|
|
|
338,812
|
|
||
Goodwill
|
|
290,366
|
|
|
290,366
|
|
||
Deferred taxes, net
|
|
15,879
|
|
|
22,116
|
|
||
Other assets
|
|
36,849
|
|
|
14,201
|
|
||
Total assets
|
|
$
|
3,204,634
|
|
|
$
|
2,870,535
|
|
Liabilities and Equity
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Accrued compensation and benefits
|
|
$
|
101,377
|
|
|
$
|
93,339
|
|
Accounts payable and accrued liabilities
|
|
23,308
|
|
|
27,926
|
|
||
Dividends payable
|
|
8,915
|
|
|
7,762
|
|
||
Debt
|
|
277,839
|
|
|
329,184
|
|
||
Other liabilities
|
|
40,507
|
|
|
20,010
|
|
||
Liabilities of CIP
|
|
|
|
|
||||
Notes payable of CIP
|
|
1,834,535
|
|
|
1,620,260
|
|
||
Securities purchased payable and other liabilities of CIP
|
|
168,051
|
|
|
70,706
|
|
||
Total liabilities
|
|
2,454,532
|
|
|
2,169,187
|
|
||
Commitments and Contingencies (Note 12)
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
63,845
|
|
|
57,481
|
|
||
Equity:
|
|
|
|
|
||||
Equity attributable to stockholders:
|
|
|
|
|
||||
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at December 31, 2019 and December 31, 2018
|
|
110,843
|
|
|
110,843
|
|
||
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,736,887 shares issued and 6,809,280 shares outstanding at December 31, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018
|
|
107
|
|
|
106
|
|
||
Additional paid-in capital
|
|
1,199,205
|
|
|
1,209,805
|
|
||
Retained earnings (accumulated deficit)
|
|
(215,216
|
)
|
|
(310,865
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
9
|
|
|
(731
|
)
|
||
Treasury stock, at cost, 3,927,607 and 3,555,242 shares at December 31, 2019 and December 31, 2018, respectively
|
|
(419,249
|
)
|
|
(379,249
|
)
|
||
Total equity attributable to stockholders
|
|
675,699
|
|
|
629,909
|
|
||
Noncontrolling interests
|
|
10,558
|
|
|
13,958
|
|
||
Total equity
|
|
686,257
|
|
|
643,867
|
|
||
Total liabilities and equity
|
|
$
|
3,204,634
|
|
|
$
|
2,870,535
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands, except per share data)
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Investment management fees
|
$
|
461,477
|
|
|
$
|
437,021
|
|
|
$
|
331,075
|
|
Distribution and service fees
|
40,898
|
|
|
50,715
|
|
|
44,322
|
|
|||
Administration and shareholder service fees
|
59,884
|
|
|
63,614
|
|
|
48,996
|
|
|||
Other income and fees
|
987
|
|
|
885
|
|
|
1,214
|
|
|||
Total revenues
|
563,246
|
|
|
552,235
|
|
|
425,607
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Employment expenses
|
240,521
|
|
|
238,501
|
|
|
191,394
|
|
|||
Distribution and other asset-based expenses
|
82,099
|
|
|
92,441
|
|
|
71,987
|
|
|||
Other operating expenses
|
74,363
|
|
|
74,853
|
|
|
69,410
|
|
|||
Other operating expenses of consolidated investment products ("CIP")
|
4,015
|
|
|
3,515
|
|
|
8,531
|
|
|||
Restructuring and severance
|
2,302
|
|
|
87
|
|
|
10,580
|
|
|||
Depreciation expense
|
4,992
|
|
|
4,597
|
|
|
3,497
|
|
|||
Amortization expense
|
30,244
|
|
|
25,142
|
|
|
12,173
|
|
|||
Total operating expenses
|
438,536
|
|
|
439,136
|
|
|
367,572
|
|
|||
Operating Income (Loss)
|
124,710
|
|
|
113,099
|
|
|
58,035
|
|
|||
Other Income (Expense)
|
|
|
|
|
|
||||||
Realized and unrealized gain (loss) on investments, net
|
7,044
|
|
|
(5,217
|
)
|
|
2,973
|
|
|||
Realized and unrealized gain (loss) of CIP, net
|
(1,202
|
)
|
|
(21,252
|
)
|
|
13,553
|
|
|||
Other income (expense), net
|
2,411
|
|
|
3,289
|
|
|
1,635
|
|
|||
Total other income (expense), net
|
8,253
|
|
|
(23,180
|
)
|
|
18,161
|
|
|||
Interest Income (Expense)
|
|
|
|
|
|
||||||
Interest expense
|
(19,473
|
)
|
|
(19,445
|
)
|
|
(12,007
|
)
|
|||
Interest and dividend income
|
3,844
|
|
|
4,999
|
|
|
2,160
|
|
|||
Interest and dividend income of investments of CIP
|
115,356
|
|
|
98,356
|
|
|
49,323
|
|
|||
Interest expense of CIP
|
(92,005
|
)
|
|
(64,788
|
)
|
|
(35,243
|
)
|
|||
Total interest income (expense), net
|
7,722
|
|
|
19,122
|
|
|
4,233
|
|
|||
Income (Loss) Before Income Taxes
|
140,685
|
|
|
109,041
|
|
|
80,429
|
|
|||
Income tax expense (benefit)
|
35,177
|
|
|
32,961
|
|
|
40,490
|
|
|||
Net Income (Loss)
|
105,508
|
|
|
76,080
|
|
|
39,939
|
|
|||
Noncontrolling interests
|
(9,859
|
)
|
|
(551
|
)
|
|
(2,927
|
)
|
|||
Net Income (Loss) Attributable to Stockholders
|
$
|
95,649
|
|
|
$
|
75,529
|
|
|
$
|
37,012
|
|
Preferred stockholder dividends
|
(8,337
|
)
|
|
$
|
(8,337
|
)
|
|
$
|
(8,336
|
)
|
|
Net Income (Loss) Attributable to Common Stockholders
|
$
|
87,312
|
|
|
$
|
67,192
|
|
|
$
|
28,676
|
|
Earnings (Loss) per Share-Basic
|
$
|
12.54
|
|
|
$
|
9.37
|
|
|
$
|
4.09
|
|
Earnings (Loss) per Share-Diluted
|
$
|
11.74
|
|
|
$
|
8.86
|
|
|
$
|
3.96
|
|
Weighted Average Shares Outstanding-Basic
|
6,963
|
|
|
7,174
|
|
|
7,013
|
|
|||
Weighted Average Shares Outstanding-Diluted
|
8,149
|
|
|
8,527
|
|
|
7,247
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income (Loss)
|
$
|
105,508
|
|
|
$
|
76,080
|
|
|
$
|
39,939
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustment, net of tax of ($5), $6 and ($4) for the years ended December 31, 2019, 2018 and 2017
|
14
|
|
|
(17
|
)
|
|
12
|
|
|||
Unrealized gain (loss) on available-for-sale securities, net of tax of $111 and $100 for the years ended December 31, 2018 and 2017, respectively
|
—
|
|
|
(292
|
)
|
|
(388
|
)
|
|||
Other comprehensive income (loss)
|
14
|
|
|
(309
|
)
|
|
(376
|
)
|
|||
Comprehensive income (loss)
|
105,522
|
|
|
75,771
|
|
|
39,563
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(9,859
|
)
|
|
(551
|
)
|
|
(2,927
|
)
|
|||
Comprehensive income (loss) attributable to stockholders
|
$
|
95,663
|
|
|
$
|
75,220
|
|
|
$
|
36,636
|
|
|
Permanent Equity
|
|
Temporary Equity
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-in Capital |
|
Retained Earnings (Accumulated
Deficit) |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock
|
|
Total
Attributed To Shareholders |
|
Non-
controlling Interests |
|
Total
Equity |
|
Redeemable
Non- controlling Interests |
|||||||||||||||||||||||||||||
(in thousands, except share data)
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016
|
5,889,013
|
|
|
$
|
91
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,090,331
|
|
|
$
|
(424,279
|
)
|
|
$
|
(224
|
)
|
|
3,230,045
|
|
|
$
|
(344,246
|
)
|
|
$
|
321,673
|
|
|
$
|
—
|
|
|
$
|
321,673
|
|
|
$
|
37,266
|
|
Cumulative effect adjustment for adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,051
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,051
|
|
|
—
|
|
|
1,051
|
|
|
—
|
|
||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,012
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,012
|
|
|
1,507
|
|
|
38,519
|
|
|
1,420
|
|
||||||||||
Net unrealized gain (loss) on securities available-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(388
|
)
|
|
—
|
|
|
—
|
|
|
(388
|
)
|
|
—
|
|
|
(388
|
)
|
|
|
|||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||||||||
Net subscriptions (redemptions) and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,160
|
|
|
15,160
|
|
|
(34,508
|
)
|
||||||||||
Issuance of mandatory convertible preferred stock, net of offering costs
|
—
|
|
|
—
|
|
|
1,150,000
|
|
|
110,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,843
|
|
|
—
|
|
|
110,843
|
|
|
—
|
|
||||||||||
Cash dividends declared ($7.25 per preferred share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
||||||||||
Issuance of common stock for acquisition of business
|
213,669
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
21,738
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,740
|
|
|
—
|
|
|
21,740
|
|
|
—
|
|
||||||||||
Issuance of common stock, net of offering costs
|
1,046,500
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
109,316
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,327
|
|
|
—
|
|
|
109,327
|
|
|
—
|
|
||||||||||
Cash dividends declared ($1.80 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,545
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,545
|
)
|
|
—
|
|
|
(13,545
|
)
|
|
—
|
|
||||||||||
Repurchase of common shares
|
(66,244
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,244
|
|
|
(7,502
|
)
|
|
(7,502
|
)
|
|
—
|
|
|
(7,502
|
)
|
|
—
|
|
||||||||||
Issuance of common shares related to employee stock transactions
|
76,707
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
840
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
841
|
|
|
—
|
|
|
841
|
|
|
—
|
|
||||||||||
Taxes paid on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,499
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,499
|
)
|
|
—
|
|
|
(3,499
|
)
|
|
—
|
|
||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,329
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,329
|
|
|
—
|
|
|
19,329
|
|
|
—
|
|
||||||||||
Balances at December 31, 2017
|
7,159,645
|
|
|
$
|
105
|
|
|
1,150,000
|
|
|
$
|
110,843
|
|
|
$
|
1,216,173
|
|
|
$
|
(386,216
|
)
|
|
$
|
(600
|
)
|
|
3,296,289
|
|
|
$
|
(351,748
|
)
|
|
$
|
588,557
|
|
|
$
|
16,667
|
|
|
$
|
605,224
|
|
|
$
|
4,178
|
|
Adjustment for adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(178
|
)
|
|
178
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Acquisition of business
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,500
|
|
||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,529
|
|
|
36
|
|
|
75,565
|
|
|
515
|
|
||||||||||
Net unrealized gain (loss) on securities available-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
—
|
|
|
(292
|
)
|
|
—
|
|
||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
||||||||||
Net subscriptions (redemptions) and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,745
|
)
|
|
(2,745
|
)
|
|
(2,712
|
)
|
||||||||||
Cash dividends declared ($7.25 per preferred share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
||||||||||
Cash dividends declared ($2.00 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,267
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,267
|
)
|
|
—
|
|
|
(15,267
|
)
|
|
—
|
|
||||||||||
Repurchase of common shares
|
(258,953
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
258,953
|
|
|
(27,501
|
)
|
|
(27,501
|
)
|
|
—
|
|
|
(27,501
|
)
|
|
—
|
|
||||||||||
Issuance of common shares related to employee stock transactions
|
96,690
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,543
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,544
|
|
|
—
|
|
|
1,544
|
|
|
—
|
|
||||||||||
Taxes paid on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,591
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,591
|
)
|
|
—
|
|
|
(6,591
|
)
|
|
—
|
|
||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,284
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,284
|
|
|
—
|
|
|
22,284
|
|
|
—
|
|
||||||||||
Balances at December 31, 2018
|
6,997,382
|
|
|
$
|
106
|
|
|
1,150,000
|
|
|
$
|
110,843
|
|
|
$
|
1,209,805
|
|
|
$
|
(310,865
|
)
|
|
$
|
(731
|
)
|
|
3,555,242
|
|
|
$
|
(379,249
|
)
|
|
$
|
629,909
|
|
|
$
|
13,958
|
|
|
$
|
643,867
|
|
|
$
|
57,481
|
|
|
Permanent Equity
|
|
Temporary Equity
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-in Capital |
|
Retained Earnings (Accumulated
Deficit) |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock
|
|
Total
Attributed To Shareholders |
|
Non-
controlling Interests |
|
Total
Equity |
|
Redeemable
Non- controlling Interests |
|||||||||||||||||||||||||||||
(in thousands, except share data)
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
95,649
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
95,649
|
|
|
$
|
(1,027
|
)
|
|
$
|
94,622
|
|
|
$
|
10,886
|
|
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||||||||
Net subscriptions (redemptions) and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
838
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
838
|
|
|
(2,373
|
)
|
|
(1,535
|
)
|
|
(4,522
|
)
|
||||||||||
Reclassification from other comprehensive (income) loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
726
|
|
|
—
|
|
|
—
|
|
|
726
|
|
|
—
|
|
|
726
|
|
|
—
|
|
||||||||||
Cash dividends declared ($7.25 per preferred share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
|
(8,337
|
)
|
|
—
|
|
||||||||||
Cash dividends declared ($2.44 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,130
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,130
|
)
|
|
—
|
|
|
(18,130
|
)
|
|
—
|
|
||||||||||
Repurchase of common shares
|
(372,365
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
372,365
|
|
|
(40,000
|
)
|
|
(40,000
|
)
|
|
—
|
|
|
(40,000
|
)
|
|
—
|
|
||||||||||
Issuance of common shares related to employee stock transactions
|
184,263
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,553
|
|
|
—
|
|
|
1,553
|
|
|
—
|
|
||||||||||
Taxes paid on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,696
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,696
|
)
|
|
—
|
|
|
(7,696
|
)
|
|
—
|
|
||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,173
|
|
|
—
|
|
|
21,173
|
|
|
—
|
|
||||||||||
Balances at December 31, 2019
|
6,809,280
|
|
|
$
|
107
|
|
|
1,150,000
|
|
|
$
|
110,843
|
|
|
$
|
1,199,205
|
|
|
$
|
(215,216
|
)
|
|
$
|
9
|
|
|
3,927,607
|
|
|
$
|
(419,249
|
)
|
|
$
|
675,699
|
|
|
$
|
10,558
|
|
|
$
|
686,257
|
|
|
$
|
63,845
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
105,508
|
|
|
$
|
76,080
|
|
|
$
|
39,939
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation expense, intangible asset and other amortization
|
39,643
|
|
|
33,426
|
|
|
18,329
|
|
|||
Stock-based compensation
|
22,230
|
|
|
23,100
|
|
|
20,327
|
|
|||
Amortization of deferred commissions
|
2,940
|
|
|
3,847
|
|
|
2,308
|
|
|||
Payments of deferred commissions
|
(2,097
|
)
|
|
(4,218
|
)
|
|
(2,871
|
)
|
|||
Equity in earnings of equity method investments
|
(2,600
|
)
|
|
(3,703
|
)
|
|
(1,678
|
)
|
|||
Realized and unrealized (gains) losses on investments, net
|
(6,855
|
)
|
|
5,736
|
|
|
(3,237
|
)
|
|||
Distributions from equity method investments
|
828
|
|
|
4,178
|
|
|
911
|
|
|||
Sales (purchases) of investments, net
|
9,057
|
|
|
4,995
|
|
|
20,444
|
|
|||
Other non-cash items, net
|
—
|
|
|
39
|
|
|
345
|
|
|||
Deferred taxes, net
|
5,982
|
|
|
10,429
|
|
|
22,835
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net and other assets
|
(1,382
|
)
|
|
24,794
|
|
|
(961
|
)
|
|||
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
|
(2,991
|
)
|
|
(24,714
|
)
|
|
11,468
|
|
|||
Operating activities of consolidated investment products ("CIP"):
|
|
|
|
|
|
||||||
Realized and unrealized (gains) losses on investments of CIP, net
|
(106
|
)
|
|
18,706
|
|
|
(14,051
|
)
|
|||
Purchases of investments by CIP
|
(1,029,746
|
)
|
|
(1,106,991
|
)
|
|
(923,519
|
)
|
|||
Sales of investments by CIP
|
810,749
|
|
|
874,279
|
|
|
615,565
|
|
|||
Net proceeds (purchases) of short term investments by CIP
|
4,402
|
|
|
(552
|
)
|
|
595
|
|
|||
(Purchases) sales of securities sold short by CIP, net
|
1,241
|
|
|
209
|
|
|
256
|
|
|||
Change in other assets of CIP
|
998
|
|
|
(628
|
)
|
|
(255
|
)
|
|||
Change in liabilities of CIP
|
971
|
|
|
(1,567
|
)
|
|
5,284
|
|
|||
Amortization of discount on notes payable of CIP
|
4,505
|
|
|
—
|
|
|
5,107
|
|
|||
Net cash provided by (used in) operating activities
|
(36,723
|
)
|
|
(62,555
|
)
|
|
(182,859
|
)
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Capital expenditures and other asset purchases
|
(7,555
|
)
|
|
(11,717
|
)
|
|
(1,511
|
)
|
|||
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
|
9,980
|
|
|
(113
|
)
|
|
(604
|
)
|
|||
Acquisition of business, net of cash acquired
|
—
|
|
|
(126,995
|
)
|
|
(393,446
|
)
|
|||
Sale of available-for-sale securities
|
2,023
|
|
|
37,785
|
|
|
—
|
|
|||
Purchases of available-for-sale securities
|
—
|
|
|
(20,188
|
)
|
|
(21,433
|
)
|
|||
Net cash provided by (used in) investing activities
|
4,448
|
|
|
(121,228
|
)
|
|
(416,994
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Issuance of debt
|
—
|
|
|
105,000
|
|
|
260,000
|
|
|||
Payment of long term debt
|
(54,851
|
)
|
|
(23,776
|
)
|
|
(650
|
)
|
|||
Payment of contingent consideration
|
—
|
|
|
—
|
|
|
(51,690
|
)
|
|||
Payment of deferred financing costs
|
—
|
|
|
(3,810
|
)
|
|
(15,549
|
)
|
|||
Borrowings (repayments) on credit facility and other debt
|
—
|
|
|
—
|
|
|
(30,970
|
)
|
|||
Repurchase of common shares
|
(40,000
|
)
|
|
(27,501
|
)
|
|
(7,502
|
)
|
|||
Preferred stock dividends paid
|
(8,338
|
)
|
|
(8,338
|
)
|
|
(6,253
|
)
|
|||
Common stock dividends paid
|
(16,977
|
)
|
|
(14,038
|
)
|
|
(12,581
|
)
|
|||
Proceeds from exercise of stock options
|
726
|
|
|
819
|
|
|
111
|
|
|||
Taxes paid related to net share settlement of restricted stock units
|
(7,696
|
)
|
|
(6,591
|
)
|
|
(3,499
|
)
|
|||
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs
|
—
|
|
|
—
|
|
|
111,004
|
|
|||
Proceeds from issuance of common stock, net of issuance costs
|
—
|
|
|
—
|
|
|
109,487
|
|
|||
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
|
(4,685
|
)
|
|
(5,512
|
)
|
|
30,047
|
|
|||
Financing activities of CIP
|
|
|
|
|
|
Contributions (redemptions) of CIP
|
12,471
|
|
|
—
|
|
|
—
|
|
|||
Borrowings by CIP
|
414,605
|
|
|
857,404
|
|
|
474,009
|
|
|||
Payments on borrowings by CIP
|
(195,697
|
)
|
|
(669,500
|
)
|
|
(105,500
|
)
|
|||
Net cash provided by (used in) financing activities
|
99,558
|
|
|
204,157
|
|
|
750,464
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
67,283
|
|
|
20,374
|
|
|
150,611
|
|
|||
Cash, cash equivalents and restricted cash, beginning of year
|
254,656
|
|
|
234,282
|
|
|
83,671
|
|
|||
Cash, cash equivalents and restricted cash, end of year
|
$
|
321,939
|
|
|
$
|
254,656
|
|
|
$
|
234,282
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
||||||
Interest paid
|
$
|
18,072
|
|
|
$
|
11,846
|
|
|
$
|
8,147
|
|
Income taxes paid, net
|
29,062
|
|
|
23,800
|
|
|
12,149
|
|
|||
Supplemental Disclosure of Non-Cash Investing and Financing Activities
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
(1,791
|
)
|
|
$
|
2,165
|
|
|
$
|
70
|
|
Preferred stock dividends payable
|
2,084
|
|
|
2,084
|
|
|
2,084
|
|
|||
Common stock dividends payable
|
4,562
|
|
|
3,849
|
|
|
965
|
|
|||
Increase (Decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net
|
(13,926
|
)
|
|
56
|
|
|
(65,576
|
)
|
|||
Stock issued for acquisition of business
|
—
|
|
|
—
|
|
|
21,738
|
|
|||
Accrued stock issuance costs
|
—
|
|
|
—
|
|
|
332
|
|
|
December 31,
|
||||||
($ in thousands)
|
2019
|
|
2018
|
||||
Reconciliation of cash, cash equivalents and restricted cash
|
|
|
|
||||
Cash and cash equivalents
|
$
|
221,781
|
|
|
$
|
201,705
|
|
Cash of consolidated investment products
|
99,691
|
|
|
52,015
|
|
||
Cash pledged or on deposit of consolidated investment products
|
467
|
|
|
936
|
|
||
Cash, cash equivalents and restricted cash at end of year
|
$
|
321,939
|
|
|
$
|
254,656
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017 (1)
|
||||||
Investment management fees
|
|
|
|
|
|
||||||
Open-end funds
|
$
|
229,637
|
|
|
$
|
231,175
|
|
|
$
|
175,260
|
|
Closed-end funds
|
42,199
|
|
|
41,455
|
|
|
44,687
|
|
|||
Retail separate accounts
|
82,999
|
|
|
73,532
|
|
|
54,252
|
|
|||
Institutional accounts
|
96,429
|
|
|
77,711
|
|
|
46,600
|
|
|||
Structured products
|
6,381
|
|
|
9,622
|
|
|
6,302
|
|
|||
Other products
|
3,832
|
|
|
3,526
|
|
|
3,974
|
|
|||
Total investment management fees
|
461,477
|
|
|
437,021
|
|
|
331,075
|
|
|||
Distribution and service fees
|
40,898
|
|
|
50,715
|
|
|
44,322
|
|
|||
Administration and shareholder service fees
|
59,884
|
|
|
63,614
|
|
|
48,996
|
|
|||
Other income and fees
|
987
|
|
|
885
|
|
|
1,214
|
|
|||
Total revenues
|
$
|
563,246
|
|
|
$
|
552,235
|
|
|
$
|
425,607
|
|
(1)
|
Prior period amounts have not been adjusted and are reported in accordance with historical accounting under ASC 605, Revenue Recognition.
|
|
July 1, 2018
|
||
|
(in thousands)
|
||
Assets:
|
|
||
Cash and cash equivalents
|
$
|
2,505
|
|
Investments
|
262
|
|
|
Accounts receivable
|
6,649
|
|
|
Furniture, equipment and leasehold improvements
|
70
|
|
|
Intangible assets
|
62,000
|
|
|
Goodwill
|
120,213
|
|
|
Other assets
|
659
|
|
|
Total Assets
|
192,358
|
|
|
Liabilities
|
|
||
Accrued compensation and benefits
|
824
|
|
|
Accounts payable and accrued liabilities
|
6,534
|
|
|
Total liabilities
|
7,358
|
|
|
Redeemable noncontrolling interests
|
55,500
|
|
|
Total Net Assets Acquired
|
$
|
129,500
|
|
|
July 1, 2018
|
||||
|
Approximate Fair Value
|
|
Weighted Average of Useful Life
|
||
|
(in thousands)
|
|
(in years)
|
||
Definite-lived intangible assets:
|
|
|
|
||
Institutional and retail separate account investment contracts
|
$
|
49,000
|
|
|
6
|
Trade name
|
7,000
|
|
|
10
|
|
Non-competition agreements
|
6,000
|
|
|
5
|
|
Total definite-lived intangible assets
|
$
|
62,000
|
|
|
|
|
Years Ended December 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Total Revenues
|
$
|
569,465
|
|
|
$
|
454,156
|
|
Net Income (Loss) Attributable to Common Stockholders
|
$
|
69,341
|
|
|
$
|
26,175
|
|
|
December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Definite-lived intangible assets, net:
|
|
|
|
||||
Investment contracts and other
|
$
|
489,570
|
|
|
$
|
487,747
|
|
Accumulated amortization
|
(222,695
|
)
|
|
(192,451
|
)
|
||
Definite-lived intangible assets, net
|
266,875
|
|
|
295,296
|
|
||
Indefinite-lived intangible assets
|
43,516
|
|
|
43,516
|
|
||
Total intangible assets, net
|
$
|
310,391
|
|
|
$
|
338,812
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Intangible assets, net
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
338,812
|
|
|
$
|
301,954
|
|
|
$
|
38,427
|
|
Acquisitions
|
1,823
|
|
|
62,000
|
|
|
275,700
|
|
|||
Amortization expense
|
(30,244
|
)
|
|
(25,142
|
)
|
|
(12,173
|
)
|
|||
Balance, end of period
|
$
|
310,391
|
|
|
$
|
338,812
|
|
|
$
|
301,954
|
|
Goodwill
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
290,366
|
|
|
$
|
170,153
|
|
|
$
|
6,788
|
|
Acquisitions
|
—
|
|
|
120,213
|
|
|
163,365
|
|
|||
Balance, end of period
|
$
|
290,366
|
|
|
$
|
290,366
|
|
|
$
|
170,153
|
|
Fiscal Year
|
|
Amount
|
|||
2020
|
|
|
$
|
30,127
|
|
2021
|
|
|
30,116
|
|
|
2022
|
|
|
29,992
|
|
|
2023
|
|
|
29,330
|
|
|
2024
|
|
|
23,689
|
|
|
2025 and Thereafter
|
|
|
123,621
|
|
|
|
|
$
|
266,875
|
|
|
December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Investment securities - fair value
|
$
|
60,990
|
|
|
$
|
59,271
|
|
Investment securities - available for sale
|
—
|
|
|
2,023
|
|
||
Equity method investments
|
12,030
|
|
|
10,573
|
|
||
Nonqualified retirement plan assets
|
8,724
|
|
|
6,716
|
|
||
Other investments
|
1,462
|
|
|
975
|
|
||
Total investments
|
$
|
83,206
|
|
|
$
|
79,558
|
|
December 31, 2019
|
|
|
|
||||
(in thousands)
|
Cost
|
|
Fair
Value
|
||||
Investment Securities - fair value:
|
|
|
|
||||
Sponsored funds
|
$
|
44,588
|
|
|
$
|
47,654
|
|
Equity securities
|
11,250
|
|
|
13,320
|
|
||
Debt securities
|
44
|
|
|
16
|
|
||
Total investment securities - fair value
|
$
|
55,882
|
|
|
$
|
60,990
|
|
December 31, 2018
|
|
||||||
(in thousands)
|
Cost
|
|
Fair
Value
|
||||
Investment Securities - fair value:
|
|
|
|
||||
Sponsored funds
|
$
|
43,507
|
|
|
$
|
40,191
|
|
Equity securities
|
16,380
|
|
|
16,981
|
|
||
Debt securities
|
3,816
|
|
|
2,099
|
|
||
Total investment securities - fair value
|
$
|
63,703
|
|
|
$
|
59,271
|
|
December 31, 2018
|
|||||||||||||||
(in thousands)
|
Cost
|
|
Unrealized
Loss
|
|
Unrealized
Gain
|
|
Fair
Value
|
||||||||
Investments in CLOs
|
$
|
3,696
|
|
|
$
|
(1,673
|
)
|
|
$
|
—
|
|
|
$
|
2,023
|
|
December 31, 2019
|
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
187,255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
187,255
|
|
Investment securities - fair value
|
|
|
|
|
|
|
|
||||||||
Sponsored funds
|
47,654
|
|
|
—
|
|
|
—
|
|
|
47,654
|
|
||||
Equity securities
|
13,320
|
|
|
—
|
|
|
—
|
|
|
13,320
|
|
||||
Debt securities
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||
Nonqualified retirement plan assets
|
8,724
|
|
|
—
|
|
|
—
|
|
|
8,724
|
|
||||
Total assets measured at fair value
|
$
|
256,953
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
256,969
|
|
December 31, 2018
|
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
158,596
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
158,596
|
|
Investment securities - fair value
|
|
|
|
|
|
|
|
||||||||
Sponsored funds
|
40,191
|
|
|
—
|
|
|
—
|
|
|
40,191
|
|
||||
Equity securities
|
16,981
|
|
|
—
|
|
|
—
|
|
|
16,981
|
|
||||
Debt securities
|
—
|
|
|
—
|
|
|
2,099
|
|
|
2,099
|
|
||||
Investment securities - available for sale
|
—
|
|
|
—
|
|
|
2,023
|
|
|
2,023
|
|
||||
Nonqualified retirement plan assets
|
6,716
|
|
|
—
|
|
|
—
|
|
|
6,716
|
|
||||
Total assets measured at fair value
|
$
|
222,484
|
|
|
$
|
—
|
|
|
$
|
4,122
|
|
|
$
|
226,606
|
|
|
Twelve Months Ended December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Level 3 Investments (1)
|
|
|
|
||||
Balance at beginning of period
|
$
|
4,122
|
|
|
$
|
4,439
|
|
(Sales) purchases
|
(4,185
|
)
|
|
1,326
|
|
||
Change in unrealized gain (loss), net
|
63
|
|
|
(1,643
|
)
|
||
Balance at end of period
|
$
|
—
|
|
|
$
|
4,122
|
|
(1)
|
Investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.
|
|
December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Leasehold improvements
|
$
|
19,871
|
|
|
$
|
24,880
|
|
Furniture and office equipment
|
12,027
|
|
|
12,543
|
|
||
Computer equipment and software
|
5,434
|
|
|
6,811
|
|
||
|
37,332
|
|
|
44,234
|
|
||
Accumulated depreciation and amortization
|
(19,182
|
)
|
|
(24,080
|
)
|
||
Furniture, equipment and leasehold improvements, net
|
$
|
18,150
|
|
|
$
|
20,154
|
|
|
|
Amount
(in thousands)
|
||
2020
|
|
$
|
5,881
|
|
2021
|
|
5,774
|
|
|
2022
|
|
4,731
|
|
|
2023
|
|
4,406
|
|
|
2024
|
|
3,760
|
|
|
Thereafter
|
|
10,398
|
|
|
Total lease payments
|
|
34,950
|
|
|
Less: Imputed interest
|
|
5,548
|
|
|
Present value of lease liabilities
|
|
$
|
29,402
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Current
|
|
|
|
|
|
||||||
Federal
|
$
|
23,066
|
|
|
$
|
18,864
|
|
|
$
|
15,670
|
|
State
|
6,129
|
|
|
3,668
|
|
|
1,985
|
|
|||
Total current tax expense (benefit)
|
29,195
|
|
|
22,532
|
|
|
17,655
|
|
|||
Deferred
|
|
|
|
|
|
||||||
Federal
|
3,535
|
|
|
5,901
|
|
|
20,895
|
|
|||
State
|
2,447
|
|
|
4,528
|
|
|
1,940
|
|
|||
Total deferred tax expense (benefit)
|
5,982
|
|
|
10,429
|
|
|
22,835
|
|
|||
Total expense (benefit) for income taxes
|
$
|
35,177
|
|
|
$
|
32,961
|
|
|
$
|
40,490
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
Tax at statutory rate
|
$
|
29,544
|
|
|
21
|
%
|
|
$
|
22,899
|
|
|
21
|
%
|
|
$
|
28,150
|
|
|
35
|
%
|
State taxes, net of federal benefit
|
6,859
|
|
|
5
|
|
|
6,450
|
|
|
6
|
|
|
3,548
|
|
|
4
|
|
|||
Effect of U.S. tax reform (the Tax Act)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,074
|
|
|
16
|
|
|||
Effect of net (income) loss attributable to noncontrolling interests
|
(968
|
)
|
|
(1
|
)
|
|
(171
|
)
|
|
—
|
|
|
(1,017
|
)
|
|
(1
|
)
|
|||
Change in valuation allowance
|
(1,330
|
)
|
|
(1
|
)
|
|
4,508
|
|
|
4
|
|
|
(2,613
|
)
|
|
(3
|
)
|
|||
Other, net
|
1,072
|
|
|
1
|
|
|
(725
|
)
|
|
(1
|
)
|
|
(652
|
)
|
|
(1
|
)
|
|||
Income tax expense (benefit)
|
$
|
35,177
|
|
|
25
|
%
|
|
$
|
32,961
|
|
|
30
|
%
|
|
$
|
40,490
|
|
|
50
|
%
|
|
December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Intangible assets
|
$
|
5,279
|
|
|
$
|
7,352
|
|
Net operating losses
|
13,704
|
|
|
14,750
|
|
||
Compensation accruals
|
12,789
|
|
|
11,728
|
|
||
Lease liability
|
6,897
|
|
|
—
|
|
||
Investments
|
5,561
|
|
|
7,557
|
|
||
Capital losses
|
773
|
|
|
512
|
|
||
Other
|
581
|
|
|
942
|
|
||
Gross deferred tax assets
|
45,584
|
|
|
42,841
|
|
||
Valuation allowance
|
(6,844
|
)
|
|
(8,439
|
)
|
||
Gross deferred tax assets after valuation allowance
|
38,740
|
|
|
34,402
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Intangible assets
|
(15,252
|
)
|
|
(12,286
|
)
|
||
Right of use asset
|
(5,263
|
)
|
|
—
|
|
||
Fixed assets
|
(1,372
|
)
|
|
—
|
|
||
Other investments
|
(975
|
)
|
|
—
|
|
||
Gross deferred tax liabilities
|
(22,862
|
)
|
|
(12,286
|
)
|
||
Deferred tax assets, net
|
$
|
15,878
|
|
|
$
|
22,116
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Decrease related to tax positions taken in prior years
|
—
|
|
|
—
|
|
|
—
|
|
|||
Increase related to positions taken in the current year
|
1,172
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of year
|
$
|
1,172
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Year
|
|
Amount
|
||
|
|
(in thousands)
|
||
2020
|
|
$
|
3,652
|
|
2021
|
|
3,651
|
|
|
2022
|
|
3,652
|
|
|
2023
|
|
3,651
|
|
|
2024
|
|
271,117
|
|
|
|
|
$
|
285,723
|
|
(in thousands)
|
Unrealized Gains
(Losses) on
Securities
Available-for-Sale
|
|
Foreign
Currency
Translation
Adjustments
|
||||
Balance at December 31, 2018
|
$
|
(726
|
)
|
|
$
|
(5
|
)
|
Foreign currency translation adjustments, net of tax of $(5)
|
—
|
|
|
14
|
|
||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($254)
|
726
|
|
|
—
|
|
||
Net current-period other comprehensive income (loss)
|
726
|
|
|
14
|
|
||
Balance at December 31, 2019
|
$
|
—
|
|
|
$
|
9
|
|
(in thousands)
|
Unrealized Gains
(Losses) on Securities Available-for-Sale |
|
Foreign
Currency Translation Adjustments |
||||
Balance at December 31, 2017
|
$
|
(612
|
)
|
|
$
|
12
|
|
Unrealized net gain (loss) on available-for-sale securities, net of tax of $111
|
(292
|
)
|
|
—
|
|
||
Foreign currency translation adjustments, net of tax of $6
|
—
|
|
|
(17
|
)
|
||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1)
|
178
|
|
|
—
|
|
||
Net current-period other comprehensive income (loss)
|
(114
|
)
|
|
(17
|
)
|
||
Balance at December 31, 2018
|
$
|
(726
|
)
|
|
$
|
(5
|
)
|
|
Years Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Stock-based compensation expense
|
$
|
22,232
|
|
|
$
|
23,116
|
|
|
$
|
20,288
|
|
|
Number
of shares
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Outstanding at December 31, 2018
|
552,238
|
|
|
$
|
111.49
|
|
Granted
|
181,367
|
|
|
$
|
108.42
|
|
Forfeited
|
(24,019
|
)
|
|
$
|
95.13
|
|
Settled
|
(181,210
|
)
|
|
$
|
98.20
|
|
Outstanding at December 31, 2019
|
528,376
|
|
|
$
|
115.74
|
|
|
Years Ended December 31,
|
||||||||||
(in millions, except per share values)
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted-average grant-date fair value per share
|
$
|
108.42
|
|
|
$
|
131.16
|
|
|
$
|
108.32
|
|
Fair value of RSUs vested
|
$
|
17.8
|
|
|
$
|
12.5
|
|
|
$
|
11.3
|
|
|
Number
of shares
|
|
Weighted
Average
Exercise Price
|
|||
Outstanding at December 31, 2018
|
76,751
|
|
|
$
|
12.86
|
|
Exercised
|
(70,097
|
)
|
|
$
|
10.35
|
|
Outstanding at December 31, 2019
|
6,654
|
|
|
$
|
39.35
|
|
Vested and exercisable at December 31, 2019
|
6,654
|
|
|
$
|
39.35
|
|
|
Years Ended December 31,
|
||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income (Loss)
|
$
|
105,508
|
|
|
$
|
76,080
|
|
|
$
|
39,939
|
|
Noncontrolling interests
|
(9,859
|
)
|
|
(551
|
)
|
|
(2,927
|
)
|
|||
Net Income (Loss) Attributable to Stockholders
|
95,649
|
|
|
75,529
|
|
|
37,012
|
|
|||
Preferred stock dividends
|
(8,337
|
)
|
|
(8,337
|
)
|
|
(8,336
|
)
|
|||
Net Income (Loss) Attributable to Common Stockholders
|
$
|
87,312
|
|
|
$
|
67,192
|
|
|
$
|
28,676
|
|
Shares (in thousands):
|
|
|
|
|
|
||||||
Basic: Weighted-average number of shares outstanding
|
6,963
|
|
|
7,174
|
|
|
7,013
|
|
|||
Plus: Incremental shares from assumed conversion of dilutive instruments
|
1,186
|
|
|
1,353
|
|
|
234
|
|
|||
Diluted: Weighted-average number of shares outstanding
|
8,149
|
|
|
8,527
|
|
|
7,247
|
|
|||
Earnings (Loss) per Share—Basic
|
$
|
12.54
|
|
|
$
|
9.37
|
|
|
$
|
4.09
|
|
Earnings (Loss) per Share—Diluted
|
$
|
11.74
|
|
|
$
|
8.86
|
|
|
$
|
3.96
|
|
|
Years Ended Years Ended December 31,
|
|||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
|||
Restricted stock units and stock options
|
22
|
|
|
12
|
|
|
—
|
|
Preferred stock
|
—
|
|
|
—
|
|
|
897
|
|
Total anti-dilutive securities
|
22
|
|
|
12
|
|
|
897
|
|
|
|
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
||||
Virtus Newfleet Multi-Sector Short Term Bond Fund
|
|
|
|
|
||||
Investment management, administration and shareholder service fees
|
|
$
|
54,257
|
|
|
$
|
44,577
|
|
Percent of total revenues
|
|
10
|
%
|
|
11
|
%
|
||
Virtus Vontobel Emerging Markets Opportunities Fund
|
|
|
|
|
||||
Investment management, administration and shareholder service fees
|
|
$
|
52,548
|
|
|
$
|
48,826
|
|
Percent of total revenues
|
|
10
|
%
|
|
12
|
%
|
(in thousands)
|
CIP
|
|
Affiliate Noncontrolling Interests
|
|
Total
|
||||||
Balance at December 31, 2018
|
$
|
2,384
|
|
|
$
|
55,097
|
|
|
$
|
57,481
|
|
Net income (loss) attributable to noncontrolling interests
|
1,809
|
|
|
3,432
|
|
|
5,241
|
|
|||
Changes in redemption value (1)
|
—
|
|
|
5,645
|
|
|
5,645
|
|
|||
Total net income (loss) attributable to noncontrolling interests
|
1,809
|
|
|
9,077
|
|
|
10,886
|
|
|||
Net subscriptions (redemptions) and other
|
1,236
|
|
|
(5,758
|
)
|
|
(4,522
|
)
|
|||
Balance at December 31, 2019
|
$
|
5,429
|
|
|
$
|
58,416
|
|
|
$
|
63,845
|
|
(1)
|
Relates to noncontrolling interests redeemable at other than fair value.
|
|
As of December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
|
|
|
VIEs
|
|
|
|
VIEs
|
||||||||||||||||
(in thousands)
|
VOEs
|
|
CLOs
|
|
Other
|
|
VOEs
|
|
CLOs
|
|
Other
|
||||||||||||
Cash and cash equivalents
|
$
|
2,665
|
|
|
$
|
97,130
|
|
|
$
|
363
|
|
|
$
|
1,029
|
|
|
$
|
51,363
|
|
|
$
|
559
|
|
Investments
|
22,223
|
|
|
1,976,148
|
|
|
31,739
|
|
|
12,923
|
|
|
1,709,266
|
|
|
27,379
|
|
||||||
Other assets
|
1,563
|
|
|
21,450
|
|
|
599
|
|
|
228
|
|
|
30,426
|
|
|
403
|
|
||||||
Notes payable
|
—
|
|
|
(1,834,535
|
)
|
|
—
|
|
|
—
|
|
|
(1,620,260
|
)
|
|
—
|
|
||||||
Securities purchased payable and other liabilities
|
(2,964
|
)
|
|
(164,887
|
)
|
|
(200
|
)
|
|
(823
|
)
|
|
(69,737
|
)
|
|
(146
|
)
|
||||||
Noncontrolling interests
|
(3,865
|
)
|
|
(10,558
|
)
|
|
(1,564
|
)
|
|
(2,348
|
)
|
|
(13,958
|
)
|
|
$
|
(36
|
)
|
|||||
Net interests in CIP
|
$
|
19,622
|
|
|
$
|
84,748
|
|
|
$
|
30,937
|
|
|
$
|
11,009
|
|
|
$
|
87,100
|
|
|
$
|
28,159
|
|
|
(in thousands)
|
||
Subordinated notes
|
$
|
83,383
|
|
Accrued investment management fees
|
1,365
|
|
|
Total Beneficial Interests
|
$
|
84,748
|
|
|
Year Ended
|
||
|
December 31, 2019
|
||
|
(in thousands)
|
||
Income:
|
|
||
Realized and unrealized gain (loss), net
|
$
|
(8,914
|
)
|
Interest income
|
113,053
|
|
|
Total Income
|
$
|
104,139
|
|
|
|
||
Expenses:
|
|
||
Other operating expenses
|
$
|
3,367
|
|
Interest expense
|
92,005
|
|
|
Total Expense
|
95,372
|
|
|
Noncontrolling interests
|
1,028
|
|
|
Net Income (loss) attributable to CIP
|
$
|
9,795
|
|
As of December 31, 2019
|
|
|
|
|
|
|
|
||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
97,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97,130
|
|
Debt investments
|
218
|
|
|
1,973,427
|
|
|
39,389
|
|
|
2,013,034
|
|
||||
Equity investments
|
15,872
|
|
|
171
|
|
|
1,033
|
|
|
17,076
|
|
||||
Total assets measured at fair value
|
$
|
113,220
|
|
|
$
|
1,973,598
|
|
|
$
|
40,422
|
|
|
$
|
2,127,240
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Notes payable
|
$
|
—
|
|
|
$
|
1,834,535
|
|
|
$
|
—
|
|
|
$
|
1,834,535
|
|
Short sales
|
430
|
|
|
—
|
|
|
—
|
|
|
430
|
|
||||
Total liabilities measured at fair value
|
$
|
430
|
|
|
$
|
1,834,535
|
|
|
$
|
—
|
|
|
$
|
1,834,965
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
51,363
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51,363
|
|
Debt investments
|
5,306
|
|
|
1,724,714
|
|
|
6,848
|
|
|
1,736,868
|
|
||||
Equity investments
|
12,700
|
|
|
—
|
|
|
—
|
|
|
12,700
|
|
||||
Total assets measured at fair value
|
$
|
69,369
|
|
|
$
|
1,724,714
|
|
|
$
|
6,848
|
|
|
$
|
1,800,931
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Notes payable
|
$
|
—
|
|
|
$
|
1,620,260
|
|
|
$
|
—
|
|
|
$
|
1,620,260
|
|
Short sales
|
707
|
|
|
—
|
|
|
—
|
|
|
707
|
|
||||
Total liabilities measured at fair value
|
$
|
707
|
|
|
$
|
1,620,260
|
|
|
$
|
—
|
|
|
$
|
1,620,967
|
|
|
Year Ended December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Level 3 Investments of CIP (1)
|
|
|
|
||||
Balance at beginning of period
|
$
|
6,848
|
|
|
$
|
34,781
|
|
Purchases
|
2,466
|
|
|
7,122
|
|
||
Sales
|
(7,310
|
)
|
|
(13,895
|
)
|
||
Amortization
|
(13
|
)
|
|
19
|
|
||
Change in unrealized gains (losses), net
|
235
|
|
|
1,993
|
|
||
Realized gains (loss), net
|
(94
|
)
|
|
562
|
|
||
Transfers to Level 2
|
(52,875
|
)
|
|
(33,873
|
)
|
||
Transfers from Level 2
|
91,165
|
|
|
10,139
|
|
||
Balance at end of period
|
$
|
40,422
|
|
|
$
|
6,848
|
|
(1)
|
The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.
|
|
2019
|
||||||||||||||
($ in thousands, except per share data)
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
||||||||
Revenues
|
$
|
146,084
|
|
|
$
|
145,955
|
|
|
$
|
140,489
|
|
|
$
|
130,718
|
|
Operating Income (Loss)
|
37,796
|
|
|
35,787
|
|
|
30,128
|
|
|
20,999
|
|
||||
Net Income (Loss)
|
29,782
|
|
|
25,359
|
|
|
27,899
|
|
|
22,468
|
|
||||
Net Income (Loss) Attributable to Common Stockholders
|
20,808
|
|
|
22,000
|
|
|
24,842
|
|
|
19,662
|
|
||||
Earnings (loss) per share—Basic
|
$
|
3.02
|
|
|
$
|
3.17
|
|
|
$
|
3.55
|
|
|
$
|
2.80
|
|
Earnings (loss) per share—Diluted
|
$
|
2.83
|
|
|
$
|
2.95
|
|
|
$
|
3.26
|
|
|
$
|
2.61
|
|
|
2018
|
||||||||||||||
($ in thousands, except per share data)
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
||||||||
Revenues
|
$
|
138,065
|
|
|
$
|
152,210
|
|
|
$
|
132,932
|
|
|
$
|
129,028
|
|
Operating Income (Loss)
|
29,228
|
|
|
33,946
|
|
|
27,308
|
|
|
22,617
|
|
||||
Net Income (Loss)
|
1,093
|
|
|
27,931
|
|
|
23,229
|
|
|
23,827
|
|
||||
Net Income (Loss) Attributable to Common Stockholders
|
77
|
|
|
24,913
|
|
|
20,986
|
|
|
21,216
|
|
||||
Earnings (loss) per share—Basic
|
$
|
0.01
|
|
|
$
|
3.47
|
|
|
$
|
2.91
|
|
|
$
|
2.95
|
|
Earnings (loss) per share—Diluted
|
$
|
0.01
|
|
|
$
|
3.19
|
|
|
$
|
2.75
|
|
|
$
|
2.77
|
|
1 Year Virtus Investment Partners Chart |
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