With the partnership, Virtus has acquired a 24% interest in Kleinwort Benson Investors International, Ltd. (KBII), which is a 100%-owned subsidiary of KBID.
KBII is a US registered investment adviser that subadvises the Virtus Emerging Markets Equity Income Fund, an open-end mutual fund that Virtus had launched on 1 September 2012.
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Commenting on the deal, Sean Hawkshaw, CEO of Kleinwort Benson Investors, said: "Providing specialist equity strategies to institutional investors has been the core of our U.S. business until now and our commitment on this front will continue. When we considered further growth opportunities for KBII, we looked to partner with a company that has a proven track record in retail distribution, which Virtus has clearly demonstrated."
George Aylward , president and CEO of Virtus, added: "This agreement expands on the relationship when we first partnered with KBII to offer our new Emerging Markets Equity Income Fund, and provides for a strong alignment of interests in pursuing multiple growth opportunities."
Though the financial terms of the agreement have not been disclosed, the acquisition is expected to be completed early in 2013, subject to customary closing conditions and regulatory approval.
While Kleinwort Benson Investors provides specialized equity strategies primarily to institutional investors, Virtus Investment Partners operates a US-based multi-manager asset management business.
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