Virtus Investment Partners has agreed to acquire RidgeWorth Investments, an Atlanta-based multi-boutique asset management firm, for about $513m.

RidgeWorth, owned by New York-based private equity firm Lightyear Capital, offers fixed income and equity strategies to institutional and individual clients through separate accounts, retirement plan investment options, and mutual funds. The firm managed $40.2bn in assets as of 30 September 2016.

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The deal, which already secured the approval of the boards of directors of both companies, will boost Virtus’ assets under management to $86.8bn.

Virtus president and CEO George Aylward said: "The acquisition of RidgeWorth will give us increased scale, a wider range of strategies for institutional and individual investors, and broader distribution and client service resources, particularly for institutional clients.

"The combined company will have a stronger and more diversified business with the scale to better serve clients in a highly competitive industry."

The transaction is expected to be completed in mid-2017, subject to regulatory and shareholder approvals.

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RidgeWorth CEO and CIO Ashi Parikh said: "This partnership marks an important milestone in RidgeWorth's journey as it facilitates the transition of RidgeWorth and its clients from a private equity-owned firm to an independent, publicly traded investment management company."