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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

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."