HARTFORD - Virtus Investment Partners, Inc. (NYSE: NYSE:VRTS), a company operating a multi-boutique asset management business with a market capitalization of $1.7 billion and annual revenue of $888 million, announced today the appointment of John C. Weisenseel to its Board of Directors and Audit Committee. According to InvestingPro data, Virtus maintains strong financial health with a GOOD overall rating and has demonstrated consistent shareholder returns, including maintaining dividend payments for 11 consecutive years. Weisenseel, 64, brings over two decades of financial leadership experience to the role, having previously served as the senior vice president and chief financial officer of AllianceBernstein (NYSE:AB) LP.
In his tenure at AllianceBernstein LP, Weisenseel oversaw global finance activities and contributed to the company's strategic direction as part of the executive Operating Committee. His appointment is part of Virtus Investment Partners' ongoing effort to enhance its board's expertise and support long-term shareholder value. The company's commitment to shareholder returns is evident in its 18.4% dividend growth over the last twelve months, as reported by InvestingPro, which offers additional insights through its comprehensive Pro Research Reports covering over 1,400 US stocks.
Timothy A. Holt, chairman of Virtus' board, expressed confidence in Weisenseel's qualifications, citing his "significant background in financial management" and "deep understanding of the asset management industry." These attributes are anticipated to be beneficial as Virtus continues to focus on growth.
Weisenseel's career also includes leadership positions at McGraw Hill, such as senior vice president and corporate treasurer, and CFO for McGraw Hill's Standard & Poor's subsidiary. His experience extends to roles at Barnes & Noble and Citigroup (NYSE:C). Since retiring, Weisenseel has engaged in academia as an Executive-in-Residence at Lipscomb University's College of Business and has remained active in various organizations, including Nashville Public Television and Thistle Farms.
A holder of a Bachelor of Business Administration degree in Accounting and an MBA in Finance and Computer Information Systems, Weisenseel is also a Certified Public Accountant (CPA).
The information regarding Weisenseel's appointment is based on a press release statement from Virtus Investment Partners. The company, known for providing investment management products and services through its affiliated managers and select subadvisers, emphasizes a commitment to the long-term success of its investors.
Investors and industry observers note that the addition of Weisenseel to the board may provide Virtus with enhanced financial oversight and strategic planning capabilities, reflecting the company's dedication to governance and growth within the asset management sector. The company's strong financial position is reflected in its healthy current ratio of 1.84 and return on equity of 14%. For deeper insights into Virtus's financial metrics and growth potential, investors can access detailed analysis through InvestingPro, which features eight additional ProTips and comprehensive valuation metrics.
In other recent news, Virtus Investment Partners reported a strong third quarter in 2024, with key highlights including a 6% increase in assets under management to $183.7 billion, and a 7% sales growth. The firm's operating margin reached a two-year high, and earnings per share rose by 6%. Notably, the company also introduced new products such as an actively managed ETF. Despite some challenges, including overall net outflows, the company maintains optimism for continued positive flows in fixed income. Virtus Investment Partners also emphasized its commitment to dividend growth and share buyback programs. These recent developments underscore the company's strategic focus on expanding offerings and providing steady returns to investors. The firm is also exploring new product developments to enhance market capabilities.
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