SECOND QUARTER EARNINGS PRESENTATION July 28, 2021 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of ...

Virtus Investment Partners, Inc. (NYSE:VRTS) Q2 2021 Earnings Conference Call July 28, 2021 10:00 AM ET Company Participants Sean Rourke - Investor Relations George Aylward - President and Chief Executive Officer Mike Angerthal - Chief Financial Officer Conference Call Participants Sumeet Mody - Piper Sandler Michael Cyprys - Morgan Stanley Operator Good morning. My name is Tawana and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly Confe ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-10994 VIRTUS INVESTMENT PARTNERS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Data and Key Metrics Changes - The company reported a significant increase in assets under management (AUM) to nearly $170 billion, marking a 28% sequential increase and reflecting the addition of AGI assets, market appreciation, and positive net flows [7][11][19] - Earnings per share (EPS), as adjusted, reached $6.78, a 32% sequential increase and the highest level for the third consecutive quarter [14][33] - Operating income, as adjusted, was $78 million, up 26% sequentially and 95% year-over-year, with an operating margin of 41.6%, an increase from 40.3% in the prior quarter [14][32] Business Line Data and Key Metrics Changes - Total sales for the quarter reached a new high of $10.6 billion, up 19% sequentially, with strong growth in open-end funds and retail separate accounts [11][24] - Positive net flows of $2.4 billion were recorded, with contributions across product categories and asset classes, including $600 million in open-end net inflows and $1.8 billion in retail separate accounts [12][22] - Institutional flows were modestly positive, achieving an organic growth rate of 6.1% over the past four quarters [12] Market Data and Key Metrics Changes - The company experienced broad-based sales strength across various asset classes, with net inflows in equity, fixed income, multi-asset, and alternatives [22][23] - Equity assets represented 63% of AUM, with fixed income at 21%, and multi-asset and alternatives at 13% and 3%, respectively [20] Company Strategy and Development Direction - The partnership with AllianzGI has enhanced the company's capabilities, bringing additional scale and complementary strategies to expand its investment options [10] - The company aims to leverage its differentiated distribution model and diverse product offerings to drive growth and create long-term shareholder value [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the continued positive trends in sales and net flows, indicating no significant changes in the first quarter's trends for April [13] - The company remains on track to close the transaction with Westchester Capital Management in the second half of the year, expecting it to be immediately accretive to EPS by approximately 6% [17] Other Important Information - The company repurchased approximately 78,000 common shares for $20.1 million during the quarter and ended in a net cash position [15][36] - The average fee rate on AUM for the quarter was 43.1 basis points, slightly down from the previous quarter, reflecting the inclusion of AGI assets [27] Q&A Session Summary Question: Clarification on Westchester accretion - Management confirmed that the accretion from Westchester would be based on normalized first-quarter EPS, but did not provide a specific number [41][42] Question: Early experience with Allianz funds - Management expressed satisfaction with the onboarding process from AllianzGI and noted positive flows in the first two months [44] Question: Context on AGI strategies offering - Management stated that the distribution of AGI strategies is already operational and has seen positive flows [49] Question: Impact of revenue participation liability on income statement - Management clarified that the $138 million liability would likely not impact the P&L but would be reflected in balance sheet items [50][51] Question: Capital allocation strategy and appetite for acquisitions - Management indicated that the capital allocation strategy remains flexible, allowing for investments in growth, shareholder returns, and potential acquisitions [56][57] Question: Distribution initiatives for AGI products - Management emphasized that the focus is on retail distribution and leveraging existing relationships to expand access to AGI products [61][62] Question: Strength in institutional mandates - Management noted a broader pipeline of institutional mandates and emphasized the potential for growth, particularly with non-U.S. clients [66][68]

FIRST QUARTER EARNINGS PRESENTATION April 28, 2021 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-10994 For the fiscal year ended December 31, 2020 VIRTUS INVESTMENT PARTNERS, INC. or (Exact name of registrant as specified in its charter) Delaware 26-3962811 State or other ...

FOURTH QUARTER EARNINGS PRESENTATION February 2, 2021 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act ...

Financial Data and Key Metrics Changes - The company reported record earnings for 2020, with positive net flows and an organic growth rate of nearly 5% [8] - Operating income as adjusted for Q4 was $61.9 million, with a margin of 40.3%, up from $54.1 million and 39.3% in Q3 [15][45] - Earnings per share as adjusted reached $5.15, a 15% sequential increase [15][47] - The cash balance exceeded gross debt by $41 million at year-end [9][49] Business Line Data and Key Metrics Changes - Long-term assets under management (AUM) increased by nearly $16 billion or 14% to $130.7 billion, driven by market appreciation and positive net flows [10][21] - Positive net flows for the quarter were $2.6 billion, with significant contributions from open-end funds, retail separate accounts, and institutional [11][30] - Open-ended inflows were $0.7 billion, with retail separate accounts reaching a high of $1.3 billion [12][30] Market Data and Key Metrics Changes - The company experienced a 9.2% annualized organic growth rate in net inflows for Q4 [30] - Institutional net flows improved to $0.6 billion, recovering from prior outflows [13] - The partnership with AllianzGI added $29.3 billion in AUM, bringing pro forma AUM to $161.4 billion [17] Company Strategy and Development Direction - The company aims to diversify its investment strategies and enhance its distribution capabilities through partnerships, such as with AllianzGI and Westchester Capital [18][58] - The addition of Westchester Capital is expected to nearly double the assets under management in alternative strategies [54] - The company emphasizes a flexible approach to partnerships, allowing for various transaction structures to align interests effectively [93] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate organic growth despite market volatility, highlighting the importance of a diversified strategy [78][81] - The company anticipates continued strong demand for fixed-income strategies, reflecting a shift in market conditions [80][104] - Management believes the multifaceted approach to growth positions the company well for long-term success [62] Other Important Information - The company repurchased approximately 40,000 shares, reducing common shares outstanding by 0.5% [16][50] - The effective tax rate for the quarter was 27%, consistent with prior periods [46] - The company plans to present a new asset class category, multi-asset, starting in Q1 [25] Q&A Session Summary Question: Clarification on AGI accretion comment - Management confirmed that the expected accretion is based on the current quarterly EPS run rate [64] Question: Underlying flow trends with AGI - Management highlighted the complementary nature of AGI's products and expressed excitement about integrating their strategies into the sales force [66][68] Question: Organic growth outlook for the year - Management indicated a diversified strategy to adapt to changing market conditions, positioning the company for continued organic growth [78][81] Question: Technology leverage at the firm - Management discussed the importance of data and technology in enhancing distribution and supporting affiliates [82][86] Question: Rationale behind Westchester deal structure - Management explained the flexibility in partnership structures and emphasized alignment of interests through profit-sharing [92][94] Question: Demand in CLO business - Management noted no current activity in the CLO market but acknowledged increased interest in the space [101] Question: Fixed-income strategy interest - Management observed a growing interest in fixed-income strategies, particularly in high-yield and credit-sensitive products [104]

Financial Performance - Net income per diluted share was $3.71 in Q3 2020, compared to $2.95 in Q3 2019[105] - Total sales reached $7.6 billion in Q3 2020, an increase of $2.9 billion, or 60.3%, from $4.8 billion in Q3 2019[105] - Total revenues for the three months ended September 30, 2020, were $154.8 million, an increase of $8.8 million, or 6.1%, compared to $145.9 million in the same period of 2019[124] - Net income for the three months ended September 30, 2020, was $40.9 million, representing an increase of $15.6 million, or 61.4%, compared to $25.4 million in the same period of 2019[123] - Total operating expenses for the three months ended September 30, 2020, were $113.8 million, an increase of $3.6 million, or 3.3%, compared to $110.2 million in the same period of 2019[130] Assets Under Management - Assets under management were $116.5 billion as of September 30, 2020, an increase of $12.4 billion, or 11.9%, from September 30, 2019[107] - Average long-term assets under management increased to $104.4 billion for the nine months ended September 30, 2020, up $5.0 billion, or 5.1%, from the prior year[108] - Open-End Funds assets under management increased by $2.2 billion, or 5.3%, to $43.4 billion as of September 30, 2020[110] - Retail Separate Accounts saw a significant increase of $5.9 billion, or 31.1%, to $24.7 billion as of September 30, 2020[110] - Institutional Accounts increased by $5.6 billion, or 18.2%, to $36.6 billion as of September 30, 2020[110] Market Performance - The company experienced market appreciation of $15.2 billion and $7.1 billion in Q2 and Q3 2020, respectively[103] - Market performance contributed $7,119 million to total long-term assets under management for the three months ended September 30, 2020[114] Inflows and Outflows - Open-End Funds experienced net inflows of $387 million for the three months ended September 30, 2020, compared to net outflows of $182 million in the same period of 2019[112] - Retail Separate Accounts saw net inflows of $1,110 million for the three months ended September 30, 2020, compared to $384 million in the same period of 2019[112] - Institutional Accounts had a net outflow of $306 million for the three months ended September 30, 2020, compared to a net outflow of $1,365 million in Q3 2019[112] Fees and Expenses - The average management fee for Open-End Funds increased to 59.5 basis points in Q3 2020 from 56.6 basis points in Q3 2019[119] - The average fee rate for all products increased to 46.6 basis points in Q3 2020 from 46.3 basis points in Q3 2019[119] - Investment management fees increased by $9.8 million, or 8.1%, for the three months ended September 30, 2020, and by $20.1 million, or 5.9%, for the nine months ended September 30, 2020, compared to the same periods in the prior year[125] - Employment expenses increased by $6.2 million, or 10.1%, for the three months ended September 30, 2020, totaling $67.5 million[131] - Distribution and service fees decreased by $0.6 million, or 6.2%, for the three months ended September 30, 2020, compared to the same period in 2019[127] Cash Flow and Debt - Operating cash flow for the nine months ended September 30, 2020 was a net outflow of $380.3 million, an increase of $277.3 million from the prior year[159] - Total debt decreased by $59.8 million, or 21.5%, from $277.8 million at December 31, 2019 to $218.0 million at September 30, 2020[151] - Cash and cash equivalents decreased by $19.6 million, or 8.8%, from $221.8 million at December 31, 2019 to $202.2 million at September 30, 2020[151] - Net cash provided by financing activities increased by $191.9 million to $305.8 million for the nine months ended September 30, 2020, compared to $113.9 million for the same period in 2019[161] Tax and Other Income - The estimated effective tax rate increased to 33.9% for the nine months ended September 30, 2020, compared to 24.0% for the same period in 2019[149] - Other income (expense), net decreased by $1.1 million, or 57.4%, for the nine months ended September 30, 2020 compared to the same period in the prior year[143] - Total other income increased by $10.8 million, or 234.4%, compared to the same period in 2019, reaching $6.2 million[139] Strategic Developments - The company entered into a strategic partnership with Allianz Global Investors, expected to close in Q1 2021[106] - There were no material changes in the company's contractual obligations since December 31, 2019[163] - The company is primarily exposed to market risk associated with unfavorable movements in interest rates and securities prices, with no material changes reported during the three and nine months ended September 30, 2020[166]

Financial Data and Key Metrics Changes - Long-term assets under management (AUM) reached $115 billion, increasing by nearly $8 billion or 7% sequentially due to market appreciation and positive net flows [9][16] - Operating income, as adjusted, was $54.1 million with a margin of 39.3%, up from $40.5 million and 34.3% in the previous quarter [14][31] - Earnings per share, as adjusted, increased 39% sequentially to $4.49, driven by higher revenues and lower operating expenses [14][33] - Net income per share under GAAP was $3.71, compared to $1.43 in the second quarter [34] Business Line Data and Key Metrics Changes - Positive net flows of $1.2 billion were recorded, with retail separate accounts contributing $1.1 billion and open-end funds contributing $0.4 billion [11][12] - Institutional net outflows were $0.3 billion, a decrease from $1.5 billion of inflows in the previous quarter [12] - Sales for the quarter totaled $7.6 billion, marking the second-best quarter of sales despite a sequential decline [10][24] Market Data and Key Metrics Changes - Domestic equity open-end fund net flows were positive $0.6 billion, with a year-to-date total of $1.8 billion, reflecting a 14% annualized organic growth rate [22] - Fixed-income assets declined as a percentage of total AUM to 26%, primarily due to rising equity markets [18] - Institutional net flows were positive over the trailing 12 months, despite a single client redemption in the current quarter [21] Company Strategy and Development Direction - The company is focused on a strategic partnership with Allianz Global Investors, expected to close in early 2021, which will enhance scale and diversify investment strategies [37][38] - The company maintains a balanced approach to capital management, with a 22% increase in quarterly dividends and a 26% reduction in debt over the past year [15][35] - The management emphasizes the importance of differentiated investment strategies and effective distribution to drive organic growth [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued positive trends in flows and sales, reflecting strong investment performance and effective distribution [8][13] - The company is well-positioned for future growth opportunities, with a low-leverage balance sheet providing flexibility for potential M&A activities [46][49] - Management highlighted the importance of retaining assets over merely raising them, focusing on long-term client relationships [56] Other Important Information - The company repurchased approximately 54,000 shares, resulting in a 0.7% reduction in shares outstanding [15][36] - The effective tax rate for the quarter was 27%, consistent with the previous quarter [32] Q&A Session Summary Question: Clarification on fee rates - Management confirmed that the fee rates presented are net to Virtus [44] Question: Views on recent M&A activity in the sector - Management stated that while M&A is a tool for growth, their long-term strategy is not solely dependent on it, and they remain selective in pursuing opportunities [46][49] Question: Strength of organic inflows despite sector headwinds - Management attributed the strength to differentiated boutique managers and effective distribution strategies [50][52] Question: Flow profile of Allianz partnership - Management noted that Allianz funds have generally performed well, but specific flow details were not disclosed as they are not Virtus funds [61][64] Question: Institutional sales traction and redemption details - Management clarified that the redemption was due to a client internalizing portfolio management, not performance-related, and highlighted balanced contributions from new mandates [72][73] Question: Opportunities in closed-end fund market - Management expressed optimism about closed-end funds as a compelling product structure and indicated ongoing exploration of opportunities in that space [75] Question: International distribution strategy - Management emphasized the importance of growing the non-U.S. client base and the flexibility in their distribution approach [80][82] Question: Performance of SGA business post-transaction - Management reported that SGA has exceeded expectations in terms of performance and client asset management [84] Question: Growth opportunities from Allianz transaction - Management highlighted the addition of compelling products and the establishment of a new boutique affiliate as key growth areas [86]