Virtus expanding manager stable with Westchester acquisition
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Virtus Investment Partners entered into an agreement to acquire global event-driven money manager Westchester Capital Management.
The agreement calls for Virtus to acquire the firm for $135 million at closing, with a potential for future payments based on revenue and growth, said Virtus spokesman Joe Fazzino. Westchester Capital is currently owned by the principals of the firm, and Lincoln Peak Capital owns a minority stake in the firm as well, Mr. Fazzino said.
The deal is expected to close in the second half of 2021, he said.
The firm will join Virtus Investment Partners’ group of affiliated boutique money managers. Roy Behren and Michael Shannon, Westchester’s managing partners and portfolio managers, agreed to long-term employment and are “reinvesting a significant portion of the transaction proceeds into the firm’s investment strategies,” according to the release.
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Duff & Phelps Investment Management Names David Grumhaus President and Chief Investment Officer
Nathan Partain retires from firm after 31 years
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CHICAGO, Jan. 8, 2021 /PRNewswire/ Duff & Phelps Investment Management Co. announced today that David D. Grumhaus, Jr., who had been co-chief investment officer with Nathan I. Partain, CFA, has been named president and chief investment officer, effective January 1. Partain, who retired from the firm as of December 31, 2020, will remain with the company as a consultant on a transitionary basis.
Grumhaus, who joined Duff & Phelps in 2014, was named co-chief Investment officer of the company in February 2020 as part of the company s succession plan. Prior to that, he was head of the firm s Infrastructure and Utilities Group. He continues as head of the firm s MLP and Energy Infrastructure Strategy and manages its midstream and MLP strategies, including as portfolio manager of certa
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