VIRTUS INVESTMENT PARTNERS, INC., DEF 14A filed on 4/7/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key 0000883237
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
In accordance with Item 402(v) of Regulation
S-K,
we are providing the following information regarding the relationship between compensation of our CEO or Principal Executive Officer (PEO) and our other named executive officers (NEOs) and certain financial performance measures of the Company for the fiscal years ended on December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022, and December 31, 2021. For further information on the Company’s
pay-for-performance
philosophy and how executive compensation aligns with our performance, refer to the
Compensation Discussion and Analysis
section of this proxy statement.
 
Pay Versus Performance Table
(a)
  
(b)
  
(c)
  
(d)
  
(e)
  
(f)
  
(g)
  
(h)
  
(i)
Year
  
Summary
Compensation
Table Total
for PEO (1)
  
Compensation
Actually Paid
to PEO (2)
  
Average
Summary
Compensation
Table Total
for
non-PEO
NEOs (1)
  
Average
Compensation
Actually Paid
to
non-PEO
NEOs (2)
  
Value of initial fixed $100
Investment based on:
  
Net Income
($ in millions)
  
Earnings
Per Share
(EPS) - Diluted,

as adjusted
 
TSR (3)
  
Peer Group
TSR (3)(4)
2025
   $6,309,500   $5,008,940   $2,511,250   $2,175,775   $88.96   $136.24   $136.0   $25.15
2024
   $6,858,917   $2,567,157   $2,877,152   $2,011,986   $114.18   $117.24   $152.5   $26.33
2023
   $6,616,500   $8,956,197   $2,492,750   $2,376,310   $120.84   $105.71   $141.5   $21.93
2022
   $6,515,250   $(4,240,418)   $2,835,458   $1,094,131   $92.33   $96.64   $106.6   $25.74
2021
   $8,614,966   $17,309,308   $3,002,445   $4,163,311   $138.92   $136.68   $262.8   $35.85
 
(1)
NEOs included in these columns reflect the following:
 
Year
  
PEO
  
Non-PEO
NEOs
 2025   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Ms. Purkalitis, and Mr. Smirl
 2024   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Ms. Purkalitis, and Mr. Smirl
 2023   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Mr. Smirl, and Ms. Peña (retired)
 2022   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Mr. Smirl, and Ms. Hills (retired)
 2021   
Mr. Aylward
   Mr. Angerthal, Ms. Hills, Mr. Mandinach, and Mr. Smirl
 
(2)
In accordance with Item 402(v) requirements, the fair values of unvested and outstanding equity awards were remeasured as of the end of each fiscal year, and as of each vesting date, during the years displayed in the tables below. For PSUs with a relative TSR metric, the fair values as of each measurement date (prior to the end of the performance period) were determined using a Monte Carlo simulation pricing model, with assumptions and methodologies that are generally consistent with those used to estimate fair value at grant under U.S. GAAP. For PSUs with a
non-TSR
metric, fair values reflect the probable outcome of the performance vesting conditions as of each measurement date. For each fiscal year reflected, the “compensation actually paid” (“CAP”) to the PEO and the average CAP to the
non-PEO
NEOs reflect the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for each applicable fiscal year, computed in accordance with Item 402(v) of Regulation
S-K.
 
    
 
2025
 
  
Summary Compensation Table Total for PEO
   
 
$6,309,500
 
  
Less: Grant Date Fair Value of Equity Awards
   
 
$(3,200,000
) 
  
Add:
Year-end
Fair Value of Equity Awards Granted in the Applicable Fiscal Year that are Outstanding and Unvested
   
 
$2,569,582
 
  
Add: Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Fiscal Years that Vested in the Year
   
 
$161,108
 
  
Add: Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards
   
 
$(951,440
) 
  
Add: Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year
   
 
$—
 
  
Add: Value of Dividends on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation
   
 
$120,190
 
  
Compensation Actually Paid to PEO
   
 
$5,008,940
 
  
 
    
 
2025
 
  
Average Summary Compensation Table Total for NEOs (other than PEO)
   
 
$2,511,250
 
  
Less: Grant Date Fair Value of Equity Awards
   
 
$(756,250
) 
  
Add:
Year-end
Fair Value of Equity Awards Granted in the Applicable Year that are Outstanding and Unvested
   
 
$605,233
 
  
Add: Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Fiscal Years that Vested in the Year
   
 
$7,972
 
  
Add: Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards
   
 
$(222,150
) 
  
Add: Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year
   
 
$—
 
  
Add: Value of Dividends on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation
   
 
$29,720
 
  
Average Compensation Actually Paid to NEOs (other than PEO)
   
 
$2,175,775
 
  
 
(3)
TSR is calculated based on a fixed investment of $100 measured from the market close on December 31, 2020 (the last trading day of fiscal 2020) through and including the end of the year for each year reported in the table.
(4)
Peer companies utilized for comparative financial results, as referenced in our
Compensation Discussion and Analysis
and as shown in Appendix B, are: Acadian Asset Management Inc., Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management Inc., Cohen & Steers, Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, T. Rowe Price Group, Inc., and Victory Capital Holdings, Inc.
       
Company Selected Measure Name Earnings Per Share        
Named Executive Officers, Footnote
Year
  
PEO
  
Non-PEO
NEOs
 2025   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Ms. Purkalitis, and Mr. Smirl
 2024   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Ms. Purkalitis, and Mr. Smirl
 2023   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Mr. Smirl, and Ms. Peña (retired)
 2022   
Mr. Aylward
   Mr. Angerthal, Mr. Mandinach, Mr. Smirl, and Ms. Hills (retired)
 2021   
Mr. Aylward
   Mr. Angerthal, Ms. Hills, Mr. Mandinach, and Mr. Smirl
        
Peer Group Issuers, Footnote Peer companies utilized for comparative financial results, as referenced in our
Compensation Discussion and Analysis
and as shown in Appendix B, are: Acadian Asset Management Inc., Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management Inc., Cohen & Steers, Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, T. Rowe Price Group, Inc., and Victory Capital Holdings, Inc. 		       
PEO Total Compensation Amount $ 6,309,500 $ 6,858,917 $ 6,616,500 $ 6,515,250 $ 8,614,966
PEO Actually Paid Compensation Amount $ 5,008,940 2,567,157 8,956,197 (4,240,418) 17,309,308
Adjustment To PEO Compensation, Footnote
    
 
2025
 
  
Summary Compensation Table Total for PEO
   
 
$6,309,500
 
  
Less: Grant Date Fair Value of Equity Awards
   
 
$(3,200,000
) 
  
Add:
Year-end
Fair Value of Equity Awards Granted in the Applicable Fiscal Year that are Outstanding and Unvested
   
 
$2,569,582
 
  
Add: Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Fiscal Years that Vested in the Year
   
 
$161,108
 
  
Add: Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards
   
 
$(951,440
) 
  
Add: Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year
   
 
$—
 
  
Add: Value of Dividends on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation
   
 
$120,190
 
  
Compensation Actually Paid to PEO
   
 
$5,008,940
 
  
       
Non-PEO NEO Average Total Compensation Amount $ 2,511,250 2,877,152 2,492,750 2,835,458 3,002,445
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,175,775 2,011,986 2,376,310 1,094,131 4,163,311
Adjustment to Non-PEO NEO Compensation Footnote
    
 
2025
 
  
Average Summary Compensation Table Total for NEOs (other than PEO)
   
 
$2,511,250
 
  
Less: Grant Date Fair Value of Equity Awards
   
 
$(756,250
) 
  
Add:
Year-end
Fair Value of Equity Awards Granted in the Applicable Year that are Outstanding and Unvested
   
 
$605,233
 
  
Add: Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Fiscal Years that Vested in the Year
   
 
$7,972
 
  
Add: Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards
   
 
$(222,150
) 
  
Add: Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year
   
 
$—
 
  
Add: Value of Dividends on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation
   
 
$29,720
 
  
Average Compensation Actually Paid to NEOs (other than PEO)
   
 
$2,175,775
 
  
       
Tabular List, Table
Most Important Measures in Determining Pay of the Company’s NEOs
The following unranked measures are the most important financial performance measures, as determined by the Company, that link compensation actually paid to our PEO and other NEOs to the Company’s performance.
 
 
Measures
 
Operating margin, as adjusted (1) (2)
 
Growth in operating income, as adjusted, versus Financial Peers (3)
 
EPS—diluted, as adjusted (1)
 
Gross sales rate (4)
 
Relative investment performance (5)
 
Total net flow rate, versus Financial Peers (6)
 
Shareholder return, versus Financial Peers (7)
 
(1)
The referenced
non-GAAP
measures are described and reconciled to GAAP reported amounts in Appendix A to this Proxy Statement.
(2)
Measured on a
one-
and three-year basis.
(3)
Annual growth in operating income, as adjusted.
(4)
Annual gross sales divided by beginning of year AUM.
(5)
As measured by percent of AUM outperforming industry peers and benchmarks on a
one-,
three-, and five-year basis.
(6)
Annualized net flows divided by
beginning-of-period
long-term AUM.
One-
and three-year periods relative to Financial Peers.
(7)
Three-year total shareholder returns relative to Financial Peers.
       
Total Shareholder Return Amount $ 88.96 114.18 120.84 92.33 138.92
Peer Group Total Shareholder Return Amount 136.24 117.24 105.71 96.64 136.68
Net Income (Loss) $ 136,000,000 $ 152,500,000 $ 141,500,000 $ 106,600,000 $ 262,800,000
Company Selected Measure Amount 25.15 26.33 21.93 25.74 35.85
PEO Name Mr. Aylward        
Measure:: 1          
Pay vs Performance Disclosure          
Name Operating margin, as adjusted        
Measure:: 2          
Pay vs Performance Disclosure          
Name Growth in operating income, as adjusted, versus Financial Peers        
Measure:: 3          
Pay vs Performance Disclosure          
Name EPS—diluted, as adjusted        
Measure:: 4          
Pay vs Performance Disclosure          
Name Gross sales rate        
Measure:: 5          
Pay vs Performance Disclosure          
Name Relative investment performance        
Measure:: 6          
Pay vs Performance Disclosure          
Name Total net flow rate, versus Financial Peers        
Measure:: 7          
Pay vs Performance Disclosure          
Name Shareholder return, versus Financial Peers        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (3,200,000)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,569,582        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (951,440)        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 161,108        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 120,190        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (756,250)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 605,233        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (222,150)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 7,972        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 29,720        
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Long-Term Incentive Compensation
To promote and reward the achievement of the Company’s long-term performance objectives, and to attract, motivate, and retain high-caliber leadership, the Company uses two forms of long-term incentives to align the interests of executives with those of our shareholders:
 
  •  
Restricted Stock Units (“RSUs”) – Value increases or decreases with share performance, aligning the interests of NEOs with shareholders. The three-year vesting period for RSUs strongly supports NEO retention in addition to alignment with shareholders.
 
  •  
Performance Share Units (“PSUs”) – Provides value based on the achievement of results against the Company’s key performance metrics, relative to peers, over a three-year performance period, rewarding achievement of longer-term financial goals while putting the award at risk if threshold results are not achieved. Value is also directly related to share performance, further aligning NEOs’ and shareholders’ interests.
The Company’s practice is to issue equity awards in the form of RSUs and PSUs only, and not in the form of stock options or Stock Appreciation Rights (SARs) or similar option-like instruments. Additionally, it is the Company’s practice to grant annual equity awards on a default date in March of each year following the Committee’s compensation decisions. This allows the Company to make equity awards at the beginning of the relevant performance cycle with the benefit of reviewing results from the immediately preceding performance cycle. The Company may also grant equity awards to new hires or for other reasons, including, for example, a job promotion or for retention purposes on the next available open-window default date. The Company does not backdate or retroactively grant RSUs or PSUs. Board and Committee meetings are generally scheduled at least one year in advance and, as noted above, generally make annual equity awards to our NEOs at approximately the same time each year. The Company does not time its equity awards to take advantage of the release of earnings or other major announcements by us or market conditions.
Each NEO’s long-term incentive award target, as shown in the
2025 Long-Term Incentive Awards
table below, is determined based on the individual’s responsibilities, market-level competitive positioning for similar roles, and consideration of internal alignment. Awards to executive officers are split 50% each to PSUs and RSUs. The performance metrics related to the long-term incentive awards and vesting periods encourage a focus on sustained, long-term results.
Award Timing Predetermined true
Award Timing MNPI Considered true
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true