HARTFORD, Conn., April 8, 2014 /PRNewswire/ -- Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that Barry M. Mandinach has joined the company as executive vice president and head of distribution.
Mandinach will lead the company's distribution activities through financial intermediaries at national wirehouses, regional and independent broker-dealers, and registered investment advisors. He will manage a team of more than 80 individuals, including regional sales directors and consultants, national accounts, marketing, eBusiness, and sales support personnel, who are responsible for the sales, marketing and positioning of Virtus' retail investment products.
"We are very pleased to bring in a leader who has more than 30 years of experience in the asset management industry and understands our value proposition, multi-boutique model, and the solutions-based sales approach that has made Virtus a respected partner with financial intermediaries," said George R. Aylward, president and chief executive officer of Virtus. "Barry has a distinguished track record of developing and leading effective distribution strategies and successfully positioning investment products to address the needs of individual investors. In addition to his long experience with traditional fixed income and equity strategies, he also has significant expertise in the area of alternative strategies, which are gaining interest among investors and are an important growth opportunity for Virtus. We look forward to having Barry lead our distribution efforts in the next phase of our growth."
In 2013, Virtus had long-term open-end mutual fund sales of $19.1 billion, which was an increase of 55 percent over 2012 sales. The company's sales and organic growth rates in 2013 were significantly above industry averages for companies that sell through financial intermediaries."I am very excited to join Virtus, which provides a compelling array of solutions that are tailored to help financial advisors improve their clients' outcomes," Mandinach said. "The company's investment strategies are managed by distinguished traditional and alternative investment managers and are supported by a well-resourced, talented and proven business development team. Virtus is well-positioned to continue delivering attractive investment solutions to meet evolving investor needs in an ever-changing market."