Kleinwort Benson Investors (Dublin) (KBID) and Virtus Investment Partners have signed a strategic partnership agreement to develop business interests in the US retail marketplace.
Under terms of the deal, Virtus will purchase 24% interest in Kleinwort Benson Investors International, a 100%-owned subsidiary of KBID.
Kleinwort Benson Investors CEO Sean Hawkshaw said that Virtus’ multi-boutique model and its powerful distribution position in the US retail market were important factors for the partnership.
Virtus president and CEO George Aylward commented that Kleinwort’s global client base, institutional-quality investment processes specializing in income-oriented equities and resource strategies are suitable for multiple growth opportunities in the region.
Pending regulatory approvals and satisfying customary closing conditions, the transaction is expected to close in early 2013.
KBID operates as a wholly-owned subsidiary of RHJ International, which is a financial services group focusing mainly on wealth management, asset management and merchant banking.
Virtus Investment Partners offers investment management products and services through its affiliated managers and select sub-advisers.