<SEC-DOCUMENT>0001193125-15-334087.txt : 20151204
<SEC-HEADER>0001193125-15-334087.hdr.sgml : 20151204
<ACCEPTANCE-DATETIME>20150930172059
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-334087
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS INVESTMENT PARTNERS, INC.
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				954191764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 PEARL STREET
		STREET 2:		9TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103
		BUSINESS PHONE:		860-403-5000

	MAIL ADDRESS:	
		STREET 1:		100 PEARL STREET
		STREET 2:		9TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX INVESTMENT PARTNERS LTD/CT
		DATE OF NAME CHANGE:	19990312

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19951117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael&nbsp;A.&nbsp;Angerthal</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive&nbsp;Vice&nbsp;President&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief&nbsp;Financial&nbsp;Officer</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Pearl Street</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Hartford,&nbsp;CT
06103&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(PH)&nbsp;860-263-4710&nbsp;&nbsp;</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(FX) 860-241-8867</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;30, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>IA</SMALL> E<SMALL>DGAR</SMALL> S<SMALL>UBMISSION</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top">Hugh West </TD></TR></TABLE>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Accounting Branch Chief </TD></TR></TABLE>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Office of Financial Services II </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Virtus Investment Partners, Inc. </B></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2014 </B></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed March&nbsp;2, 2015 </B></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;001-10994 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On behalf of Virtus Investment Partners, Inc., a Delaware corporation (the &#147;Company&#148;), submitted herewith is the Company&#146;s
response to comments contained in the letter dated September&nbsp;16, 2015, from Mr.&nbsp;Hugh West, Accounting Branch Chief, Office of Financial Services II, of the Staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the
Securities and Exchange Commission (the &#147;Commission&#148;) concerning the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2014, which was filed with the Commission on March&nbsp;2, 2015 (the &#147;2014
Annual Report&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The comments and responses set forth below are keyed to the comments, which we have reproduced in bold print. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Virtus Investment
Partners, Inc.&nbsp;&nbsp;|&nbsp;&nbsp;100 Pearl Street&nbsp;&nbsp;|&nbsp;&nbsp;Hartford, CT 06103&nbsp;&nbsp;|&nbsp;&nbsp;<U>www.virtus.com</U> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Virtus Investment Partners, Inc.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 10-K for the Fiscal Year
Ended December&nbsp;31, 2014 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Assets Under Management, page 25 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you attribute, in part, the decrease in assets under management (AUM) from December&nbsp;31, 2013 to December&nbsp;31, 2014 to the impact on assets from the use of leverage. Please expand your
discussion to more fully explain how increases and decreases in leverage impact your AUM. Additionally, further disaggregate &#147;Other (1)&#148; within your Asset Flows by Product table on page 27 to separately present the impact of the use of
leverage and any other significant items that your attribute to increases or decreases. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company will include the following language in the AUM paragraph of <I>Item&nbsp;7</I>. <I>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations</I> in future filings: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">Certain mutual funds employ the use of leverage as
part of their investment strategies. The addition or reduction of leverage will increase or decrease the Company&#146;s AUM, as the proceeds from the use of leverage are invested in accordance with the funds&#146; investment strategies. For the
periods ended December, 31, 2014, 2013 and 2012, the Company had AUM from the use of leverage of $1.8 billion, $2.2 billion and $1.8 billion, respectively, which represents 3.1%, 3.7% and 3.9% of the Company&#146;s total AUM, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Additionally, the Company will provide further detail regarding the components of &#147;Other (1)&#148;, to the extent there are significant
items, including the use of leverage, which are attributable to the increase or decrease in AUM. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Assets Flows By Product, page 27 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please revise your future filings to disaggregate the impact from foreign currency exchange rates from market performance within your rollforwards. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company notes the
Staff&#146;s comment regarding disaggregating the impact of changes in foreign currency exchange rates from the market performance component of the AUM rollforwards. The Company has not disaggregated the impact of changes in foreign currency rates
as the amounts have not been significant. As of December&nbsp;31, 2014, the Company does not provide investment management and related services for non-US denominated AUM that would require conversion to U.S. dollars for AUM reporting purposes. In
future filings, to the extent the impact of changes in foreign currency rates is significant to the market performance component of the AUM rollforwards, the Company will disclose the amounts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that &#147;Other (1)&#148; within your table on page 27 includes, among other things, net flows and market performance on structured products. We also note on page 3 in your discussion of your investment
products that you define institutional accounts to include structural products. Please revise your future filings (within note 1 at the top of page 28) to clarify if net flows and market performance on structured products is included in any of your
retail products. </I></B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Virtus Investment
Partners, Inc.&nbsp;&nbsp;|&nbsp;&nbsp;100 Pearl Street&nbsp;&nbsp;|&nbsp;&nbsp;Hartford, CT 06103&nbsp;&nbsp;|&nbsp;&nbsp;<U>www.virtus.com</U> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Virtus Investment Partners, Inc.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company notes the Staff&#146;s comment regarding clarification of how structured products are reported within the <I>&#147;Asset Flows by
Product&#148;</I> table. In future filings, the Company will clarify that structured products are included only within institutional accounts. See proposed language below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Represents open-end and closed-end mutual fund distributions, net of reinvestments, net flows of cash management strategies, net flows and market performance on structured products, which are a component of
institutional accounts, and net flows from non-sales related activities such as asset acquisitions/(dispositions), marketable securities investments / (withdrawals) and the impact on assets from the use of leverage. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 29 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Income Tax
Expense, page 34</U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>You disclose that your estimated effective tax rate decreased from 36.7% in 2013 to 28.9% in 2014 as a result of a net tax benefit of approximately $15.5 million due to the resolution of uncertain tax positions.
Considering the impact of the net tax benefit to your current year effective tax rate and income tax expense, please expand your discussion to describe the nature of the tax benefit, including the additional reduction in your net operating loss
carryforwards. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company notes the Staff&#146;s comment regarding the Company&#146;s effective tax rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In future filings the Company will include this expanded discussion in <I>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations</I> when discussing its income tax expense for year ended December&nbsp;31, 2014. Specifically, the Company will add similar disclosure as is included within <I>Note 7. Income Taxes</I> on page F-20 of the 2014
Form 10-K that provides a discussion of the nature of the tax benefit, including the additional reduction in the Company&#146;s available loss carryforward, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company&#146;s effective tax rate for the year ended December&nbsp;31, 2014 was impacted by a net tax benefit of
approximately $15.5 million due to the settlement of an Internal Revenue Service (&#147;IRS&#148;) examination of its 2011 federal consolidated corporate income tax return. The net benefit arises from the settlement of the Company&#146;s 2011 IRS
exam and is comprised of the recognition of tax benefits from previously uncertain tax positions of approximately $31.0 million and a reduction in the available loss deduction of approximately $15.5 million of which both relate to the past
dissolution of a subsidiary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements, page F-8 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 7. Income Taxes, page F-20</U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment:
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note from your tax rate reconciliation that in 2014 you recognized a $31.0 million tax benefit and a $15.5 million tax expense in connection with uncertain tax positions and an IRS audit resolution,
respectively. In addition, you reduced your net operating loss carryforwards by approximately $15.5 million for a loss resulting from the past dissolution of a subsidiary. Please address the following: </I></B></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>Clarify if the amounts in the reconciliation (i.e. $31.0 million benefit and $15.5 million expense) represent two discrete tax matters.</B> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Virtus Investment
Partners, Inc.&nbsp;&nbsp;|&nbsp;&nbsp;100 Pearl Street&nbsp;&nbsp;|&nbsp;&nbsp;Hartford, CT 06103&nbsp;&nbsp;|&nbsp;&nbsp;<U>www.virtus.com</U> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Virtus Investment Partners, Inc.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>Tell us how the $15.5 million reduction in net operating loss carryforwards is reflected in the change in your deferred tax asset &#150; net operating losses from $23,705 at December&nbsp;31, 2013 to
$21,547 at December&nbsp;31, 2014 (refer to page F-21). Please advise and revise to clarify, as necessary. </I></B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>We note from your table at the top of page F-22 that you recognized in 2014 the entire unrecognized tax benefits ($32,602) from the prior year. We also note from your disclosure on page F-21 in your
2013 Form 10-K that you determined it was reasonably possible that your unrecognized tax benefits may increase or decrease in 2014; however, you could not estimate the range of such possible changes. Please explain the facts and circumstances
surrounding the uncertainties and explain why an estimate of the range could not be made. Refer to ASC 740-10-50-15. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company notes the Staff&#146;s comments and has provided additional information related to Income Taxes below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>Clarify if the amounts in the reconciliation (i.e. $31.0 million benefit and $15.5 million expense) represent two discrete tax matters. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">The $31.0 million benefit and the $15.5 million expense represented two uncertain matters related to the measurement of the
Company&#146;s outside tax basis used to compute the worthless stock loss deduction of an inactive subsidiary in a prior year. These matters were reviewed as part of an IRS examination of the Company&#146;s 2011 federal consolidated corporate income
tax return. For ASC 740 purposes, the uncertainty over the measurement of the tax outside basis was treated as one unit of account as this is how management prepared and supported its tax return and how management anticipated the taxing authority
would examine its computation of outside tax basis. However, to provide more detail and transparency in the Company&#146;s disclosures, the Company separately disclosed the $31.0 million matter related to the uncertainties associated with the method
of computation of the outside tax basis and the $15.5 million matter related to the availability and integrity of historical tax data used in the computation. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>Tell us how the $15.5 million reduction in net operating loss carryforwards is reflected in the change in your deferred tax asset &#150; net operating losses from $23,705 at December&nbsp;31, 2013 to
$21,547 at December&nbsp;31, 2014 (refer to page F-21). Please advise and revise to clarify, as necessary. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">The $15.5 million reduction did not directly impact the change in deferred tax assets for net operating loss carryforwards
(NOLs) from December&nbsp;31, 2013 to December&nbsp;31, 2014.&nbsp;As of December&nbsp;31, 2013 and 2014, the Company&#146;s remaining federal NOL carryforwards represented NOL carryovers and built in losses that are subject to certain annual
regulatory limitations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">On its 2014 federal income tax return, the Company fully utilized its remaining available NOLs not
subject to these annual utilization limitations. As a result, the $15.5 million net benefit which included a $15.5 million reduction in net operating losses offset by a benefit of $31.0 million was first recognized as reduction to income taxes
payable in 2014. Accordingly, because the portion of the loss resulting from the worthless stock deduction was not recognized as a deferred tax asset under ASC 740 principles until its resolution on exam in 2014, and because the loss was fully
utilized to offset current income tax expense in the year it was recognized, there was no significant change in the deferred tax asset for the NOL at December&nbsp;31, 2014 as compared to December&nbsp;31 2013. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>Please explain the facts and circumstances surrounding the uncertainties and explain why an estimate of the range could not be made in your 2013 Form 10-K. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">As disclosed in the 2013 Form 10-K, during 2013 the IRS commenced an examination of the Company&#146;s 2011 federal income tax
return. The 2013 Form 10-K was filed on February&nbsp;24, 2014; at that time the IRS examination was in the preliminary stages, and substantive field work by the IRS had been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Virtus Investment
Partners, Inc.&nbsp;&nbsp;|&nbsp;&nbsp;100 Pearl Street&nbsp;&nbsp;|&nbsp;&nbsp;Hartford, CT 06103&nbsp;&nbsp;|&nbsp;&nbsp;<U>www.virtus.com</U> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Virtus Investment Partners, Inc.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">underway for
approximately two weeks. Predicting the outcome of the IRS examination at the time of the filing of the 2013 Form 10-K with any accuracy was also severely limited by the complexity of the determination of the stock basis in the inactive subsidiary
for which the worthless stock loss was claimed. Given these factors, the Company could not reasonably predict the outcome of the examination nor could it estimate any range of possible changes related to the unrecognized tax benefits recorded as of
December&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company understands that the Commission may have additional comments after reviewing this letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at (860)&nbsp;263-4710 with any questions regarding this letter. Thank you for your time and attention.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Michael A. Angerthal</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael A. Angerthal</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Virtus Investment
Partners, Inc.&nbsp;&nbsp;|&nbsp;&nbsp;100 Pearl Street&nbsp;&nbsp;|&nbsp;&nbsp;Hartford, CT 06103&nbsp;&nbsp;|&nbsp;&nbsp;<U>www.virtus.com</U> </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
