<SEC-DOCUMENT>0001193125-19-234174.txt : 20200108
<SEC-HEADER>0001193125-19-234174.hdr.sgml : 20200108
<ACCEPTANCE-DATETIME>20190829172302
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-234174
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS INVESTMENT PARTNERS, INC.
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				263962811
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE FINANCIAL PLAZA
		STREET 2:		26TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103
		BUSINESS PHONE:		860-263-4707

	MAIL ADDRESS:	
		STREET 1:		ONE FINANCIAL PLAZA
		STREET 2:		26TH 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
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<TYPE>CORRESP
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 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Financial Plaza, Hartford, CT 06103 | 800.248.7971 | Virtus.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">August&nbsp;29, 2019 </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="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Lory Empie </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Michael Henderson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Office of Financial Services </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Re:&nbsp;&nbsp;Virtus Investment Partners, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form <FONT STYLE="white-space:nowrap">8-K</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed July&nbsp;26, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File <FONT STYLE="white-space:nowrap">No.&nbsp;001-10994</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Virtus
Investment Partners, Inc. (the &#147;Company&#148;), submitted herewith is the Company&#146;s response to the comment contained in the letter dated August&nbsp;1, 2019, from the Division of Corporation Finance, Office of Financial Services (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) concerning the Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the Commission on July&nbsp;26, 2019 (the &#147;Form <FONT
STYLE="white-space:nowrap">8-K&#148;).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comment is reproduced below in bold, followed by the Company&#146;s
response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Securities distributed by <B>VP Distributors, LLC</B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed July&nbsp;26, 2019 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.1 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Information and Reconciliations, page 11 </U></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that you deduct payments to distribution partners for providing services to investors in your
sponsored funds and payments to third-party service providers for investment management-related services to arrive at total revenues, as adjusted. Considering that you are required to present revenue and related costs on a gross basis in accordance
with GAAP, presenting them otherwise may violate Rule 100(b) of Regulation G by substituting individually tailored recognition and measurement methods for those of GAAP. Please explain to us how you considered whether your current presentation
complies with Regulation G and Question 100.04 of the Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, or revise your future filings to exclude this adjustment.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; 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:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully informs the Staff that it has considered the Staff&#146;s comment and believes that its presentation of total
revenues, as adjusted, complies with Regulation G and Question 100.04 of the Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, as discussed further below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s presentation of total revenues, as adjusted, deducts distribution and other asset-based expenses comprised of payments to
distribution partners for providing services to investors in our sponsored funds and payments to third-party service providers for investment management-related services. Distribution and other asset-based expenses are primarily based on a
percentage of the identical corresponding assets under management as those used to calculate investment management fees and distribution and service fees. These expenses primarily represent direct costs associated with the Company&#146;s retail
distribution strategy of selling its products through financial intermediary distribution partners and are economically and directly linked to investment management fees and distribution and service fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the presentation of total revenues, as adjusted, in this manner does not represent an individually tailored
adjustment to GAAP recognition and measurement methods which is misleading, as it does not accelerate or defer the timing, recognition or measurement of revenue. Instead total revenues, as adjusted, presents the Company&#146;s revenues generated and
retained that is available to provide clients with investment management services and cover its controllable cost structure. The Company&#146;s controllable cost structure includes employment expenses, technology, investment research tools, rent and
other related expenses. The Company notes that its presentation of total revenues, as adjusted, is used by management internally in business decision making and, as disclosed in our 2019 Proxy statement, is part of a key measure in the annual
incentive compensation plan for the Company&#146;s executive officers. Total revenues, as adjusted, also aids in the comparability with other asset managers by adjusting for the variability associated with differing distribution models and client
compositions. Further, this measure is also used by <FONT STYLE="white-space:nowrap">buy-</FONT> and sell-side research analysts for these same reasons. In addition, rating agencies utilize total revenues, as adjusted, in determining the scale and
franchise strength of asset managers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has presented total revenues, as adjusted, on a clear, transparent and consistent basis
since 2009, when it became an independent public company. Consistent with Regulation G, each time that the Company publicly discloses total revenues, as adjusted, the Company includes a GAAP to <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
reconciliation for the relevant period. If the Company determines to present total revenues, as adjusted, in a Commission filing, consistent with Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> the Company further confirms that
total revenues, GAAP, is presented with greater prominence, relative to total revenues, as adjusted, and makes clear in its disclosures that total revenues, as adjusted, &#147;should not be viewed in isolation or as a substitute for U.S. GAAP
measures.&#148; The adjustment comprising &#147;distribution and other asset-based expenses&#148; is presented on the face of the Company&#146;s consolidated statements of operations. Accordingly, if the reconciliation from total revenues, GAAP, to
total revenues, as adjusted, only included &#147;distribution and other asset-based expenses&#148;, the Company believes that such measure may not be considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, as pursuant to
Item 101(a)(2) of Regulation G, a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure &#147;does not include operating and other financial measures and ratios or statistical measures calculated using exclusively one or both of:
(i)&nbsp;financial measures calculated in accordance with GAAP; and (ii)&nbsp;operating measures or other measures that are not <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Securities distributed by <B>VP Distributors, LLC</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right">2 |


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<P STYLE="margin-top:0pt; 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;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should you have any further questions and/or require additional information, please contact the undersigned at (860) <FONT
STYLE="white-space:nowrap">263-4710</FONT> or Michael.Angerthal@virtus.com. Thank you for your attention to this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael A. Angerthal</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Financial</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer and Treasurer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Securities distributed by <B>VP Distributors, LLC</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right">3 |


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