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Fund manager Virtus to buy RidgeWorth Investments for $513 million
December 16, 2016 / 3:20 PM / a year ago

Fund manager Virtus to buy RidgeWorth Investments for $513 million

(Reuters) - Fund manager Virtus Investment Partners Inc (VRTS.O) said on Friday that it would buy RidgeWorth Investments for about $513 million to widen its client base.

The deal, which is expected to be accretive to earnings per share, will nearly double Virtus’ assets under management to $86.8 billion.

Atlanta-headquartered RidgeWorth, which has $40.2 billion in assets, is owned by its employees and investment funds affiliated with Lightyear Capital LLC.

Reporting by Richa Naidu in Bengaluru; Editing by Shounak Dasgupta

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