Virtus Investment Partners, which operates a multi-manager asset management business, selected Paul Cahill to be sales director, reporting to Jeff Cerutti, executive vice president and head of retail distribution. The dedicated team is expected to launch in January 2012. Regional directors in the new Independent-RIA sales division will work alongside current regional directors, who continue to serve the national broker/dealer and regional firms.
“The primary responsibility of the new team is to build upon the sales success we have achieved through the national and regional broker/dealers by adding a dedicated focus on supporting brokers at independent firms and registered investment advisers,” said Cerutti, adding that the company’s long-term, open-end mutual fund sales have grown from $2.7 billion in 2009 to $7.1 billion for the nine months ended September 30, 2011.
“We offer products from a distinctive group of boutique investment managers, which we believe is particularly appealing to independent advisers and RIAs as they work to distinguish themselves in their markets,” Cerutti added.