Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-17

Virtus Investment Partners, Inc. (VRTS)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,309,500
George Aylward total, FY2025
14th
CEO pay percentile vs peers
24:1
CEO-to-median pay ratio
97.6%
Say-on-pay support, latest vote
Companies that benchmark against VRTS
11 companies name VRTS as a compensation peer

Each company listed discloses VRTS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named VRTS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
George Aylward$650,000$0$3,200,000$0$2,442,000$0$17,500$6,309,500
President, Chief Executive Officer and Director
Richard Smirl450,00001,000,00001,500,000017,5002,967,500
Executive Vice President, Chief Operating Officer
Michael Angerthal430,0000925,00001,575,000017,5002,947,500
Executive Vice President, Chief Financial Officer and Treasurer
Barry Mandinach445,0000600,00001,200,000042,5002,287,500
Executive Vice President, Head of Distribution
Andra Purkalitis375,0000500,0000950,000017,5001,842,500
Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
George Aylward$6,309,500$6,858,917$6,616,500−549,417
Richard Smirl2,967,5003,213,0833,241,500−245,583
Michael Angerthal2,947,5003,217,2503,141,500−269,750
Barry Mandinach2,287,5002,432,2502,406,500−144,750
Andra Purkalitis1,842,5002,646,026−803,526

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Peter L. BainDirector2026-05-20A806$138$111,172CommonForm 4 ↗
Melody L. JonesDirector2026-05-20A842138116,137CommonForm 4 ↗
Paul G. GreigDirector2026-05-20A833138114,896CommonForm 4 ↗
John C. WeisenseelDirector2026-05-20A779138107,447CommonForm 4 ↗
W. Howard MorrisDirector2026-05-20A779138107,447CommonForm 4 ↗
Timothy A. HoltDirector2026-05-20A1,377138189,930CommonForm 4 ↗
Barry MandinachEVP, Head of Distribution2026-06-16D50014572,625CommonForm 4 ↗
Barry MandinachEVP, Head of Distribution2026-06-16D4,500145651,195CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
George AylwardPSU2025-03-149,2309,23218,460$3,199,834
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
George Aylward$0$3,199,834$0100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael AngerthalRSU500$81,493
Andra PurkalitisRSU27044,051
Richard SmirlRSU1,442235,262
Andra PurkalitisRSU721117,631
Andra PurkalitisRSU648105,721
Barry MandinachRSU58595,443
Andra PurkalitisPSU36158,816
Richard SmirlRSU975159,071
George AylwardRSU9,2321,506,201
George AylwardRSU4,612752,448
Richard SmirlRSU2,885470,688
Michael AngerthalRSU2,668435,284
Michael AngerthalRSU902147,161
Barry MandinachRSU1,731282,413
George AylwardRSU4,615752,937
George AylwardRSU3,118508,702
George AylwardRSU1,729282,086
George AylwardPSU2,308376,469
Andra PurkalitisRSU1,442235,632
Barry MandinachRSU865141,125
Michael AngerthalRSU1,334217,642
Richard SmirlPSU721117,631
Michael AngerthalPSU667108,821
Richard SmirlRSU54088,101
Barry MandinachPSU43370,562
Barry MandinachRSU32452,861
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is based on established principles that support our business strategy. Performance is the primary driver of compensation decisions. A greater proportion of compensation opportunity is at risk for the executives who bear higher levels of responsibility for firm performance.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-205,171,97894,98132,31597.6%Passed
20252025-05-145,021,063412,85821,35092.04%Passed
20242024-05-155,458,051408,9854,85892.95%Passed
20232023-05-175,889,950113,88812,71097.9%Passed
20222022-05-185,928,738159,49722,69897.02%Passed
20212021-05-145,541,425227,8839,26495.9%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2097.6%a
20252025-05-1492.04%b
20242024-05-1592.95%c

a. Approved under the standard stated in the filing — “If you vote to "ABSTAIN" with respect to this proposal, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote "AGAINST" the proposal.”.

b. Approved under the standard stated in the filing — “If you vote to "ABSTAIN" with respect to this proposal, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote "AGAINST" the proposal.”.

c. Approved under the standard stated in the filing — “If you vote to "ABSTAIN" with respect to this proposal, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote "AGAINST" the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)24 : 1
CEO total compensation$6,309,500
Median employee compensation$263,420
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Timothy A. HoltIndependent · Board Chair · Compensation · Governance (Chair)$186,250$186,099$0$0$0$372,349
Melody L. JonesIndependent · Compensation (Chair) · Governance116,250116,136000232,386
Paul G. GreigIndependent · Audit (Chair)115,000114,902000229,902
Susan S. FlemingIndependent · Audit · Not standing for re-election115,000114,902000229,902
Peter L. BainIndependent · Compensation · Governance107,500107,324000214,824
John C. WeisenseelIndependent · Audit107,500107,324000214,824
W. Howard MorrisIndependent · Audit107,500107,324000214,824
George R. AylwardEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000
Stock ownership guideline4x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$855,000
Equity awards (grant-date value)$854,011
All other compensation$0
Total cost of the board$1,709,011

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Virtus Investment Partners, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Virtus Investment Partners, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Janus Henderson Group plc2025Ali Dibadj$725,000$27,665,115$0$0$35,038,727
2Affiliated Managers Group, Inc.2025Jay Horgen750,0008,967,00006,525,00016,311,950
3Victory Capital Holdings, Inc.2025David Brown600,0009,819,944016,198,444
4Acadian Asset Management Inc.2025Kelly Young650,00000010,519,228
5Federated Hermes, Inc.2025J. Christopher Donahue787,5002,528,25903,937,5007,982,105
6Cohen & Steers, Inc.2025Joseph Harvey600,0004,719,995006,991,951
7Wisdom Tree, Inc.2025Jonathan Steinberg550,0003,507,589006,704,625
8Virtus Investment Partners, Inc.2025George Aylward650,0003,200,00002,442,0006,309,500
9Artisan Partners Asset Management Inc.2025Jason Gottlieb300,0001,548,40003,570,0005,482,136
AllianceBernstein Holding L.P.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Virtus Investment Partners, Inc.76%PSU 50 · RSU 50Yes — Relative TSRMercer
Acadian Asset Management Inc.not disclosedRSU 25 · PSU 25NoAon plc
Affiliated Managers Group, Inc.134%PSU 75 · RSU 25NoSemler Brossy Consulting Group, LLC
AllianceBernstein Holding L.P.not disclosednot disclosednot disclosednot disclosed
Artisan Partners Asset Management Inc.not disclosedRSU 100not disclosedMcLagan
Cohen & Steers, Inc.not disclosedRSU 100not disclosedMcLagan
Federated Hermes, Inc.not disclosednot disclosednot disclosedMcLagan Partners, Inc.
Janus Henderson Group plcnot disclosedPSU 60 · RSU 40NoMeridian Compensation Partners
Victory Capital Holdings, Inc.not disclosedRSU 100not disclosedAon McLagan
Wisdom Tree, Inc.127.6%RSU 50 · PSU 50NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Virtus Investment Partners, Inc. in fiscal 2025?
George Aylward was the highest-paid executive at Virtus Investment Partners, Inc. in fiscal 2025, with total compensation of $6,309,500.
How does Virtus Investment Partners, Inc.'s chief executive pay compare to its disclosed peer group?
The CEO's pay was at the 14th percentile of the disclosed peer group.
What is Virtus Investment Partners, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 24:1.
How did shareholders vote on Virtus Investment Partners, Inc.'s executive compensation?
Shareholders voted 97.6% in support of the executive compensation plan.
How much does Virtus Investment Partners, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,709,011.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, George AylwardDEF 14A2026-04-070001193125-26-145685Section “Summary Compensation Table” · page 56. As printed: 6,309,500. Filing ↗machine: r2 · c34 · span 636369–636378
2Section 01, Richard SmirlDEF 14A2026-04-070001193125-26-145685Section “Summary Compensation Table” · page 56. As printed: 2,967,500. Filing ↗machine: r13 · c34 · span 656715–656724
3Section 01, Michael AngerthalDEF 14A2026-04-070001193125-26-145685Section “Summary Compensation Table” · page 56. As printed: 2,947,500. Filing ↗machine: r6 · c34 · span 643263–643272
4Section 01, Barry MandinachDEF 14A2026-04-070001193125-26-145685Section “Summary Compensation Table” · page 56. As printed: 2,287,500. Filing ↗machine: r9 · c34 · span 649819–649828
5Section 01, Andra PurkalitisDEF 14A2026-04-070001193125-26-145685Section “Summary Compensation Table” · page 56. As printed: 1,842,500. Filing ↗machine: r16 · c34 · span 663260–663269
6Section 03, George Aylward PSUDEF 14A2026-04-070001193125-26-145685Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t229 · r4 · c35 · span 681969–681978
7Section 07, pay ratioDEF 14A2026-04-070001193125-26-145685Section “CEO Pay Ratio”. As printed: 24 : 1. Filing ↗machine: t285 · span 882789–882926
8Section 08, Timothy A. HoltDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 372,349. Filing ↗machine: t306 · r9 · c14 · span 1001494–1001501
9Section 08, Melody L. JonesDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 232,386. Filing ↗machine: t306 · r11 · c14 · span 1002958–1002965
10Section 08, Paul G. GreigDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 229,902. Filing ↗machine: t306 · r7 · c14 · span 1000080–1000087
11Section 08, Susan S. FlemingDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 229,902. Filing ↗machine: t306 · r5 · c14 · span 998618–998625
12Section 08, Peter L. BainDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 214,824. Filing ↗machine: t306 · r3 · c14 · span 997203–997210
13Section 08, John C. WeisenseelDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 214,824. Filing ↗machine: t306 · r15 · c14 · span 1005840–1005847
14Section 08, W. Howard MorrisDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 214,824. Filing ↗machine: t306 · r13 · c14 · span 1004373–1004380
15Section 08, George R. AylwardDEF 14A2026-04-070001193125-26-145685Section “Director Compensation”. As printed: 0. Filing ↗
16Section 02, Peter L. Bain 2026-05-20Form 42026-05-210001206658-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Melody L. Jones 2026-05-20Form 42026-05-210001203078-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Paul G. Greig 2026-05-20Form 42026-05-210001363674-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, John C. Weisenseel 2026-05-20Form 42026-05-210001550507-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, W. Howard Morris 2026-05-20Form 42026-05-210001385266-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Timothy A. Holt 2026-05-20Form 42026-05-210001263022-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Barry Mandinach 2026-06-16Form 42026-06-170000883237-26-000037Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Barry Mandinach 2026-06-16Form 42026-06-170000883237-26-000037Insider equity transaction reported since the proxy statement. Filing ↗
24Section 06, 2026 voteForm 8-K2026-05-200000883237-26-000036Item 5.07 · say-on-pay result. As reported: 97.6% (votes for as printed: 5,171,978). Filing ↗
25Section 06, 2025 voteForm 8-K2025-05-140000883237-25-000054Item 5.07 · say-on-pay result. As reported: 92.04% (votes for as printed: 5,021,063). Filing ↗
26Section 06, 2024 voteForm 8-K2024-05-160000883237-24-000061Item 5.07 · say-on-pay result. As reported: 92.95% (votes for as printed: 5,458,051). Filing ↗
27Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
28Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
29Section 09b board cost (computed)ComputedcomputedCash 855,000 + equity 854,011 + all other 0 = 1,709,011, summed across the director compensation table rows.machine: formula: Σ = 1,709,011
30Janus Henderson Group plc, Section 10b CEO totalDEF 14A2026-04-170001308179-26-000293CEO total compensation as printed in Janus Henderson Group plc's own proxy. As printed: 35,038,727. Filing ↗machine: t342 · r1 · c14 · span 863375–863385
31Affiliated Managers Group, Inc., Section 10b CEO totalDEF 14A2026-04-170001628280-26-025798CEO total compensation as printed in Affiliated Managers Group, Inc.'s own proxy. As printed: 16,311,950. Filing ↗machine: span 1521708–1521718
32Victory Capital Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127653CEO total compensation as printed in Victory Capital Holdings, Inc.'s own proxy. As printed: 16,198,444. Filing ↗machine: r2 · c27 · span 1467226–1467236
33Acadian Asset Management Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028368CEO total compensation as printed in Acadian Asset Management Inc.'s own proxy. As printed: 10,519,228. Filing ↗machine: span 331840–331850
34Federated Hermes, Inc., Section 10b CEO totalDEF 14A2026-03-170001056288-26-000009CEO total compensation as printed in Federated Hermes, Inc.'s own proxy. As printed: 7,982,105. Filing ↗machine: r5 · c27 · span 201784–201793
35Cohen & Steers, Inc., Section 10b CEO totalDEF 14A2026-03-200001284812-26-000030CEO total compensation as printed in Cohen & Steers, Inc.'s own proxy. As printed: 6,991,951. Filing ↗machine: r2 · c66 · span 492842–492851
36Wisdom Tree, Inc., Section 10b CEO totalDEF 14A2026-04-290001214659-26-005251CEO total compensation as printed in Wisdom Tree, Inc.'s own proxy. As printed: 6,704,625. Filing ↗machine: r1 · c6 · span 1941349–1941358
37Virtus Investment Partners, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-070001193125-26-145685CEO total compensation as printed in Virtus Investment Partners, Inc.'s own proxy. As printed: 6,309,500. Filing ↗machine: r2 · c34 · span 636369–636378
38Artisan Partners Asset Management Inc., Section 10b CEO totalDEF 14A2026-04-170001517302-26-000079CEO total compensation as printed in Artisan Partners Asset Management Inc.'s own proxy. As printed: 5,482,136. Filing ↗machine: t65 · r2 · c9 · span 617510–617519
39Section 10a, Federated Hermes, Inc. reciprocityDEF 14A0001056288-26-000009Federated Hermes, Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Wisdom Tree, Inc. reciprocityDEF 14A0001214659-26-005251Wisdom Tree, Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Artisan Partners Asset Management Inc. reciprocityDEF 14A0001517302-26-000079Artisan Partners Asset Management Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Affiliated Managers Group, Inc. reciprocityDEF 14A0001628280-26-025798Affiliated Managers Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Virtus Investment Partners, Inc.. Filing ↗
43Section 10a, Acadian Asset Management Inc. reciprocityDEF 14A0001628280-26-028368Acadian Asset Management Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Janus Henderson Group plc reciprocityDEF 14A0001308179-26-000293Janus Henderson Group plc names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Cohen & Steers, Inc. reciprocityDEF 14A0001284812-26-000030Cohen & Steers, Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Victory Capital Holdings, Inc. reciprocityDEF 14A0001193125-26-127653Victory Capital Holdings, Inc. names Virtus Investment Partners, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗