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    Bradley Hays

    Research Analyst at TD Cowen

    Bradley Hays is an Associate and Equity Research Analyst at TD Cowen, specializing in coverage of the asset management and financial services sectors. He has closely followed companies such as Virtus Investment Partners and contributed market insights influencing key discussions within the investment industry, although specific quantitative performance metrics are not publicly available. Hays began his analyst career at Susquehanna Financial Group before joining TD Securities (USA) LLC, where he currently works as an analyst within the TD Cowen team. He maintains professional credentials appropriate to his role, with FINRA registration as an equity research professional.

    Bradley Hays's questions to VIRTUS INVESTMENT PARTNERS (VRTS) leadership

    Bradley Hays's questions to VIRTUS INVESTMENT PARTNERS (VRTS) leadership • Q4 2024

    Question

    Bradley Hays from TD Cowen asked if Virtus would consider adjusting its non-GAAP EPS to include its tax shield asset. He also followed up on M&A, inquiring about deal opportunities and valuation multiple expectations, particularly in the illiquid alternatives space.

    Answer

    President and CEO George Aylward and CFO Michael Angerthal responded that while they believe the tax asset has real economic value and some peers include it in non-GAAP results, they currently prefer to disclose it separately for transparency but will continue to evaluate their reporting. On M&A, Aylward identified private market capabilities as a high-interest area that would be a good strategic fit, while acknowledging that valuation multiples for these assets are currently higher than for traditional strategies.

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