Virtus Investment Partners, a private equity firm, agreed to acquire Westchester Capital Management, an investment advisor. Financial terms were not disclosed. The acquisition would expand Virtus' offerings of alternative investment strategies by adding Westchester Capital's differentiated, non-correlated strategies that invest in publicly announced events such as mergers, acquisitions, takeovers, spin-offs and other corporate reorganizations. "This agreement gives us the opportunity to partner with a well-respected team and make their strategies available to a greater number of clients through our broad distribution platform. We are particularly pleased that The Merger Fund, which is a leader in non-correlated strategies as the first mutual fund devoted exclusively to merger arbitrage, will become one of the many distinctive funds we offer to the retail market," George R. Aylward, Virtus President and CEO.