Virtu activist Pulte Family supports sale to Apollo Global

The Pulte Family Office, a current activist shareholder in Virtu Financial (VIRT) and the founding family of PulteGroup (PHM), issued a statement that reads: “Since privately and then publicly calling for the sale of Virtu Financial, The Pulte Family Office and Pulte Capital have been inundated with interest. We have heard from many investors who share our belief that current CEO Doug Cifu is not focused on building a materially larger business and is spending precious time tweeting on items not related to the core operations of the Company. After careful consideration of all options, we are most compelled to support one prospective buyer who has already spent significant time on acquisition due diligence, Apollo Global (APO) Management. We are supporting Apollo Global Management in their potential buyout of Virtu because a professional owner like Apollo could take the undermanaged company from a reported 25 Sharpe Ratio at Virtu down to a 2-3 Sharpe Ratio, like Jane Street and Citadel, and print money. We believe Virtu Financial in the hands of a shrewd owner like Apollo is in the best interests of shareholders, and therefore we are prepared to invest up to $100 million into a transaction with Apollo and strongly support the sale of the asset to Apollo.”