Duff & Phelps Investment Management

What Duff & Phelps Investment Management does

Duff & Phelps Investment Management Co. is a SEC-registered investment adviser and specialty listed real assets manager founded in 1932 and headquartered at 10 South Wacker Drive, Chicago, Illinois. The firm manages $12.8 billion in assets across a focused set of strategies spanning U.S. real estate, global real estate, non-core real estate, global listed infrastructure, energy infrastructure, global clean energy, and water. Investment products are distributed through five vehicle types: institutional separate accounts, collective investment trusts (CITs), open-end mutual funds, closed-end funds, and exchange-traded funds, with two managed account strategies also available. The firm operates as an affiliate of Virtus Investment Partners, Inc., leveraging Virtus Fund Services, the Virtus ETF Solutions multi-manager platform, and Virtus's retail distribution network as go-to-market infrastructure.

The firm's core technology is fundamental, bottom-up equity research applied to listed real assets, supported by a senior team of CFA-credentialed portfolio managers and research analysts with deep sector expertise and long tenures. Closed-end product offerings include the DNP Select Income Fund Inc. (DNP), Duff & Phelps Utility and Infrastructure Fund Inc. (DPG), and DTF Tax-Free Income 2028 Term Fund Inc. (DTF); open-end products include the Virtus Duff & Phelps Real Estate Securities, Global Real Estate Securities, Global Infrastructure, Select MLP and Energy, Water, and Real Asset Funds. The firm launched the Virtus Duff & Phelps Clean Energy ETF and the Virtus Duff & Phelps Real Estate Income ETF (NYSE Arca: DPRE) in 2026 to extend actively managed exposure into the ETF wrapper.

Duff & Phelps generates revenue principally through management and advisory fees calculated as a percentage of assets under management across each vehicle type. Pricing is asset-based and varies by strategy and vehicle; specific expense ratios and management fees are disclosed in fund prospectuses and the firm's Form ADV Part 2A rather than the source material. The firm pursues institutional direct sales targeting public pension funds, foundations and endowments, corporations, municipalities, multi-employer plans, nuclear decommissioning trusts, and sub-advisory clients, while retail investors access strategies via open-end funds, ETFs, and closed-end fund shares trading on the NYSE and NYSE Arca.

Name

Duff & Phelps Investment Management

Legal name

Duff & Phelps Investment Management Co.

Website

https://dpimc.com

Company type

Private

Founded year

1932

Operating status

Operating

Headcount range

51–100 employees

Short description

Duff & Phelps Investment Management is a Chicago-based, SEC-registered investment adviser founded in 1932, managing $12.8 billion in listed real asset strategies (real estate, infrastructure, energy, water, clean energy) across institutional separate accounts, CITs, open-end funds, three NYSE-listed closed-end funds, and ETFs, as an affiliate of Virtus Investment Partners.

Ownership category

akta.pro rank

Product category

Institutional Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)

SIC

Investment Advice (6282), Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Corporate & Institutional Trust Services (FSAAANAB), Fiduciary Investment Management (Trust Portfolios) (FSAEAKAI)

Keywords

• Listed real assets
• Institutional investment management
• Infrastructure securities investing
• Closed-end fund management
• Real estate securities research

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: Duff & Phelps generates revenue through management fees charged on assets under management across its institutional strategies, CITs, open-end funds, closed-end funds, managed accounts, and ETFs. Fees are typically calculated as a percentage of assets under management and vary by strategy and vehicle type.
2. Closed-End Fund Management: The firm manages three closed-end funds—DNP Select Income Fund Inc. (DNP), Duff & Phelps Utility and Infrastructure Fund Inc. (DPG), and DTF Tax-Free Income 2028 Term Fund Inc. (DTF)—generating management fee revenue while providing income-focused investment products to individual and institutional investors.
3. ETF Management: Virtus Investment Partners launched the Virtus Duff & Phelps Real Estate Income ETF (NYSE Arca: DPRE) as the firm's 25th actively managed ETF under the Virtus ETF Solutions multi-manager platform, expanding fee-based revenue through exchange-traded fund management.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Duff & Phelps Investment Management Co. is a specialized listed real assets investment boutique that delivers actively managed investment strategies across real estate, infrastructure, energy infrastructure, global clean energy, and water sectors. The firm packages these strategies through institutional separate accounts, collective investment trusts (CITs), open-end mutual funds, three NYSE-listed closed-end funds, managed accounts, and actively managed ETFs, serving both institutional clients and individual/wealth management investors. The firm manages $12.8 billion in assets under management.

Product overview

Duff & Phelps Investment Management is a specialized listed real assets investment management firm founded in 1932, offering a comprehensive suite of investment strategies and products. The firm's portfolio includes closed-end funds (DNP Select Income Fund, Duff & Phelps Utility and Infrastructure Fund, DTF Tax-Free Income 2028 Term Fund), open-end mutual funds (Virtus Duff & Phelps Real Estate Securities Fund, Global Infrastructure Fund, Water Fund, Select MLP and Energy Fund, Real Asset Fund), exchange-traded funds (Virtus Duff & Phelps Clean Energy ETF, Virtus Duff & Phelps Real Estate Income ETF), institutional strategies (U.S. Real Estate, Global Real Estate, Non-Core Real Estate Opportunities, Global Listed Infrastructure, Energy Infrastructure, Global Clean Energy, Water), collective investment trusts (U.S. REIT CIT, Global Real Estate Securities CIT, Global Listed Infrastructure CIT), and managed account solutions. The company operates as an affiliate of Virtus Investment Partners, managing $12.8 billion in assets.

Differentiator

Problem solved

Functional benefit

Brands

• Virtus Duff & Phelps Real Estate Securities Fund: Open-end mutual fund focusing on U.S. real estate investment strategies
• Virtus Duff & Phelps Global Real Estate Securities Fund
• Virtus Duff & Phelps Global Infrastructure Fund
• Virtus Duff & Phelps Select MLP and Energy Fund
• Virtus Duff & Phelps Water Fund
• Virtus Duff & Phelps Real Asset Fund
• DNP Select Income Fund Inc.
• Duff & Phelps Utility and Infrastructure Fund Inc.
• DTF Tax-Free Income 2028 Term Fund Inc.
• Virtus Duff & Phelps Clean Energy ETF
• Virtus Duff & Phelps Real Estate Income ETF

Products and services

• U.S. Real Estate (Institutional Strategy) Institutional investment strategy focusing on U.S. real estate opportunities delivered through separately managed accounts and managed account platforms for institutional clients.
• Global Real Estate (Institutional Strategy) Institutional investment strategy providing global real estate exposure through actively managed listed real estate securities mandates.
• Non-Core Real Estate Opportunities Institutional strategy targeting non-core real estate investment opportunities with higher growth potential in publicly traded real estate securities.
• Global Listed Infrastructure Institutional investment strategy focused on globally listed infrastructure companies, including utilities, energy, transportation, and communications.
• Energy Infrastructure Institutional strategy investing in energy infrastructure assets and companies across MLPs and related listed securities.
• Global Clean Energy Institutional strategy focused on global clean energy investments in listed securities.
• Water Institutional strategy investing in water sector companies across utilities, equipment, and technology.
• Multi-Strategy Solutions Multi-strategy portfolio solutions combining Duff & Phelps' listed real asset strategies for institutional clients.
• U.S. REIT CIT Collective investment trust focused on U.S. real estate investment trusts for institutional retirement plan sponsors and fiduciaries.
• Global Real Estate Securities CIT Collective investment trust providing global real estate securities exposure for institutional retirement plan sponsors and fiduciaries.
• Global Listed Infrastructure CIT Collective investment trust focused on globally listed infrastructure for institutional retirement plan sponsors and fiduciaries.
• Virtus Duff & Phelps Real Estate Securities Fund Open-end mutual fund focusing on U.S. real estate investment trusts and real estate securities for individual investors.
• Virtus Duff & Phelps Global Real Estate Securities Fund Open-end mutual fund providing exposure to global real estate investment trusts and securities for individual investors.
• Virtus Duff & Phelps Global Infrastructure Fund Open-end mutual fund investing in global listed infrastructure companies for individual investors.
• Virtus Duff & Phelps Select MLP and Energy Fund Open-end mutual fund focused on master limited partnerships and energy infrastructure investments for individual investors.
• Virtus Duff & Phelps Water Fund Open-end mutual fund specializing in water sector investments, including water utilities, equipment, and technology companies.
• Virtus Duff & Phelps Real Asset Fund Multi-asset open-end fund providing diversified exposure across real asset sectors for individual investors.
• DNP Select Income Fund Inc. NYSE-listed closed-end investment fund focused on providing regular income to shareholders through investments in income-generating securities.
• Duff & Phelps Utility and Infrastructure Fund Inc. NYSE-listed closed-end fund investing in utility and infrastructure sector equities, primarily in the U.S. and globally, with the goal of providing total return through dividends and growth.
• DTF Tax-Free Income 2028 Term Fund Inc. NYSE-listed diversified closed-end management investment company with a limited term, investing primarily (at least 80% of assets) in investment-grade tax-exempt obligations to provide current income exempt from regular federal income tax.
• Virtus Duff & Phelps Clean Energy ETF Actively managed exchange-traded fund focused on global clean energy investment opportunities, available through brokerage and ETF trading platforms.
• Virtus Duff & Phelps Real Estate Income ETF Actively managed fund focusing on income and risk management through a balanced portfolio of REITs and real estate-related debt and preferred securities, targeting high current income with reduced volatility, listed on NYSE Arca under ticker DPRE.
• U.S. Real Estate (Managed Account) Specialized real estate strategy available on managed account platforms for transparency and customization by institutional clients.
• Energy Infrastructure (Managed Account) Energy infrastructure strategy available through managed account platforms for institutional clients seeking transparency and customization.

Quantifiable outcome

• DNP Select Income Fund: 13.70% 5-year average annual total return on NAV as of early 2026
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Virtus Investment Partners, Inc.coreStrategic or Co-development PartnerDuff & Phelps Investment Management Co. is a registered investment adviser and affiliate of Virtus Investment Partners, Inc. The firm operates as one of the affiliated investment managers within Virtus, offering strategies via open-end mutual funds, ETFs, and the Virtus ETF Solutions multi-manager platform. Virtus Fund Services, LLC serves as administrator for closed-end funds.

Scale indicators1 record

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Nuveen Real Estate: Nuveen (a TIAA company) is a major global real estate investment manager with significant listed real estate securities capabilities. As a much larger incumbent with both public and private real estate strategies, it competes with Duff & Phelps for institutional real estate allocations.
• Principal Real Estate Investors: Principal Real Estate Investors is one of the largest real estate investment managers globally, with listed REIT capabilities alongside private real estate. It competes with Duff & Phelps for institutional real estate allocations but at substantially greater scale.
• Invesco Real Estate: Invesco's real estate group manages listed REIT strategies for institutional and retail investors globally. As part of a broad global asset manager, it competes with Duff & Phelps on listed real estate mandates while offering a wider product portfolio.
• DWS Group (RREEF): DWS, the asset management arm of Deutsche Bank, operates the RREEF real estate franchise with listed and private real estate strategies. It competes with Duff & Phelps on listed real estate mandates through a much larger global distribution platform.
• CBRE Investment Management (Listed Real Assets): CBRE Investment Management's listed real assets business manages REIT and infrastructure equity strategies for institutional clients. As the asset management arm of the global commercial real estate services firm, it competes with Duff & Phelps on listed real estate mandates at greater scale.

Direct peers

• Cohen & Steers: Cohen & Steers is the largest U.S. manager specializing exclusively in listed real assets (real estate, infrastructure, natural resources, commodities). It is the most direct comparable to Duff & Phelps's listed real assets franchise, with overlapping institutional and retail fund products.
• CenterSquare Investment Management: CenterSquare is a specialist investment manager focused exclusively on listed real estate and listed infrastructure strategies for institutional and retail clients. Its concentrated listed real asset focus makes it a close comparable to Duff & Phelps.
• Brookfield Public Securities Group: Brookfield Public Securities Group manages listed real estate and infrastructure equity strategies for institutional and retail clients. Its investment focus on listed real assets and infrastructure securities closely mirrors Duff & Phelps's Global Real Estate Securities and Global Listed Infrastructure strategies.

Emerging players

• Westwood Holdings Group: Westwood Holdings manages listed real estate, infrastructure, and energy strategies for institutional clients through its subsidiary Westwood International Advisors. Its specialized real asset focus overlaps with Duff & Phelps, though at a smaller scale.

Others

• Virtus Investment Partners: Virtus Investment Partners is Duff & Phelps's parent company and affiliated multi-boutique distribution platform. While not a direct competitor, Virtus provides distribution infrastructure, fund administration, and ETF platform services that enable Duff & Phelps's product suite.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/duffandphelpsim
• LinkedInlinkedin.com/company/duff-&-phelps-investment-management-co.

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Duff & Phelps Investment Management