The Phoenix Companies Inc. now is the sole owner of one of its major investment management affiliates.[@@]
The Hartford company has paid an undisclosed sum to buy a minority stake in Seneca Capital Management L.L.C., San Francisco, that was held by Gail Seneca. Gail Seneca was Seneca Capital's founder, chief executive officer and chief investment officer.
Gail Seneca, a veteran of Wells Fargo & Company, San Francisco, and the old Chase Lincoln First Bank, Albany, N.Y., formed Seneca Capital in 1989. Seneca Capital now manages $12 billion in assets for institutions and wealthy families.
Gail Seneca will continue to work at Luminent Mortgage Capital Inc., San Francisco, a publicly traded real estate investment trust that manages some Seneca Capital assets, Phoenix says.
All Phoenix is saying about the terms of the deal is that the amount is not material to its financial statements.
