Phoenix Prepares To Spin Off Asset Manager

By Staff Writer

June 30, 2008 at 01:15 PM

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A financial services company has started the formal process of splitting its asset management operations from its life insurance operations.

Phoenix Companies Inc., Hartford, has filed a Form 10 registration statement for the spin-off with the U.S. Securities and Exchange Commission.

Phoenix plans to give the asset management unit, Phoenix Investment Partners Ltd., to Phoenix stockholders.

Splitting the life and annuity operations from the asset management operations may help each company appeal better to different investor bases, according to Phoenix Chairman Dona Young.

Goodwin Capital Advisers Inc., a firm that has been part of Phoenix Investment Partners, will stay with Phoenix and continue to manage Phoenix's general account assets, Phoenix says.

George Aylward, now president of Phoenix Investment Partner, will be president of the new, independent asset management company.

Phoenix hopes to complete the deal by Sept. 30.

Units of Goldman Sachs Group Inc., New York, and Wachovia Corp., Charlotte, N.C., are acting as financial advisors in connection with the transaction.

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