Phoenix Home Life Mutual Insurance and Aberdeen Trust are forming a joint venture international money management operation. As part of the agreement, Phoenix agreed to buy a 15% interest in Aberdeen Trust for $37.5 million.
The joint venture, Phoenix Aberdeen International Advisors, will manage international assets for individuals and institutions in the United States and the United Kingdom. In the United States, Phoenix Duff & Phelps will market international products managed by Aberdeen Trust. In the United Kingdom, Aberdeen will distribute U.S. funds managed by Phoenix Duff & Phelps.