Capital West Asset Management became a subsidiary of Duff & Phelps Investment Management. The Phoenix Cos., parent of both firms, wanted them to share resources for investment operations, said Sharon Bray, a Phoenix spokeswoman. Each will continue to manage money independently and retain their individual names.
John Riddle, CEO and CIO of Capital West, was named president and CIO of the newly combined entity. The CEO title has been eliminated, said Ms. Bray. Mr. Riddle replaces David A. Chalupnik, who was CIO of Duff & Phelps until October 2002, when he became head of equities at U.S. Bancorp Asset Management. Mr. Chalupnik handled the duties of president at Duff & Phelps but did not hold the title, she said.