Phoenix Cos. will spin off its Phoenix Investment Partners asset management subsidiary to shareholders, said spokeswoman Alice Ericson. Phoenix Investment Partners President George Aylward will lead the new company. The spinoff will allow Phoenix Cos. to focus more on its life and annuity business serving high-net-worth clients, according to a news release.
Phoenix Investment Partners, with $40.4 billion in assets under management, owns several smaller boutiques including Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, SCM Advisors, Oakhurst Asset Managers, Phoenix/Zweig Advisors, Engemann Asset Management and Walnut Asset Management.
One of Phoenix Investment Partners’ subsidiaries, fixed income manager Goodwin Capital Advisers, will remain with Phoenix Cos. and manage the parent company’s general account assets and will subadvise some of Phoenix Investment Partners’ retail mutual funds.
The move comes after some shareholders, including hedge fund manager Oliver Press Partners, urged Phoenix to spin off its asset management business. The spinoff will be completed at the end of the third quarter.
