MANAGER BRIEFS:Stable value outflows hurt Invesco AUM

ATLANTA — Invesco reported assets under management of $500.1 billion in the fourth quarter, down 1.4% from the previous quarter but up 8.1% from the end of 2006. The fourth-quarter decrease was largely the result of $5 billion in total net outflows from Invesco products, led by $8.9 billion from stable value. Outflows from fixed income were $700 million; balanced strategies, $200 million; and money market strategies, $100 million. Those outflows were partially offset by net inflows of $4.2 billion in alternative strategies and $700 million in equity strategies.

Net revenue was $766.7 million for the quarter, up 6.1% from the previous quarter and up 17.6% from a year ago.

BOSTON — Pyramis Global Advisors closed its U.S. equity market-neutral strategy to both new investors and additional commitments from existing investors, said spokesman Alexi Maravel. The firm had planned to close the strategy — which posted a 25.47% return for 2007 — when it exceeded $1 billion in assets, and a commitment by an existing client recently raised the total to $1.2 billion, he said. He declined to name the client. According to the eVestment Alliance database, the strategy had $825 million in assets as of Dec. 31. A global strategy, the next offering in Pyramis' suite of market-neutral strategies, is likely to be funded in the next few months, Mr. Maravel said.

NEW YORK — Goldman Sachs purchased a minority stake in TrimTabs Investment Research, a company that provides data on equities and cash available for investment. Terms were not disclosed. TrimTabs will use the capital to expand its global offerings to cover exchanges in Germany, Japan and China, among other countries, said Charles Biderman, TrimTabs chairman. Mr. Biderman said the firm also intends to start tracking liquidity characteristics such as stock buybacks and free cash flow for all companies with a market capitalization greater than $1 billion. Goldman purchased the minority stake in TrimTabs through its Hudson Street Services business, which provides investment research, tools and services to institutional investors.

HARTFORD, Conn. — 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.