A group of high-yield bond analysts from the shuttered Phoenix Duff & Phelps fixed-income research group started their own firm in a management buy-out. The new firm, KDP Investment Advisors, will offer high-yield bond research to pension funds and money managers. KDP with 15 analysts based in Montpelier, Vt., four in Chicago and one in New York is headed by Kingman D. Penniman, formerly executive vice president in charge of fixed-income research at Phoenix Duff & Phelps. Mr. Penniman will be president of the new firm, which will be based in Montpelier. As part of the buy-out, KDP will retain nearly all the analysts' current research products and high-yield database.
Terms were not disclosed.