Administration March 11, 2002

Phoenix on a Buying Spree with Capital West

November 15, 2001 (PLANSPONSOR.com) - Phoenix Investment Partners, the asset management subsidiary of The Phoenix Companies, completed its acquisition of a majority interest in institutional money manager Capital West Asset Management.
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Capital West provides investment management to the institutional and high-net-worth markets, including the sponsored managed account segment. The acquisition supports Phoenix’s managed account growth strategy.

In terms of the deal, Phoenix Investment Partners purchased a 65% ownership interest in Capital West, which has approximately $175 million in assets under management, for an initial cash amount.

Key executive and portfolio management team members have signed long-term employment contracts.

Earlier this week, Phoenix signed a definitive agreement to acquire a majority interest in Kayne Anderson Rudnick Investment Management, a money manager with over $7 billion in assets under management (see Phoenix to Acquire Kayne Anderson Rudnick ).

– Camilla Klein                           editors@plansponsor.com

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