Phoenix to spinoff asset management
Company wants to be a high-net-worth 'pure-play', reports a 90% drop in fourth-quarter income.
Phoenix Cos. of Hartford, Conn., plans to spin off its money-management division, Phoenix Investment Partners, to shareholders as part of an effort to re-brand itself as a “pure play” company serving high-net-worth clients. The transaction is expected to be completed in the third quarter
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