Thursday, February 07, 2008

 

Phoenix to Spin Off a Business

The Phoenix Cos., under fire for poor stock performance, will announce plans today to spin off its asset management business — Phoenix Investment Partners — as a separate company to its shareholders.

Hartford-based Phoenix, which has pursued turnaround efforts for six years, hopes the dramatic move will hearten frustrated stockholders and allow its asset management and life and annuity businesses to grow and prosper separately.

Phoenix to Spin Off a Business
Source: Hartford Courant

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