Insurance asset manager Conning Inc said on Monday it would take over managing the fixed-income portfolio of insurer Phoenix Companies (PNX.N) and acquire the Phoenix team that had been involved in overseeing the assets. Conning said it will manage about $8 billion in assets under the deal, under which it will also purchase the Phoenix unit Goodwin Capital Advisers. Terms were not disclosed; the transaction is expected to close in the fourth quarter. With the deal, Conning said it will now be managing $85 billion in assets for insurance clients around the world. That would vault it into third place globally within the industry, according to Insurance Asset Manager, a website that covers the sector. Worldwide, according to IAM, the top five insurance asset manager oversee nearly $650 billion for clients.
The Phoenix Companies, Inc. (Phoenix), incorporated in 2000, provides life insurance and annuity products through third-party distributors, supported by wholesalers and financial planning specialists employed by the Company. Shares of PNX fell by 2.29% or $-0.04/share to $1.71. In the past year, the shares have traded as low as $1.54 and as high as $2.86. On average, 461228 shares of PNX exchange hands on a given day and today's volume is recorded at 23994.
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