The Phoenix Cos. Positions Institutional Asset Management for Growth

Business Wire, June 21, 2004

HARTFORD, Conn. -- The Phoenix Companies, Inc. (NYSE: PNX) announced organizational changes within its institutional asset management business aimed at positioning the business for growth.

Daniel T. Geraci, president and chief executive officer of Phoenix Investment Partners, the company's asset management subsidiary, said, "This is an exciting time for Phoenix's institutional business with everything falling into place including our growth strategy, a fortified sales organization, and a focus on enhanced product offerings. We've made operational and business changes that will enable us to serve our existing clients better, create new relationships and attract more assets."

Phoenix's institutional asset management operations are headed by Amy Fisher, president, Institutional Markets, who joined Phoenix in February 2004 and reports to Mr. Geraci. Among the key changes Ms. Fisher has made is to centralize operations for Institutional Markets, including marketing and collateral production, at Phoenix Investment Partners' headquarters in Hartford. Phoenix's institutional business was previously based in Chicago.

Ms. Fisher said, "We've also created dedicated sales and service teams for each of Phoenix's investment management firms at their locations. Towards that end, three seasoned institutional sales professionals have been hired: Doug Heckman for the Goodwin fixed income division of Phoenix Investment Counsel in Hartford; Stephen Haas, CFA, at Engemann Asset Management, a growth manager in Pasadena; and David DuRie at Duff & Phelps Investment Management in Chicago, which manages equity, fixed income, REIT and utilities portfolios."

Ms. Fisher added, "We also expect to have sales specialists with expertise in the Taft-Hartley/Public and Sub-Advisory channels based in Hartford by the end of the third quarter. All of these changes will give us broad coverage to fully support clients, consultants, prospects and plan sponsors."

Phoenix Investment Partners, Ltd. is the asset management subsidiary of The Phoenix Companies, Inc., with $46.7 billion in third party assets under management as of March 31, 2004. Phoenix Investment Partners provides individuals and institutions with disciplined money management through a number of investment affiliates, and offers managed accounts, mutual funds, closed-end funds, alternative financial products, and institutional asset management. For more information, visit www.PhoenixInvestments.com.

The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating back to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company offers private placement insurance products through Philadelphia Financial Group, a subsidiary. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.PhoenixWealthManagement.com.