Phoenix to spinoff asset management

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. The new company will be managed by George R. Aylward, the division’s current president. Phoenix made the announcement at the same time it reported a 90% drop in fourth quarter income, largely due to what it described as "impairments" of $20.9 million. The company's net fell to $4.5 million, from $44.3 million a year earlier.