On the Verge of Spin-Off, Phoenix Taps Finance Chief
News summary by MFWire's editors
Phoenix Investment Partners has hired Michael Angerthal as chief financial officer. Angerthal's entry to Phoenix comes at a time when the asset manager is preparing to become an independent, publicly traded firm following a spin-off from Phoenix Companies later in the year. At which point, it will be renamed Virtus Investment Partners.
Angerthal, 41, currently serves as chief financial officer of CBRE Realty Finance.
Company Press Release
HARTFORD, Conn.--(BUSINESS WIRE)--Phoenix Investment Partners, a diversified asset management firm with $33.4 billion under management, and the asset management subsidiary of The Phoenix Companies, Inc. (NYSE:PNX - News), announced today that Michael A. Angerthal will join the company as chief financial officer. Angerthal, 41, of Westport is currently the chief financial officer of CBRE Realty Finance in Hartford.
He will join Phoenix Investment Partners as it prepares to become an independent, publicly traded company following its spin-off from Phoenix later this year. Phoenix Investment Partners will change its name to Virtus Investment Partners prior to the spin-off.
In his new position, Angerthal will be responsible for overall risk management, financial planning and reporting, financial control, SEC compliance, and investor relations for Virtus.
"Mike’s solid experience in corporate finance, capital structure management and investor relations is a great fit for Virtus as we prepare to become a public company," said George R. Aylward, president of Phoenix Investment Partners, who will become president and chief executive officer of Virtus. “He brings great value to our organization with his leadership experience during an initial public offering, his management of the financial structure of a new public company, and his various roles at GE."
"Virtus will be focused on maximizing value to our stockholders by building on our current strengths as a multi-manager asset management business that serves the investment needs of individuals and institutions. We are delighted Mike will join the management team at Virtus," Aylward added.
Angerthal has been with CBRE Realty Finance since 2005, following nine years with several units of GE Corporation, including GE Real Estate, GE Capital Corp., and NBC. Prior to GE, he was a manager of business assurance in the audit practice of Coopers & Lybrand in New York.
He graduated from Pace University in New York with a BBA in accounting, and received an MBA in corporate finance from the Columbia University Business School.
Phoenix Investment Partners provides investment management products and services to individuals and institutions. It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Phoenix Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. It had $33.4 billion in assets under management as of June 30, 2008.
With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX - News) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company’s products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.
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