NU Online News Service, July 2, 3:25 p.m. – Arden Asset Management Inc., New York, is developing a domestic hedge fund of funds and an offshore version for Phoenix Investment Partners Ltd., the investment management arm of The Phoenix Companies Inc., Hartford.

Phoenix Investment Partners will sell the Phoenix-Arden funds to institutional clients and wealthy individuals and families.

Arden will select the investment managers included in the funds of funds.

Arden’s approach involves using 12 to 15 managers, about half of which employ multiple investment strategies, Phoenix says.