NU Online News Service, July 29, 2004, 6:33 p.m. EDT
Life and annuity results held up reasonably well at The Phoenix Companies Inc., Hartford, during the second quarter despite the sale of the company’s retail broker-dealer operations.[@@]
Phoenix recently sold its broker-dealer operations to Linsco/Private Ledger Corp., San Diego, in an effort to focus more on manufacturing products and less on wholesaling.
About 45% of the former broker-dealer unit advisors shifted to Linsco/Private Ledger, and Phoenix has arrangements to sell its products through Linsco/Private Ledger’s 5,500 registered representatives, Phoenix says.