Conning Inc. has agreed to acquire a fixed-income investment manager from the Phoenix Companies Inc. and to take over management of the company’s publicly traded fixed-income general account insurance assets.
Conning would get the Goodwin Capital Advisers Inc. money management unit from Phoenix, Hartford (NYSE:PNX), and responsibility for $8 billion in assets under management, Phoenix says.
Phoenix is not saying how much Conning is paying for Goodwin Capital, but the Goodwin Capital team and its clients would move to Conning, and Goodwin Capital would keep its name and investment philosophy, Phoenix says.
Goodwin Capital now manages about $1 billion in third-party assets, Phoenix says.
Conning and Phoenix hope to complete it by the end of the year, Phoenix says.
Conning says completing the Goodwin Capital deal and the asset management deal should increase its total assets under management to about $85 billion.
- Allison Bell