Conning to Manage $8 Billion in Phoenix Assets

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.