The Phoenix Companies Inc. today announced that a former Aetna investment chief is among six people named to the board of directors of its asset management subsidiary, Virtus Investment Partners Inc.
Virtus is being spun off  to Phoenix’s stockholders.
Phoenix announced last month an investment in Virtus by Harris Bankcorp Inc., a U.S. subsidiary of Bank of Montreal. It is expected that, upon completion of the transaction, Harris will have $45 million in convertible preferred stock, representing a 23 percent equity position in Virtus.
Two representatives from BMO Financial Group, Harris’s parent, will be added to the Virtus board, in addition to the six individuals who were announced today.
In addition to Virtus President George R. Aylward, board members will include:
— Timothy A. Holt of Connecticut, who retired earlier this year as senior vice president and chief investment officer of Aetna Inc., where he managed Aetna’s $20 billion general account portfolio;
— Mark C. Treanor of Maryland, formerly senior executive vice president, general counsel, and a member of the Operating Committee of Wachovia Corp. He previously specialized in banking litigation at private law firms. It is expected Mr. Treanor will serve as non-executive chairman;
— James R. Baio of California, formerly executive vice president and chief financial officer of Capmark Financial Group Inc., a private equity portfolio company.Â
— Susan F. Cabrera of New York, formerly a partner and member of the Investment Committee of Capital Z Partners, a private equity investor. She is a Ph.D. candidate in Management and Organizations at Cornell University;
— Diane M. Coffey of New York, managing director of Peter J. Solomon Co. Ltd., an investment banking company, who previously was a communications director and portfolio manager at Dreyfus; and
— Edward M. Swan, Jr.of Massachusetts, formerly the president of FIS Group, an asset management company for institutional investors.
