Hartford insurer Phoenix Cos. Inc. finalized sale of its Goodwin Capital Advisers Inc. unit to Conning Inc.
In connection with the deal, Conning took management of a chunk of Phoenix’s fixed-income asset portfolio.
Financial terms of neither deal still weren’t being disclosed Monday.
Conning assumes management of some $8 billion in assets from Phoenix’s fixed-income general account insurance basket, officials said. After the sale of Goodwin, Phoenix retains direct management of assets totaling $7 billion.
This is the latest in the series of outsourced operating functions Phoenix has undertaken in recent years.
In the Goodwin Capital deal, Conning said Goodwin Capital will keep its name and senior portfolio managers Cynthia Beaulieu and Lynn Ryan.
