Phoenix to spin off asset management firm

By Lisa Kerner

Charlotte, N.C., Dec. 19 - The Securities and Exchange Commission declared effective Phoenix Cos., Inc.'s form 10 registration statement relating to the spinoff of subsidiary Virtus Investment Partners, Inc. into an independent publicly traded asset management firm.

On Dec. 31, Phoenix shareholders will receive one share of Virtus stock for every 20 shares of Phoenix stock held, a Phoenix news release said. Cash will be paid in lieu of fractional shares.

Record date for the distribution is Dec. 22.

Virtus' common stock will be listed on the Nasdaq Global Market under the symbol "VRTS" with "when issued" trading expected to begin on Dec. 23.

Phoenix is a Hartford, Conn., insurance company.

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