Company Press Release

HARTFORD, Conn.--(BUSINESS WIRE)--Phoenix Investment Partners, a diversified asset management firm with $33.4 billion under management, and a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX - News), today announced that Francis G. Waltman has re-joined the company as senior vice president, product management and development. He reports to George R. Aylward, president of Phoenix Investment Partners, which will soon be renamed Virtus Investment Partners.

Waltman previously worked at Phoenix and was instrumental in improving the company’s PhoenixFunds mutual fund platform and enhancing the company’s multi-manager, multi-style approach to investment management.

“Frank’s knowledge of the investment industry and his leadership of our product initiatives will be invaluable as we enter a new and very important phase of the company’s development,” Aylward said. “We are particularly looking for opportunities to leverage the capabilities of our affiliated investment managers and sub-advisers to further develop new products that meet the evolving needs of our distribution partners and our clients.”

Phoenix has announced its intention to spin off Phoenix Investment Partners to Phoenix’s shareholders later this year. The company will operate as Virtus Investment Partners following the spin-off. Waltman was honored for his leadership with Phoenix in product development as co-recipient of the 2007 “Fund Marketer of the Year” award from Fund Action. The award was given for Phoenix’s ability to grow its mutual fund business by hiring sub-advisers, adopting small institutional funds and revamping existing funds, in addition to increasing distribution relationships.

"Frank has been actively involved in the development of products and the partnerships we have today with our affiliated managers and sub-advisers. He is rejoining us at the right time to help us extend these relationships and build new partnerships," Aylward said.

Waltman rejoins Phoenix from Prudential Retirement, where he was head of the organization’s investment products team. He had previously been with Phoenix for 15 years, most recently as senior vice president, product development and management. Prior to joining Phoenix, he held positions at Shearson Lehman Brothers and National Securities & Research Corporation.

Waltman holds a bachelor’s degree in finance from Hofstra University and an M.B.A. in finance from Fordham University.

Phoenix Investment Partners provides investment management products and services to individuals and institutions. It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Phoenix Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. It had $33.4 billion in assets under management as of June 30, 2008.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX - News) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company’s products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.