Exhibit 99.1
[logo] PHOENIX
The Phoenix Companies, Inc. N E W S R E L E A S E
One American Row
PO Box 5056
Hartford CT 06102-5056
PhoenixWealthManagement.com
___________________________
For: Immediate Release
Contact: Media Relations: Alice S. Ericson 860-403-5946
Investor Relations: Peter A. Hofmann 860-403-7100
The Phoenix Companies Announces Acquisition
of Minority Interest in Seneca Capital Management
Hartford, Conn., May 2, 2005 - The Phoenix Companies, Inc. (NYSE: PNX) today announced that it has
purchased the minority interest in Seneca Capital Management, LLC (SCM) it did not already own. In
addition, Gail P. Seneca, Ph.D., SCM's founder and chief executive officer, has expressed her
intentions to transition out of SCM by December 31, 2005.
Terms of the purchase were not disclosed, and the impact is not material to Phoenix's financial
statements.
"Asset management is essential to our strategy of providing financial products and services to the
high-net-worth and institutional markets, and the quality capabilities at SCM are important to that strategy,"
said Dona D. Young, Phoenix's chairman, president and chief executive officer. "This transaction also marks
significant progress on our goal of converting our asset management business to a 100-percent-owned model,
which will go far in making it a growing, profitable contributor to Phoenix."
Mrs. Young added, "We are committed to our multi-manager approach, which maintains each firm's unique
identity, culture, and investment philosophy and style while providing strong support for non-investment
functions."
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Exhibit 99.1
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Gretchen Lash, chief executive and chief investment officer of Engemann Asset Management (EAM), another
wholly owned subsidiary with distinct investment styles, was named CEO of SCM, effective today. Ms. Seneca will
become chairman of the firm. Ms. Lash will work closely with Ms. Seneca through the remainder of the year to
ensure a seamless transition. She will continue her duties as CEO at Engemann. Albert Gutierrez and Richard D.
Little will continue to lead the fixed income and equities investment teams, respectively.
After the transition, Ms. Seneca will focus on Luminent Mortgage Capital, Inc., a publicly traded real
estate investment trust, which has an advisory agreement with SCM to manage certain fixed income assets. "I
take great pride in having built Seneca Capital Management into a widely respected $12 billion money manager. I
look forward to another entrepreneurial challenge," Ms. Seneca said.
"I am confident that Seneca's clients will continue to be well served by the seasoned and talented team of
professionals who will lead Seneca into the future. Gretchen's wealth of investment and managerial experience
will strengthen the firm significantly. She is an excellent choice to succeed me," she said.
In commenting on the announcement, Daniel T. Geraci, executive vice president, The Phoenix Companies, and
president and chief executive officer of Phoenix Investment Partners, said, "Gail has done a superb job
developing Seneca into the fine organization it is today, and we are united in our commitment to continuity. As
we do with Engemann and all of our wholly owned firms, Phoenix will provide a high level of administrative,
operational and product development support and let the existing investment teams continue serving their
clients according to their distinct and established disciplines.
"The changes we are beginning today will create additional opportunities to realize synergies and
efficiencies between Seneca and Phoenix, while ensuring that Seneca's boutique culture, investment processes
and client service functions remain distinct," he said.
The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset management
products for the accumulation, preservation and transfer of wealth. It has two principal operating
subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. Through a variety of
advisors and financial services firms, the company provides products and services to affluent and
high-net-worth individuals and to institutions. Phoenix has corporate offices in Hartford, Connecticut.
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Phoenix Investment Partners provides individuals and institutions with disciplined money management
through a number of investment affiliates, and offers managed accounts, mutual funds, institutional asset
management, closed-end funds and alternative financial products. It had $42.9 billion in third party assets
under management as of December 31, 2004. For more information, visit www.phoenixwealthmanagement.com.
Founded in 1989 by Gail P. Seneca, Seneca Capital Management provides investment management services to
foundations, endowments, corporations, public funds, multi-employer plans, private clients and high-net-worth
individuals. Based in San Francisco, the firm had $12.0 billion under management as of December 31, 2004.
Founded in 1969, Engemann Asset Management became a wholly owned subsidiary of Phoenix Investment Partners
in 1997. Specializing in growth equity, the firm had $5.9 billion in assets under management as of December 31,
2004. Engemann is based in Pasadena, California.
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