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
www.phoenixwm.com
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For Immediate Release
CONTACTS: MEDIA RELATIONS INVESTOR RELATIONS
JODY BERESIN PETER HOFMANN
860-403-5714 860-403-7100
THE PHOENIX COMPANIES NAMES NEW HEAD OF ASSET MANAGEMENT OPERATIONS
SECOND KEY APPOINTMENT IN 30 DAYS
Hartford, CT, April 23, 2003 - Dona D. Young, chairman, president and
chief executive officer of The Phoenix Companies, Inc. (NYSE: PNX), announced
today that Daniel T. Geraci will become executive vice president of Phoenix's
asset management business and president and chief executive officer of the
company's asset management subsidiary, Phoenix Investment Partners (PXP)
effective mid-May. In this position, Mr. Geraci, 45, will have direct
responsibility for Phoenix's asset management business, including PXP's asset
management partners.
Mrs. Young said, "Dan brings to Phoenix an impressive record of
strategic leadership and performance with proven expertise in building new
capabilities, developing product and expanding distribution. His first priority
will be to increase profitability and margin growth for the asset management
segment of our business, which is a fundamental component of our wealth
management strategy."
Mr. Geraci said, "I have come to know and respect Phoenix over the
years and this was a wonderful opportunity to join a company with a great
franchise and reputation. I'm proud to lead PXP's team and work with its
talented professionals to develop and grow its asset management business. And
I'm excited to explore new ways for furthering Phoenix's wealth management
strategy and meeting the specialized investment and insurance needs of the
advisors it serves and their affluent and high-net-worth customers."
This is the second significant new management appointment announced
recently by Phoenix. On March 21, Phoenix named Sue Ann Collins, 49, an
insurance industry veteran most recently with ING Group, to lead its life and
annuity business effective May 1.
Mrs. Young said, "We have delivered on our timetable of commitment to
decisive actions aimed at strengthening our financial performance. Now, with
strong new leaders in place for both our asset management and our life and
annuity businesses, we have a complete and capable management team aligned
behind our strategic priorities and wealth management strategy."
Among the strategic priorities Phoenix has achieved and previously
announced were initiatives that significantly lowered expenses, began to improve
operating margins and enhanced capital allocation and management processes.
Biographical Background: Over 23 years, Mr. Geraci has held a number of
significant positions focused on investment management operations and
distribution. Since November 2001, he has been president and chief executive
officer of Pioneer Investment Management USA Inc. in Boston, a 75-year-old
investment company with over $22 billion in assets and a subsidiary of Pioneer
Global, the $105 billion asset management arm of UniCredito Italiano, a major
European bank based in Milan, Italy. At Pioneer, he focused on growing the
firm's U.S. business and diversifying beyond mutual funds to include new growth
vehicles such as separately managed accounts.
Prior to Pioneer, Mr. Geraci held several senior executive positions
with Fidelity Investments in Boston and Canada since 1996. From 2000 to 2001, he
was president of Fidelity's Private Wealth Management Group in Boston, which
focused on serving the specialized investment needs of high-net-worth
individuals and consisted of approximately $300 billion in assets. From 1998 to
2000, he directed distribution and marketing for Fidelity Investments
Institutional Services Company in Boston, which supports Fidelity's premier
Advisor Funds business. He also led distribution and marketing for Fidelity
Investments Canada, Ltd. in Toronto from 1996 to 1998.
From 1988 through 1995, Mr. Geraci held successive executive management
positions with Midland Walwyn Capital Inc. (later Merrill Lynch Canada) and its
predecessor company, Walwyn Stodgell Cochran Murray, Ltd. in Toronto, including
president of its asset management subsidiary, Atlas Asset Management, Inc.,
which he founded. He began his career in 1980 at E.F. Hutton & Company in Los
Angeles, rising from investment broker to director of national sales development
in New York over the course of seven years.
Over the years, Mr. Geraci has served on a number of trade industry
boards and civic committees in Boston and Canada. He is currently on the board
of The U.S. Institute, an industry trade group. He also is president of Roberto
Bazzoni Onlus-US, a charitable foundation that supports children with AIDS in
war-torn countries. Mr. Geraci is originally from New Britain, Connecticut.
The Phoenix Companies, Inc. (NYSE: PNX) is a leading provider of wealth
management products and services to individuals and institutions. Through a
variety of advisors and financial services firms, Phoenix helps the affluent and
high net worth accumulate, preserve and transfer their wealth with an innovative
portfolio of life insurance, annuity and investment management products and
services. With a history dating back to 1851, The Phoenix Companies, Inc., has
two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix
Investment Partners, Ltd., and offers trust services through another subsidiary,
Phoenix National Trust Company. Phoenix has corporate offices in Hartford, Conn.
For more information on Phoenix, visit www.phoenixwm.com.