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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Harris, NA
  • The Phoenix Companies, Inc.
  • Mutual Fund
  • March 28, 2006
  • $10.5 Billion

Seller Details

Harris is an integrated financial service organization providing more than 1 million personal, business, corporate and institutional clients with banking, lending, investing and financial management solutions. The community banking network of Harris is one of the largest in Illinois, with 200 full-service locations throughout the Chicago area and Northwest Indiana and more than 500 Harris-branded ATMs. Under the Harris trademark is Harris Private Bank, which offers customized banking and lending, financial planning, trust and estate administration, wealth transfer and family office services; and Harris Nesbitt, a premier mid-market corporate and investment bank delivering investment and corporate banking, treasury services, market risk management, institutional investing and research. Harris is a member of BMO Financial Group.

Buyer Details

The Phoenix Companies, Inc. is a leading provider of life insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth. Phoenix Investment Partners, Ltd. is its principal asset management subsidiary, with $37.4 billion in third party assets under management as of December 31, 2005. 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. Phoenix Investment Partners has increasingly embraced a sub-advisory model for its packaged products.

Transaction Summary

Harris Investment Management, Inc. and The Phoenix Companies, Inc. announced a strategic alliance in which Phoenix will become the investment adviser, distributor and administrator of the Harris Insight(R) Funds, and Harris Investment Management will continue to manage the majority of the Insight Funds. In addition, Harris Investment Management will become subadviser to several existing PhoenixFunds.

Harris and Phoenix expect to finalize the arrangement during the second quarter of 2006 pending approval by Harris Insight (R) Funds and PhoenixFunds shareholders and certain other customary conditions. The Harris Insight Funds will be renamed Phoenix-Insight Funds and, upon completion, will increase Phoenix's equity and fixed income mutual fund assets to $11.3 billion and money market assets to $7.3 billion, based on assets at February 28, 2006.

Harris Insight (R) Funds is a family of 19 funds with more than $10.5 billion in assets under management, including approximately $2.4 billion in equity, $936.8 million in fixed income, and $7.2 billion in money market assets at February 28, 2006.

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