Phoenix Investment Partners, the asset management subsidiary of The Phoenix Companies, has hired former CBRE Realty Finance chief financial officer Michael Angerthal as its new chief financial officer.
Prior to CBRE Realty Finance, which he joined in 2005, Angerthal spent nine years with several units of GE Corporation, including GE Real Estate, GE Capital Corp., and NBC. Before GE, he was a manager of business assurance in the audit practice of Coopers & Lybrand in New York.
In his new role, Angerthal will be responsible for risk management, financial planning and reporting, financial control, SEC compliance and investor relations. He is joining the firm as it prepares to become an independent, publicly traded company. The group is expected to spin off from Phoenix later this year, the firm said in a statement. Phoenix Investment Partners will change its name to Virtus Investment Partners prior to the spin-off.
Phoenix president, George Aylward, will become president and chief executive officer of Virtus, which will be “focused on maximizing value to our stockholders by building on our current strengths as a multi-manager asset management business that serves the investment needs of individuals and institutions,” Aylward said.
The Hartford, Connecticut-based firm had $33.4 billion in assets under management as of June 30, 2008.