Phoenix Investment Partners Hires Joe Terranova As Chief Alternatives Strategist

HARTFORD, Conn.--(BUSINESS WIRE)--Phoenix Investment Partners, a diversified asset management firm with $34.5 billion under management, and the asset management subsidiary of The Phoenix Companies, Inc. (NYSE: PNX), today announced that veteran trader and alternative investments authority Joe Terranova has joined the company in the newly-created role of chief alternatives strategist. Terranova will report to Steve Neamtz, head of asset management distribution.

Prior to joining Phoenix, Terranova, 41, spent 18 years at MBF Clearing Corp., rising to the position of director of trading for the company and all of its subsidiaries. In this capacity, he managed more than 300 traders and support staff for MBF, one of the New York Mercantile Exchange’s largest firms.

“Joe Terranova is exactly the right person at the right time to enhance our continued expansion into the alternative investments space. We are delighted and honored to associate ourselves and our clients with a financial professional of Joe’s caliber, integrity and knowledge,” said Neamtz.

“Phoenix was early in its adoption of alternative investments as tools for financial advisors to incorporate into client portfolios. We will continue to expand our product line of alpha-generating products within this space as a compliment to traditional portfolios. Joe will be an advocate and educator for the use of alternative investments as a vehicle to provide diversification and portfolio enhancements through the use of these non-correlated assets,” Neamtz added.

Terranova is perhaps best known for his risk management skills, honed while overseeing MBF’s trading operations during some of the most calamitous times for the US markets, including the first Gulf War, the 1998 Asian Crisis, 9/11, and the collapse of Amaranth Advisors. During those times there was never a loss at MBF due to market anomalies. In fact, the firm continued to trade profitably and grow its business. He was one of the first Wall Street traders to make an early call for higher energy, natural resource and commodity prices.

“Aligning myself with the investment talent and intellectual capital at Phoenix is just a terrific career opportunity for me,” said Terranova. “My game plan is to utilize the sum total of my experience in the financial markets, as well as my risk management and portfolio design proficiency, to champion the effort of introducing clients to the diversification and portfolio enhancements Phoenix’s alternative products provide. I look forward to adding value to the already deep talent pool at Phoenix, and assisting the company in its drive to become the premier alternative strategies firm for advisors and clients.”

Before joining MBF, Terranova held positions at both Swiss Banking Corp. and JP Morgan Securities.

Beyond Trading

Terranova is a CNBC contributor and frequent panelist for the highly rated CNBC evening program, Fast Money. He’s been a guest on Bloomberg TV, and CNN, as well as quoted in a variety of financial media publications. His effort assisting MBF founder Mark B. Fisher author the book, The Logical Trader, is the first citation in the book’s acknowledgement. For more than 12 years Terranova wrote a daily energy market commentary that is widely popular within the energy industry and hedge fund community.

In addition to his family, Terranova’s passion is his advocacy work for children with special needs. In 2006, along with Hockey Hall of Fame player Mike Bossy, he established “Bossy’s Bunch,” a program which sends more than 50 underprivileged and challenged children to every New York Islanders home game. The program continues to grow in popularity and size every year.

Mr. Terranova graduated from the Peter J. Tobin College of Business at St. John’s University in 1988 with a B.S. in Finance. He and his family live in Long Island, N.Y.

Phoenix Investment Partners offers a diversified mix of investments from 15 respected money managers, with a specialized expertise in alternative investments in addition to core investment strategies. This emphasis on quality and choice gives individuals, businesses and institutions access to products that fit their financial goals. It had $34.5 billion in assets under management as of March 31, 2008.

In February, Phoenix announced its intention to spin off Phoenix Investment Partners to Phoenix’s shareholders. The spin-off is expected to occur in the third quarter.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) 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.

Securities distributed by Phoenix Equity Planning Corporation.

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