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A debutante of questionable pedigree.

Investment News

| May 07, 2001 | Fritz, Michael | COPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Insurer faces doubts on eve of IPO party

With three insurance companies set to go public this year, including his own, Robert Fiondella must feel like the ugly stepsister on her way to the ball.

After all, the CEO of Phoenix Home Life Mutual Insurance Co. is still wiping from his face cake thrown by one of its biggest business partners.

Last February, in an unpublicized move, Merrill Lynch & Co. Inc. terminated Phoenix's Duff & Phelps money management unit from its Consults managed account program.

In a letter to its brokers obtained by InvestmentNews, Merrill cited chronic turnover of the unit's investment team since 1997, and the February departure of veteran equity portfolio manager Diane Mustain.

Phoenix declined to comment, but others say the damage could be significant.

"The managed-account business is the one they are most proud of as far as growth potential," adds Rick Marano, a director and analyst with Standard & Poor's in New York.

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