SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1)
Phoenix Investment Partners, Ltd.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
264322108
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(CUSIP Number)
Tracy L. Rich, Esq.
Phoenix Home Life Mutual Insurance Company
One American Row
Hartford, CT 06115
(860) 403-5566
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 24, 2000
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject
of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 4 Pages)
<PAGE>
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CUSIP No. 264322108 13D
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Phoenix Home Life Mutual Insurance Company
I.R.S. Employer Identification No. 06-0493340
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7 SOLE VOTING POWER
30,754,000
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH 30,754,000
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REPORTING
10 SHARED DISPOSITIVE POWER
PERSON WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,754,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
57%
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14 TYPE OF REPORTING PERSON*
IC, HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(Page 2 of 4 Pages)
<PAGE>
This Amendment No. 1 to the Schedule 13D originally filed by Phoenix
Home Life on November 1, 1995 relating to the Common Stock of the Issuer is
being filed by Phoenix Home Life pursuant to Rule 13d-2 of the Securities
Exchange Act of 1934 (as amended, the "Act").
ITEM 2, Part III. Directors and Executive Officers
Item 2, Part III is hereby amended and supplemented by revision of
Exhibit B, which is incorporated in its entirety into this Agreement
No. 1 by reference.
ITEM 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and supplemented as follows:
The potential purchases of Common Stock reported in this Amendment
No. 1 and described in Item 4 would be made using available funds of
Phoenix Home Life.
Item 4. Purpose of Transaction.
Item 4 is hereby amended and supplemented as follows:
On July 24, 2000, Phoenix Home Life Mutual delivered to the Independent
Committee of the Board of Directors of the Issuer (the "Independent
Committee") a letter dated July 24, 2000 (the "Proposal Letter") in
which Phoenix Home Life offered to purchase all of the issued and
outstanding shares of Common Stock of the Issuer not currently owned
by Phoenix Home Life for a purchase price of $12.50 per share.
Phoenix Home Life anticipates that upon completion of the proposed
transaction, it would seek to cause the Common Stock to be delisted
from trading on the New York Stock Exchange and to cause the
termination of registration of the Common Stock pursuant to Section 12
of the Act. The proposal letter is attached to this Amendment No. 1 as
Exhibit E and is incorporated into this Amendment No. 1 by reference in
its entirety.
On July 24, 2000, Phoenix Home Life issued a press release relating to
the events described above. The press release is attached to this
Amendment No. 1 as Exhibit F and is incorporated in its entirety into
this Amendment No. 1 by reference.
There can be no assurance that the proposal will be approved by the
Independent Committee of the Board of Directors of the Issuer or if the
proposal is approved, that Phoenix Home Life and the Issuer will enter
into a definitive merger agreement or that any of the conditions to the
consummation of the transaction contemplated by such merger agreement
will be satisfied in a timely manner or at all. If Phoenix Home Life is
unable to reach an agreement with the Independent Committee of the
Board of Directors of the Issuer or any conditions to the consummation
of the transaction contemplated by such agreement are not satisfied,
Phoenix Home Life may consider alternatives to acquire some or all of
the existing publicly held shares of the Issuer.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and supplemented as follows:
Phoenix Home Life holds 30,754,000 shares of the Issuer's common
stock, approximately 57% of the Issuer's outstanding common stock.
(Page 3 of 4 Pages)
<PAGE>
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and supplemented as follows:
Exhibit B - Current Directors and Executive Officers of Phoenix Home
Life Mutual Insurance Company.
Exhibit E - Proposal Letter, dated July 24, 2000, from Phoenix Home
Life Mutual Insurance Company to the Independent Committee of the Board
of Directors of Phoenix Investment Partners, Ltd.
Exhibit F - Press Release, dated July 24, 2000, of Phoenix Home Life
Mutual Insurance Company.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
July 25, 2000 PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
/s/ Tracy L. Rich
-----------------------------------
By: Tracy L. Rich
(Page 4 of 4 Pages)
<PAGE>
INDEX TO EXHIBITS TO THIS AMENDMENT NO. 1
Exhibit No. Description
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B. Directors and Executive Officers
E. Proposal Letter, dated July 24, 2000, from Phoenix Home Life
Mutual Insurance Company to the Independent Committee of the
Board of Directors of Phoenix Investment Partners, Ltd.
F. Press Release dated July 24, 2000, of Phoenix Home Life Mutual
Insurance Company
<PAGE>
<TABLE>
<CAPTION>
Exhibit B to Schedule 13(d)
(Item 2, Part II)
Re: Phoenix Investment Partners, Ltd.
PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
DIRECTORS
===================================================================================================================================
Name Residence Current Occupation/ Certain Criminal Certain Civil
Business Address Proceedings Proceedings Citizenship
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Sal H. Alfiero 9 Four Winds Way Chairman and CEO None None USA
Amherst, NY 14426 Mark IV Industries, Inc.
501 John James Audubon Parkway
Amherst, NY 14228
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J. Carter Bacot 48 Porter Place Director (retired Chairman & CEO) None None USA
Montclair, NJ 07042 The Bank of New York
One Wall Street, 10th Floor
New York, NY 10286
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Arthur P. Byrne 85 Bishop Lane President, CEO & Chairman None None USA
Avon, CT 06001 The Wiremold Company
60 Woodlawn Street
West Hartford, CT 06110
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Richard N. Cooper 33 Washington Avenue Professor None None USA
Cambridge, MA 02140 Center for International Affairs
Harvard University
1737 Cambridge Street, Room 403
Cambridge, MA 02138
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Gordon J. Davis 241 Central Park West Partner None None USA
New York, NY 10024 LeBoeuf, Lamb Greene & MacRae
125 West 55th Street
New York, NY 10019
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Robert W. Fiondella 29 Summerberry Circle Chairman & CEO None None USA
Bristol, CT 06010 Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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John E. Haire 12 Searles Road President None None USA
Darien, CT 06820 The Fortune Group
1271 Avenue of the Americas
New York, NY 10020
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Page 1 of 5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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Name Residence Current Occupation/ Certain Criminal Certain Civil
Business Address Proceedings Proceedings Citizenship
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Jerry J. Jasinowski 3288 Rittenhouse Street, President None None USA
N.W. National Association
Washington, DC 20015 of Manufacturers
1331 Pennsylvania Avenue, N.W.
Suite 600
Washington, DC 20004
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John W. Johnstone, Jr. 467 Carter Street Chairman None None USA
New Canaan, CT 06840 Governance & Nominating Committees
Arch Chemicals, Inc.
191 Post Road West
Westport, CT 06880
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Marilyn E. LaMarche 930 Fifth Avenue, Limited Managing Director None None USA
Apt. 10D Lazard Freres & Co. L.L.C.
New York, NY 10021 30 Rockefeller Plaza
New York, NY 10020
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Philip R. McLoughlin 39 Joshua Drive Chairman & CEO None None USA
West Simsbury, CT 06092 Phoenix Investment Partners, Ltd.
56 Prospect Street
Hartford, CT 06115
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Robert F. Vizza, Ph.D. 3 Maria Lane President & CEO None None USA
Old Brookville, NY The DeMatteis Center of
St. Francis Hospital
Northern Boulevard
Old Brookville, NY 11545
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Robert G. Wilson Key Colony III, Chairman None None USA
Apt. 1127 QuoteShip.com, Inc.
151 Crandon Boulevard 641 Lexington Avenue, 18th Floor
Key Biscayne, FL 33149 New York, NY 10022
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Dona D. Young 89 Woodford Hills Drive President None None USA
Avon, CT 06001 Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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</TABLE>
Page 2 of 5
<PAGE>
<TABLE>
<CAPTION>
PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
EXECUTIVE OFFICERS
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Name Residence Current Occupation/ Certain Criminal Certain Civil
Business Address Proceedings Proceedings Citizenship
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Robert W. Fiondella 29 Summerberry Circle Chairman & CEO None None USA
Bristol, CT 06010 Phoenix Home Life Mutual
Insurance Co.
One American Row
Hartford, CT 06102-5056
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Dona D. Young 89 Woodford Hills Drive President None None USA
Avon, CT 06001 Phoenix Home Life Mutual
Insurance Co.
One American Row
Hartford, CT 06102-5056
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Carl T. Chadburn 252 Knollwood Road Executive Vice President None None USA
Manchester, CT Phoenix Home Life Mutual
Insurance Co.
One American Row
Hartford, CT 06102-5056
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Philip R. McLoughlin 39 Joshua Drive Chairman & CEO None None USA
West Simsbury, CT 06092 Phoenix Investment Partners, Ltd.
56 Prospect Street
Hartford, CT 06115
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David W. Searfoss 3 Stratford Road Executive Vice President and Chief None None USA
Farmington, CT 06032 Financial Officer
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Michael J. Gilotti 46 Meadow Ridge Senior Vice President None None USA
Avon, CT 06001 Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Edward P. Hourihan 17 Chesbro Avenue Senior Vice President, None None USA
Noank, CT 06266 Information Systems
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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</TABLE>
Page 3 of 5
<PAGE>
<TABLE>
<CAPTION>
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Name Residence Current Occupation/ Certain Criminal Certain Civil
Business Address Proceedings Proceedings Citizenship
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Joseph E. Kelleher 6 Spruce Lane Senior Vice President, None None USA
Simsbury, CT 06070 Affiliated Retail Distribution
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Robert G. Lautensack 21 Stillwood Chase Senior Vice President, None None USA
Simsbury, CT 06070 Individual Line Financial
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Maura L. Melley 16 Old Oak Road Senior Vice President, None None USA
West Hartford, CT 06117 Public Affairs.
Phoenix Home Life Mutual Insurance Co
One American Row
Hartford, CT 06102-5056
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Charles L. Olson 10 Tallwood Lane Senior Vice President, Trust Sales None None USA
Simsbury, CT 06089 and Marketing
Phoenix Home Life Mutual Insurance Co.
38 Prospect Street
Hartford, CT 06115
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Richard R. Paton 394 Geraldine Drive Senior Vice President None None USA
Coventry, CT 06238 Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Robert E. Primmer 47 Wyngate Senior Vice President, Independent None None USA
Simsbury, CT 06070 Distribution
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Tracy L. Rich 65 North Farms Road Senior Vice President None None USA
Avon, CT 06001 and General Counsel
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
====================================================================================================================================
</TABLE>
Page 4 of 5
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================================================
Name Residence Current Occupation/ Certain Criminal Certain Civil
Business Address Proceedings Proceedings Citizenship
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
John F. Solan, Jr. 11 Schuyler Lane Senior Vice President, None None USA
Bloomfield, CT 06002 Strategic Development
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Simon Y. Tan 169 Weir Street Executive Vice President None None USA
Glastonbury, CT 06033 Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
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Walter H. Zultowski 6 Winhart Drive Senior Vice President, Marketing None None USA
Granby, CT 06035 and Market Research
Phoenix Home Life Mutual Insurance Co.
One American Row
Hartford, CT 06102-5056
===================================================================================================================================
</TABLE>
Page 5 of 5
<PAGE>
Exhibit E
Proposal Letter, dated July 24, 2000,
from Phoenix Home Life Mutual Insurance Company
to the Independent Committee of the Board of Directors of
Phoenix Investment Partners, Ltd.
(Page 1 of 3 Pages)
<PAGE>
VIA FACSIMILE AND FEDERAL EXPRESS
---------------------------------
July 24, 2000
John T. Anderson
Chairman of the Independent Committee of the Board of Directors
Phoenix Investment Partners, Ltd.
Pineboughs Epworth Heights
Box 4133
Ludington, MI 49431
Gentlemen:
Phoenix Home life Mutual Insurance Company ("PHL") is pleased to offer
to purchase all of the outstanding shares of the common stock of Phoenix
Investment Partners, Ltd. ("PXP") that it does not currently own (the "Shares")
for a cash price of $12.50 per share. As a result of the proposed transaction,
PXP would become a wholly-owned subsidiary of PHL.
Completion of the proposed transaction would be subject to the approval of
the Independent Committee of the Board of Directors of PXP, as well as the full
Board of Directors of PXP, and the satisfaction of all applicable regulatory
requirements and such other terms and conditions as are customary for a
transaction of this type.
Upon completion of the proposed transaction, PHL would seek to cause the
Shares to be delisted from trading on the New York Stock Exchange and to be
deregistered under the Securities Exchange Act of 1934, as amended.
We believe that this offer is fair to, and in the best interests of, PXP and
its public stockholders. The offered price of $12.50 per share represents a
premium of 16.3% over the closing price of the Shares on the New York Stock
Exchange on July 24, 2000, and a 33.1% premium over the average closing price
for the Shares for the preceding 90 days. In considering this offer, please note
that PHL is interested only in acquiring the publicly held shares, and is not
interested in selling its interest in PXP.
(Page 2 of 3 Pages)
<PAGE>
We reserve the right to rescind or amend this offer at any time prior to its
acceptance by the Board of Directors of PXP and the execution and delivery by
each of PHL and PXP of a definitive agreement providing for the acquisition of
the Shares by PHL.
We hope that you give this offer your prompt attention. We are
available to meet with you and your advisors to discuss this offer at your
convenience. We look forward to hearing from you, and working together with you
on this transaction.
Sincerely,
Tracy L. Rich
cc: J. Chapman
D. Searfoss
(Page 3 of 3 Pages)
<PAGE>
Exhibit F
Phoenix Home Life Mutual Insurance Company One American Row
P.O. Box 5056
Hartford CT 06102-5056
Internet: www.phoenixwm.com
[GRAPHIC OMITTED] PHOENIX NEWS RELEASE
For: Immediate Release
Contact: Michele U. Farley
860-403-5393
Jon Sandberg
860-403-5066
PHOENIX OFFERS TO PURCHASE PXP REMAINING SHARES
HARTFORD, CONN., JULY 24, 2000 - Phoenix Home Life Mutual Insurance Company
today announced that it has offered $12.50 cash per share to purchase the
remaining outstanding common shares (approximately 41 percent or 18 million
shares as of June 30, 2000) it does not already own in Phoenix Investment
Partners (PXP). A committee of independent directors of PXP's board will review
the offer and make a recommendation to shareholders. If the offer is
consummated, PXP would become a wholly owned Phoenix company.
The Phoenix offer represents a 16.3 percent premium over the closing price
on the New York Stock Exchange on July 24, 2000, and a 33.1 percent premium over
the average closing price for the preceding 90 days. PXP is a leading, publicly
traded U.S. investment management company, with assets under management at the
end of the first quarter of $66 billion.
"We believe this offer serves the best interests of both Phoenix and PXP's
constituencies," said Robert W. Fiondella, chairman and chief executive officer
of Phoenix. "Our offer provides immediate enhanced value to PXP shareholders. It
is our intention that PXP will continue to operate independently as it does now,
and we will continue to respect the unique expertise and needs of each business.
But the transaction will also allow us to work more collaboratively as we
execute our wealth management strategy and to fully capitalize on our
exceptional collective capabilities."
(Page 1 of 2 Pages)
<PAGE>
Phoenix's wealth management strategy centers on developing innovative and
competitive products that offer accumulation, preservation and transfer
solutions delivered to the affluent and high net worth through a multifaceted
distribution system that provides value-added support to advisors serving this
market.
Mr. Fiondella pointed out that Phoenix has been in the investment management
business since 1970. In 1995, Phoenix made the decision to develop this business
further and established PXP as a public company. PXP has successfully developed
its multiple manager program by acquiring top investment management firms that
access a common platform of administrative and distribution support. Today, PXP
offers a diversified asset mix and a broad range of investment styles and
products to retail and institutional clients.
"As PXP's Chairman and CEO, Phil McLoughlin has led his management team to
produce strong earnings and excellent performance. Phil will continue to lead
PXP and work even more closely with us to develop further the wealth management
strategy that will guide our continued growth and development," he said.
The offer is subject to customary terms and conditions, including regulatory
approvals, approval of Phoenix's and PXP's Boards of Directors and PXP
shareholders. Phoenix reserves the right to amend or withdraw the proposal at
any time in its sole discretion. Phoenix stated in its proposal that it is not
interested, under any circumstances, in selling its interest in PXP.
Phoenix provides wealth management strategies through its insurance,
investment management and trust services. Listed in the Fortune 500, it is one
of the nation's largest mutual life insurers and a leading money manager through
Phoenix Investment Partners, Ltd. Trust services are offered by Phoenix Charter
Oak Trust Company. Phoenix, with corporate offices in Hartford, Conn., was
founded in 1851. For more information on Phoenix, visit www.phoenixwm.com.
####
(Page 2 of 2 Pages)
