Phoenix Investment Partners, Ltd. today announced the completion of its acquisition of the retail mutual fund and closed-end fund business of the New York City-based Zweig Fund Group.

Phoenix Investment Partners paid $135 million at closing and will pay up to an additional $29 million over the next three years for the company, noted for the conservative asset allocation approach to investing developed by its leader, Dr. Martin Zweig, a prominent stock market expert.

"If we hire experienced and disciplined money managers and let them do what they do best and what they love--manage money, and eliminate any non management distractions, then they will flourish," a spokesperson from Phoenix Investment Partners told the MFwire. He added that the funds can now take advantage of the company's distribution through wirehouses and financial planners.

The funds will continue to be managed by the same investment professionals, with Martin Zweig retaining his role as asset allocation strategist.

The Zweig and Euclid open-end mutual funds have been renamed the Phoenix-Zweig Funds and Phoenix-Euclid Funds, in keeping with Phoenix Investment Partners' branding strategy to clearly distinguish among the funds managed by its widening circle of money managers. Zweig is the eighth investment group to become part of Phoenix Investment Partners multi-manager business model. 

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