Phoenix Investment Partners of Hartford, Conn. has announced it will acquire a 75 percent stake in Walnut Asset Management, a private asset management firm, and its sister company, Rutherford, Brown & Catherwood, a registered broker-dealer, in a cash transaction of an undisclosed amount.

Walnut Asset Management was an attractive acquisition for Phoenix because of its presence in the private client marketplace, said Sharon Bray, a spokesperson for Phoenix.

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