Not quite 3-1/2 years after acquiring the $2 billion proprietary open-end fund group of famed money manager Dr. Martin E. Zweig of Zweig Consulting of New York, Phoenix Investment Partners of Hartford, Conn., the parent company to the seven-fund group, has decided to pull the plug and replace the managers on five of the funds. Two small funds won't be reassigned, but will instead be liquidated. Those ousted include Zweig, who had been serving as president of Phoenix-Zweig Advisors as well as its asset-allocation strategist.

In the announcement on June 21, Phoenix disclosed that the fund group's board of directors had voted to replace the management of five of the seven funds in an effort to "enhance the growth prospects" of the funds. Even though assets in the funds have dwindled over the past three years, it is unusual for a fund company to replace the management of an entire fund group. Zweig had not returned a call seeking comment by press time.

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