Phoenix Investment Partners last week agreed to buy money manager Martin Zweig's mutual fund business, a transaction which provides cash for Zweig and new products for Phoenix.

Zweig and Phoenix officials said Wednesday that Phoenix of Hartford, Conn. will pay as much as $164 million in cash for the open and closed-end mutual fund business of the Zweig Group, Zweig's closely-held New York fund advisory firm. Phoenix will pay $135 million at the time of the closing, expected in the first quarter of 1999, and up to $29 million over the next three years if the Zweig Group hits revenue targets.

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