The investment minimum for the new product has not yet been determined, however Don Segalas, executive VP of Phoenixs alternative investment group indicated that it would probably be in the $25,000 to $100,000 range.
LJH will develop and manage the fund and Phoenix will market it to high-net-worth investors through its investment and annuity distribution network, according to Phoenix. The fund is currently in the construction process and will likely become available sometime in the second half of 2002, Segalas said.
Phoenix has already developed a fund of hedge funds for institutional investors. In June 2001, the firm aligned with Arden Asset Management of New York to offer the product, which Arden manages and Phoenix distributes.
