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It's Official - We are now Virtus Investment Partners!

Hartford, CT, September 30, 2008

- Phoenix Investment Partners, a diversified asset management firm with $33.4 billion under management, will take another step toward its spin-off from The Phoenix Companies, Inc. (NYSE:PNX) by formally changing the name of its mutual fund family from PhoenixFunds to Virtus Mutual Funds on October 1, with an accompanying change in the name of its individual mutual funds.

Additionally, the firm itself will be renamed Virtus Investment Partners, Inc., also effective October 1, and the investment advisor to the funds will become Virtus Investment Advisers, Inc. All mutual fund ticker symbols will remain unchanged and the funds will be listed in stock tables under the Virtus name.

"Rebranding the company and our mutual funds with the Virtus name now gives us the opportunity to build our new identity prior to the spin-off," said George R. Aylward, president of Virtus Investment Partners. "The name change also marks the beginning of a new marketing approach, including a Web site with expanded functionality."

The firm had previously announced that it would change its name to Virtus - which is Latin and connotes the characteristics of integrity, quality and strength - in connection with the spin-off. Phoenix has said it expects the spin-off to be completed later this year. After the spin-off, Virtus Investment Partners will be an independent, publicly traded company.

The company's new Web site, www.VirtusInvestmentPartners.com, launches October 1 with additional features for individual investors and advisors.

"We built VirtusInvestmentPartners.com with the features that investors and their advisors are looking for in a Web site," said Steve Neamtz, head of retail distribution for Virtus. "In particular, we're providing advisors with many on-line tools - including commentary from our portfolio managers and investment experts - to help them better manage and build their business." The new Web site was developed by Acsys Interactive of Farmington, CT.

Customers or advisors who access the Phoenix Web site, www.phoenixwm.com or www.phoenixfunds.com will be redirected to the new Virtus site for information on investment management products and services.

About Virtus Investment Partners

Virtus Investment Partners provides investment management products and services to individuals and institutions. It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. Effective October 1, additional information can be found at www.VirtusInvestmentPartners.com.

           About The Phoenix Companies, Inc.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Read the prospectus carefully before you invest. Call 1-800-243-4361 or visit

www.VirtusInvestmentPartners.com for a prospectus, which contains this and other information about Virtus Mutual Funds.

Distributed by Phoenix Equity Planning Corporation, Hartford, CT. Member, FINRA and subsidiary of Phoenix Investment Partners, Ltd., a member of The Phoenix Companies.

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