Phoenix Companies Partners with Credit Suisse to Launch CS Tactical Multi Asset Index
October 22, 2014 by The Phoenix Companies
New Crediting Options Linked to Exclusive Index Enhances Fixed Indexed Annuities Portfolio
HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYSE: PNX) today announced that it has entered into a partnership with Credit Suisse to license the CS Tactical Multi Asset Index?, a new Exchange Traded Fund (ETF)-based index available exclusively to Phoenix fixed indexed annuities and managed directly by Credit Suisse.
“Over the last five years, Phoenix has built a fixed indexed annuity product portfolio that offers a selection of indexed accounts featuring strategies that benefit from market gains, while offering protection from downside risk,” said Dana Pedersen, vice president and product officer for Phoenix. “This new partnership with Credit Suisse and the addition of indexed accounts linked to an ETF-based index enhance the value we are able to offer through our existing fixed indexed annuities.”
“Credit Suisse is excited to work with Phoenix to deliver a dynamic, cross-asset index to its investors, which demonstrates our strength and experience in designing innovative solutions for our partners,” said James Masserio, Managing Director and Americas Head of Equity Derivatives for Credit Suisse.
CS Tactical Multi Asset Index allocates across a selection of 10 ETFs with the goal of optimizing return for a given level of risk, measured by volatility. The index offers exposure to four separate asset classes and is dynamically re-balanced and based on concepts found in modern portfolio theory. While there is no direct investment in the Index, the annuity offers accounts that can receive credits for Index performance above a certain threshold (a “spread rate”).
Enhancing Phoenix’s Existing Product Portfolio
Accounts offering the CS Tactical Multi Asset Index will be available on Phoenix’s four core fixed indexed annuity offerings: Personal Income Annuity, Personal Protection Choice?, Personal Retirement Choice? and Index Select Gold® Bonus. Each product will offer two new indexed accounts that track the CS Tactical Multi Asset Index, a 1- and 2-year point-to-point indexed account with a spread rate.
“The CS Tactical Multi Asset Index offers our customers an index with an innovative approach to asset class diversification while hedging against volatility,” said Ms. Pedersen. “This approach helps to limit the impact any single asset class can have on the overall index and in turn, provides the potential for positive returns even when one of the asset classes may experience a downturn.”
To learn more about the CS Tactical Multi Asset Index and other Phoenix annuity products, agents, financial advisors and other distributors can contact their Phoenix wholesaler, the Phoenix Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.
The Phoenix Companies, Inc. (NYSE:PNX) helps financial professionals provide solutions, including income strategies and insurance protection, to families and individuals planning for or living in retirement. Founded as a life insurance company in 1851, Phoenix offers products and services designed to meet financial needs in the middle income and mass affluent markets. Its distribution subsidiary, Saybrus Partners, Inc. offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. For more information, visit www.phoenixwm.com and www.saybruspartners.com.
About Credit Suisse AG
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 45,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
The CS Tactical Multi Asset Index? is sponsored and published by Credit Suisse.Phoenix has entered into an exclusive license agreement with Credit Suisse providing for the right to use the CS Tactical Multi Asset Index and related trademarks in connection with Phoenix indexed annuities. Credit Suisse has not published or approved this document, and the annuities are not sponsored, endorsed, sold or promoted by Credit Suisse. Credit Suisse makes no representation or warranty, express or implied, regarding the advisability of investing in the annuities, and has no obligation or liability in connection with the administration, marketing or sale of Phoenix annuities.
These annuities are not securities and therefore are not registered with the SEC. They are an insurance company product and have no direct investment in any ETF, stock, bond or mutual fund.
Phoenix Indexed Annuities are issued by PHL Variable Insurance Company (PHLVIC), Hartford, CT. PHLVIC is not authorized to conduct business in NY and ME. A member of The Phoenix Companies, Inc.Phoenix and Credit Suisse are not affiliates.
Gabrielle Simon, 203-254-1300 x108
Alice S. Ericson, 860-403-5946
Source: The Phoenix Companies, Inc