Two Phoenix Investment Partners affiliates license Princeton Financial Systems' Internet application hosting service

Phoenix Investment Partners Ltd. has licensed ePAM, Princeton Financial Systems' Internet application hosting service, on behalf of two of its affiliate organizations, Phoenix Investment Counsel Inc. and Duff & Phelps Investment Management Co. Through ePAM, the asset managers will be able to remotely access the industry-leading PAM® investment management and accounting systems and complementary products without having to deploy them at their own site.

Phoenix Investment Counsel and Duff & Phelps join the growing group of investment management service providers that are outsourcing the hosting of their systems to achieve greater efficiencies and cost control. ePAM provides Internet access to Princeton Financial's PAM investment management and accounting systems hosted in the company's fully staffed data center in Princeton, NJ USA. ePAM provides a rapidly expanding group of institutional investors with a functionally robust investment accounting system and network managed services -- without the upfront costs associated with licensing, installing and maintaining a mission-critical application themselves.

"Overall, we really liked the flexibility of the ASP (application service provider) model that ePAM provides," said Alan Meder, Senior Vice President of Operations for Duff & Phelps, which had considered a number of outside systems providers over the last several years. "Our decision to license ePAM came down to the strength, flexibility and quality of the PAMÃ’ software and its functionality. We also appreciate the steady management team and stable ownership structure of Princeton Financial."

With over $60 billion in assets, Phoenix Investment Partners (NYSE: PXP) is a leading U.S. investment management company, providing individuals and institutions an array of products managed by eight diverse money managers in locations across the United States and around the world. To minimize outside distractions, Phoenix Investment Partners provides its asset managers with a consolidated platform of distribution, technology and administrative support.

Hartford, CT-based Phoenix Investment Counsel, which is composed of Goodwin Capital Advisors of Hartford; Hollister Investment Management of Sarasota, FL; and Oakhurst Asset Managers of Scotts Valley, CA, serves as investment adviser to the Phoenix-Goodwin, Phoenix-Hollister and Phoenix-Oakhurst mutual funds, managed accounts and institutional accounts. Duff & Phelps Investment Management, based in Chicago, serves as investment

adviser to institutional accounts, Duff & Phelps closed-end funds, Phoenix-Duff & Phelps mutual funds and managed accounts.

"We believe Phoenix Investment Counsel and Duff & Phelps are taking the right approach by accessing their investment management and accounting systems through an Internet application hosting service," said Jim Mayhall, Princeton Financial Executive Vice President. "They are joining a growing number of other asset managers that are utilizing the same strategy to reduce risk, control IT costs and increase productivity."

Princeton Financial Systems, an independent subsidiary of State Street Corporation, is a leading provider of investment management software systems and ASP services for institutional investors worldwide. Its flagship PAM® investment systems provide complete STP-ready front-to-back office functionality that can be licensed for in-house use or accessed via the Internet. Current clients include 335 investment managers, mutual funds/unit trusts, insurance companies, pension funds and banks with combined assets approaching US $3 trillion. The company is headquartered in Princeton, New Jersey USA, with offices throughout the United States and in Windsor, UK, Amsterdam, Brussels, Sydney, Singapore, and Toronto. More information about Princeton Financial Systems can be found on the Internet at www.pfs.com.

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