Mr. Lui joined Strong from Phoenix Duff & Phelps.

Mr. Zhang will join Mr. Colton at Phoenix Duff & Phelps, where they will manage a new growth and income fund.

The new company, to be called Phoenix Duff & Phelps, will have about $35 billion of assets.

Phoenix Duff & Phelps seems to have made the right choice by hiring Michael Arends, who was a co-manager of several large Kemper funds.

Phoenix Duff & Phelps Total Return was renamed Phoenix Strategic Allocation.

The Phoenix Duff & Phelps Corporation said yesterday that it planned to sell its money-losing research, financial consulting, investment-banking and retail brokerage businesses to focus on money-management operations.

Phoenix Duff & Phelps is also negotiating the sale of its financial-consulting and investment-banking businesses to the department's current executives.

"The trend is toward more choice, and the future of the fund business is toward supermarkets," said John F. Sharry, a senior vice president at Phoenix Duff & Phelps.

The Phoenix Duff & Phelps Corporation said today that it would sell the assets of its Fixed Income Research Group to a management-led group.

Kingman D. Penniman, former executive vice president in charge of fixed-income research at Phoenix Duff & Phelps, will serve as president of the new firm.