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climate, our Phoenix Investment Management division realized further growth. It was a year marked by strong performance results and the division’s best year for new business, as individual investors and organizations alike recognized the value of turning to seasoned money managers with proven track records. 

espite a challenging investment 

Phoenix Investment Management, acquired by Washington Trust in 2000, has been providing investment management services to individuals and institutions since 1988. 

During a period of very high market volatility, Phoenix proved once again that financial counsel is not about promises, but performance. Phoenix Investment Management’s equity composite, fixed income composite, and balanced fund composite outperformed the leading market indices and the mutual fund universe in their respective categories in 2002, just as they did in 2000 and 2001. 

Looking forward to 2003, Phoenix remains focused on preserving and increasing 

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the real value of clients’ capital and generating adequate cash flow for their individual needs through intensive and effective asset management. 

