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                                                                    Exhibit 10.9


                                AMENDMENT TO THE
                   PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
                             EXCESS INVESTMENT PLAN

         BY THIS AGREEMENT, the Phoenix Home Life Mutual Insurance Company
Excess Investment Plan (the "Plan"), as amended and restated effective January
1, 1994, is hereby amended as follows effective as of the date of the merger of
Phoenix Securities Group, Inc. into Duff & Phelps Corporation, on or about
November 1, 1995.

         1.       Section 2.07 is amended to read as follows:

                  "'Company' means Phoenix Home Life Mutual Insurance Company,
                  the predecessors and successors thereto, and each
                  Participating Employer."

         2.       The following new Section 2.19 is added to the Plan and
                  subsequent sections are renumbered accordingly:

                  "'Participating Employer' means each corporation that has
                  adopted the Plan with the permission of the Benefit Plans
                  Committee in accordance with the provisions of Article VM."

         3.       Section 3.01 is amended by adding the following sentence to
                  the end thereof:

                  "Notwithstanding the foregoing, Employees hired by Phoenix
                  Equity Planning Corporation or Phoenix Investment Counsel,
                  Inc. after June 14, 1995 who were not employed by Phoenix Home
                  Life Mutual Insurance Company or any of its subsidiaries
                  immediately prior to their date of hire by Phoenix Equity
                  Planning Corporation or Phoenix Investment Counsel, Inc. shall
                  not be eligible to participate in this Plan."

         3.       The following new Article VIII is added to the Plan:

                            "PARTICIPATING EMPLOYERS

         8.01              ADOPTION OF PLAN BY OTHER EMPLOYERS

                           With the consent of the Benefit Plans Committee, any
                           other corporation may adopt the Plan and all of the
                           provisions hereof and participate herein as a
                           Participating Employer by a properly executed
                           document evidencing said intent and will of such
                           Participating Employer.

         8.02              REQUIREMENTS OF PARTICIPATING EMPLOYERS

                           (a) Benefits payable under the Plan to employees of
                           the Participating Employer are funded through the
                           Participating Employer's general assets. The
                           Participating Employer agrees to pay and assumes all
                           liability with

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                           respect to all benefits payable under the Plan to
                           past, present and future employees of the
                           Participating Employer, their spouses and other
                           dependents and beneficiaries in accordance with the
                           terms of the Plan. Notwithstanding the foregoing,
                           Phoenix Home Life Mutual Insurance Company and not
                           Phoenix Equity Planning Corporation nor Phoenix
                           Investment Counsel, Inc. shall pay and assume
                           liability for benefits payable under the Plan to
                           Employees of Phoenix Equity Planning Corporation and
                           Phoenix Investment Counsel, Inc. with respect to
                           service completed before January 1, 1996.

                           (b) The Plan Administrator shall keep separate books
                           and records concerning the contributions and benefits
                           payable under the Plan with respect to the
                           Participating Employer and the Employees of the
                           Participating Employer.

                           (c) The Participating Employer shall pay to Phoenix
                           Home Life Mutual Insurance Company its proportionate
                           share of any administrative expenses of the Plan
                           which are to be paid by the Employer.

         8.03              DESIGNATION OF AGENT

                           Each Participating Employer shall be deemed to have
                           designated irrevocably the Benefit Plans Committee
                           and the Plan Administrator as its agents.

         8.04              PLAN AMENDMENT

                           (a) Subject to the provisions of paragraph (b)
                           hereof, each Participating Employer shall be deemed
                           to have delegated to the Benefit Plans Committee the
                           right at any time to amend the Plan in accordance
                           with the terms of the Plan, provided that any such
                           amendment could not significantly affect the
                           Participating Employer's share of the cost of the
                           Plan. If an amendment could significantly affect the
                           Participating Employer's share of the cost of the
                           Plan, then such amendment shall not be effective with
                           respect to the Participating Employer until approved
                           by the Board of Directors of the Participating
                           Employer. Any such amendment shall be adopted at a
                           meeting duly called or by unanimous written consent
                           in accordance with the Participating Employer's
                           Articles of Incorporation, Bylaws and applicable law
                           and shall become effective as provided therein upon
                           its execution.

                           (b) No amendment to the Plan shall be effective with
                           respect to a Participating Employer until 45 days
                           after a copy of the amendment shall have been
                           delivered to the Participating Employer, unless the


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                           Participating Employer shall have waived its right to
                           receive such advance copy of the amendment.

         8.05              WITHDRAWAL OF A PARTICIPATING EMPLOYER

                           A Participating Employer may terminate its
                           participation in the Plan by giving the Benefit Plans
                           Committee prior written notice specifying a
                           termination date which shall be the last day of a
                           month at least 30 days subsequent to the date such
                           notice is delivered to the Benefit Plans Committee,
                           unless the Benefit Plans Committee shall have waived
                           its right to such notice. The Benefit Plans Committee
                           may terminate a Participating Employer's
                           participation in the Plan as of any termination date
                           by giving the Participating Employer prior written
                           notice specifying a termination date which shall be
                           the last day of a month at least 30 days subsequent
                           to the date such notice is delivered to the
                           Participating Employer, unless the Participating
                           Employer shall have waived its right to such notice.

         8.06              ADMINISTRATOR'S AUTHORITY

                           The Plan Administrator shall have all of the duties
                           and responsibilities authorized by the Plan and shall
                           have the authority to make any and all rules,
                           regulations and decisions necessary or appropriate to
                           effectuate the terms of the Plan, which shall be
                           binding upon each Participating Employer and all
                           Participants."

         IN WITNESS WHEREOF, this Amendment has been executed this 26th day of
         October, 1995.

                                      Phoenix Home Life Mutual Insurance Company
                                      Benefit Plans Committee



/s/ Diane Fitzgerald                  /s/ Carl T. Chadburn
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Diane Fitzgerald                      By Carl T. Chadburn
Witness                               Secretary

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