American Skandia Accepts Resignation of Putnam Investments as Sub Advisor in Its Variable Annuities.SHELTON Shelton, city (1990 pop. 35,418), Fairfield co., SW Conn., on the Housatonic River opposite Derby; settled 1697, set off from Stratford 1789, inc. as a city 1915. Metal products, furniture, and electronic equipment are among the city's manufactures. , Conn.--(BUSINESS WIRE)--March 10, 1999--American Skandia accepted the resignation of Putnam Investments Putnam Investments was founded in 1937 by George Putnam. At the same time, he founded its first mutual fund offering, The George Putnam Fund of Boston.[1] Putnam has offices in London and Tokyo, and its headquarters is located in Boston, Massachusetts. , Inc. as a subadvisor in three of its 33 variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. subaccounts. The termination of the agreement between the firms was anticipated by American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Skandia, as it has sought broader diversity in the investment options available under its variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and more continuity across its investment platforms for 401(k) plans, mutual funds, and variable life insurance. "We have a rigorous investment selection process, which evaluates our existing relationships, as well as the investment management universe at large," said Wade Dokken, Deputy Chief Executive Officer at American Skandia. American Skandia has identified a short list of premier investment managers to assume these portfolios. "This was a question of our needing an advisor that could work within our high-service culture across a multi-product platform. Putnam Put·nam , Israel 1718-1790. American soldier active in the French and Indian War and the Revolutionary War. During the Battle of Bunker Hill (June 17, 1775), he supposedly issued the order, "Don't one of you shoot until you see the whites of their was unwilling to do that, and felt it was best to resign. We agree," said Dokken. In 1998, American Skandia recorded $4.2 billion in total variable annuity sales, ranking it sixth among all variable annuity providers. Putnam Investments began its relationship with American Skandia in 1996 managing more than $600 million in existing assets. At the time of its resignation, Putnam had approximately $1.1 billion in the three variable annuity portfolios it managed, including: AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. Putnam International Equity, AST Putnam Balanced and AST Putnam Value Growth and Income. Performance in each asset class remains at the heart of American Skandia's on-going manager selection process. American Skandia's fundamental strategy includes forming investment alliances that draw upon the collective experience, market savvy and depth of research of some of the world's finest World's Finest may refer to:
Variable annuities, variable life insurance and 401(k) plans are issued by American Skandia Life Assurance Corporation. Mutual funds are issued by American Skandia Advisor Funds. American Skandia Marketing, Incorporated distributes all products. American Skandia is located at One Corporate Drive, Shelton, CT 06484. Call 1-800-SKANDIA for a prospectus containing more complete information on charges, expenses and tax consequences. It should be read carefully before you invest or send money. |
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