American Skandia Announces Sub-Account Fund Manager Changes.Business Editors SHELTON, Conn.--(BUSINESS WIRE)--July 16, 2001 American Skandia Investment Services, Incorporated ("American Skandia"), the investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and for American Skandia Trust and American Skandia Advisor Funds, announced today that it will be making a sub-advisory change, replacing Janus Capital Corporation with Pilgrim Baxter & Associates, Ltd. ("PBHG") as the sub-advisor to the 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. and ASAF ASAF Assistant Secretary of the Air Force ASAF All Sales Are Final ASAF Allied Sportsmen's Associations of Florida, Inc. ASAF Amador Schools Arts Foundation (Amador County, CA) Janus Small-Cap Growth portfolios. American Skandia Trust is one of the underlying mutual funds whose portfolios are offered as investment options for the Company's variable insurance products. American Skandia Advisor Funds is the Company's multi-manager retail mutual fund family. American Skandia cited reasons for making the replacement as the change in the Janus Small-Cap Growth team, as well as poor performance relative to the Portfolios' benchmark and industry peers. The Portfolios also have been closed to new investors since January 2000. The Portfolios, under PBHG's management, will be open to new investors after the Portfolio manager change. Michael Murray Michael Murray may refer to several people:
"The PBHG portfolio managers, James Smith and Jerome Heppelmann, provide a complementary style and discipline. Mr. Smith focuses on `high octane' growth companies while Mr. Heppelmann's strategy is `growth at a reasonable price'," continued Murray. "Combined, these managers' small-cap performance relative to peers and benchmarks demonstrates a superior track record," added Murray. "It's also important to note that this is the only Janus change we are making and that we still have an extremely strong relationship with Janus." Janus will continue to sub-advise seven portfolios with assets totaling approximately $6 billion. The sub-advisor change is scheduled to take effect mid-September 2001. At that time, American Skandia will also be replacing J.P. Morgan Investment Management Inc. with Wells Fargo Funds Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control as sub-advisor to the American Skandia Trust and American Skandia Advisor Funds Money Market Portfolios. Variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and variable life insurance are issued by American Skandia Life Assurance Corporation and distributed by American Skandia Marketing, Incorporated. Both companies are located at One Corporate Drive, Shelton, Connecticut 06484. American Skandia Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , Inc. ("ASASI ASASI Australian Society of Air Safety Investigators ") sponsors the ASAF+ Solutions program through which Class C shares of American Skandia Advisor Funds ("ASAF") are purchased. American Skandia Advisor Funds are distributed by American Skandia Marketing, Incorporated, located at One Corporate Drive, Shelton, Connecticut 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. Information about the company and its products can also be found on the company Web site at www.americanskandia.com. |
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