American Skandia and Fleet Financial enhance Galaxy variable annuity; Announcing four new portfolios as of May 5.SHELTON, Conn.--(BUSINESS WIRE)--May 12, 1995--Two years ago, American Skandia Life Assurance Corp. and Fleet Financial Group teamed up to offer the first 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. ever to be launched by a commercial bank. Today, American Skandia is pleased to announce the addition of four new international and equity investment options within Fleet's Galaxy Annuity. Says Bayard Tracy, senior vice president of institutional sales at American Skandia, "Investors will have more investment choices from a greater variety of asset classes. Galaxy now enables long-term savers to obtain equity performance in a tax-deferred vehicle offered at their Fleet Branch." Tracy believes the four new funds round out and complement the existing Galaxy product line. Included will be an international stock fund managed by T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , an international bond fund from Scudder and two domestic equity funds from Berger Associates and Invesco. Galaxy already includes six fixed investment options of various maturities, a money market fund, an asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. product, an equity fund and a high-quality bond portfolio, all managed by Fleet Investment Advisors. American Skandia also underwrites the Navigator Variable Annuity for Alliance Capital Management and the Stagecoach stagecoach, heavy, closed vehicle on wheels, usually drawn by horses, formerly used to transport passengers and goods overland. Throughout the Middle Ages and until about the end of the 18th cent. Variable Annuity for Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank. American Skandia is a diversified insurance and financial services company headquartered in Shelton, Conn., and consistently one of the fastest-growing providers of variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. in the United States. A subsidiary of Skandia Insurance Co. Ltd., which was founded in 1855, American Skandia is part of the Assurance and Financial Services "AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System " Division of Skandia, based in Stockholm, Sweden, with operations in over 10 countries. This division is a key provider of innovated unit-linked savings products and ranks among the 10 largest producers in the world. Skandia Insurance Co. currently has over $28 billion under management. CONTACT: Thompson Becker Tad Gillespie or Ann Becker, 508/698-0448 |
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