FIDELITY MANAGEMENT TRUST, GOLDMAN SACHS AND SALOMON BROTHERS NAMED PORTFOLIO MANAGERS FOR VENTURE ANNUITY AND NORTH AMERICAN FUNDS
FIDELITY MANAGEMENT TRUST, GOLDMAN SACHS AND SALOMON BROTHERS NAMED
PORTFOLIO MANAGERS FOR VENTURE ANNUITY AND NORTH AMERICAN FUNDS
BOSTON, Dec. 16 /PRNewswire/ -- The trustees of North American Security Life's variable annuity and public mutual funds appointed Fidelity Management Trust Company and Salomon Brothers Asset Management to manage portfolios in the company's Venture Annuity, and Goldman Sachs Asset Management and Salomon Brothers Asset Management as advisors to the North American Funds, effective Dec. 13.
The new investment managers join Wellington Management Company and Oechsle International as managers of funds in the two product groups.
"With the addition of Fidelity, Goldman Sachs and Salomon, we have assembled a team of talent that is simply unmatched in size, capability and experience," said William J. Atherton, president of North American Security Life and North American Funds. "Combined with Wellington Management and Oechsle International, these five companies manage over $250 billion, and represent more than 200 years of investment experience."
Atherton said that the new managers "provide a perfect solution for brokers and investors at a time when quality and financial strength are at the top of every investor's list of needs. This is the first time that these large and successful management firms have been made available to retail investors through a single annuity or mutual fund group."
Fidelity will manage the Equity fund as well as three asset allocation portfolios. Salomon Brothers Asset Management will direct the U.S. Government Securities portfolio. Wellington Management, which currently manages Venture's Investment Quality Bond and Growth and Income funds, will also manage the Venture Money Market trust. Oechsle International continues as manager of the Venture's Global Equity and Global Government Bond funds.
North American Mutual Funds
Goldman Sachs Asset Management will manage the Growth fund and three asset allocation funds, and Salomon Brothers Asset Management will manage the U.S. Government Securities fund. Wellington Management will manage the Money market fund and continue as manager of North American's Growth and Income fund and the Investment Quality Bond fund. Oechsle will continue to manage the Global Growth portfolio.
The Money Market, U.S. Government Securities, Growth, Equity and Asset Allocation portfolios in Venture and the North American Funds were formerly managed by M.D. Sass Investors Services, Inc.
"These new management teams in Venture and the North American Funds present exciting new opportunities," said Doug Wood, chairman of Wood Logan, wholesale marketers of over $1.5 billion in the Venture annuity and the North American Funds. "We intend to develop new products with these managers that will draw upon their own special areas of expertise."
North American Security Life, a subsidiary of North American Life Assurance of Toronto, Canada, develops and administers investor products for the broker-dealer community. The North American Life group of companies has assets of $6 billion and is rated A+ (Superior) by A.M. Best, and AA (Excellent) by Standard and Poor's.
Fidelity Management Trust Company is among the group of companies known as Fidelity Investments, which is the nation's largest privately-held investment management organization. Fidelity manages a wide variety of investment disciplines for individual and institutional investors worldwide. As of December 1991, assets under management exceeded $145 billion.
Founded in 1869, Goldman Sachs & Co. today is one of the oldest and largest investment banking and brokerage firms in the world. Goldman Sachs Asset Management and its affiliates manage over $32 billion in assets.
Salomon Brothers Asset Management currently serves as advisor to over $8 billion for its clients throughout the world, and provides advisory services to governmental agencies on more than $7 billion in assets.
/CONTACT: Jim Tobin of River Communications, 914-591-5599, for North American Security Life/ CO: North American Security Life Insurance Company; ST: Massachusetts IN: INS SU: SH-ST -- NY023 -- 2438 12/16/91 10:47 EST