In the first public offering, $9.65 million shares were issued at $20 a share, raising a total of $222 billion.
"We are very pleased to offer this fund to the marketplace at this time," said J. Steven Neamtz, president of AIG SunAmerica Capital Services. "Large-cap stocks appear cheaper than small- and mid-cap equities as a result of relative underperformance. Our new fund brings together two highly experienced, world-class large-cap managers who will choose some of their favorite stocks for the portfolio. By blending growth and value, the SunAmerica Focused Alpha Large-Cap Fund also brings additional balance to large-cap investing."
The objective of the new fund is to provide growth of capital by using a focused style of investing in which each sub-advisor selects a minimum of 10 and maximum of 15 of their favorite stocks for their portion of their portfolio.