Allianz Life Insurance Company of North America is replacing Fred Alger Management as subadvisor on two funds offered through its variable annuity and life products, according to a document the company filed with the Securities and Exchange Commission.
Van Kampen Asset Management will replace Alger as portfolio manager to the USAllianz American Growth Fund and Strategic Growth Fund, according to the document, filed with the SEC Oct. 12. The document does not give a reason for the move. Calls to Allianz and Alger were not returned by press time.
Allianz is the third company to replace Alger as a subadvisor to one of its funds since the terrorist attacks. On Sept. 17, American Skandia named Massachusetts Financial Services interim co-portfolio manager for the Alger All-Cap Growth portfolios offered through American Skandias Trust and Advisor Fund products. Then, on Oct. 1, Mutual of America Capital Management Corp. filed a document with the SEC terminating Alger as a subadvisor to its All America Institutional fund. (See MFMN, Oct. 1, 2001)
Alger lost 38 of its employees in the Sept. 11 attacks on the World Trade Center and has been recruiting former members of the firm in order to resume operations. (See MFMN Sept. 17, 2001)