American Skandia Investment Services has reinstated Fred Alger Management as subadvisor of two of its funds, the company announced today. The firm also announced subadvisor changes for four other funds.
Following the terrorist attacks, American Skandia named MFS Investment Management interim subadvisor for the AST All-Cap Growth Portfolio of American Skandia Trust and ASAF All-Cap Growth Fund of American Skandia Advisor Funds ( MFMN 9/17/01). Fred Alger Management lost 38 employees and its offices on Sept. 11, and less than a week later American Skandia temporarily replaced the money manager.
"After carefully monitoring and reviewing the status of the portfolios and Fred Alger Managements ability to rebuild their firm, we decided that it is the appropriate time to shift management responsibilities back to Alger," said Michael Murray, chairman of the American Skandia Investment Committee, in a statement.
American Skandia has recruited Strong to take over for AIM Investment Management as subadvisor of the AIM International Equity portfolios. Strong Capital Management will now act as subadvisor to the renamed AST Strong International Equity Portfolio and ASAF Strong International Equity Fund.
The firm also announced that Deutsche Asset Management will assume subadviory responsibilities for its Scudder Small-Cap Growth portfolios, formerly managed by Scudder Investments. Those fund are now named the AST DeAM Small-Cap Growth Portfolio and ASAF DeAM Small-Cap Growth Fund.