Phoenix Home Life Mutual Insurance Company of Hartford, Conn. announced to its variable annuity and variable universal life policyholders in its Sept. 1 prospectus, that the board of directors of the Phoenix-Schafer Mid-Cap Value Series had voted to remove the portfolio's sub-adviser.

Schafer Capital Management of Jupiter, Fla., which manages a total of $670 million, was being terminated as the portfolio's sub-adviser effective Sept. 30, the prospectus said. The board voted to replace Schafer with Sanford C. Bernstein of New York, soon to be a unit of Alliance Capital Management of New York. Bernstein currently manages $81 billion in assets. It is scheduled to assume its sub-advisory position Sept. 30. There was no reason given for dismissing the current sub-adviser.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.