The research report detailing American Skandia's reasons for making the sub-advisory switch are a first for the firm. Shareholder communications detailing the proposed change will also go out shortly.

Pilgrim Baxter won the spot from a field of 185 small cap managers, which was eventually whittled to a short list of seven. Said Murray, "One of the key reasons we selected PBHG is their historic ability to deliver greater returns assuming less risk as measured by not only standard deviation but also their upside-downside capture and relative beta."

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