American Skandia has made several changes to its mutual fund and annuity portfolio line ups. Skandia has created two new mutual funds and three new annuity portfolios, while consolidating and replacing managers on several annuity sub-accounts. The moves signal a shift in investment strategy to lower risk and provide more consistent management, according to the firm.
Skandia's changes to its sub-accounts raise the profile of Deutsche Asset Management (DeAM). Deutsche Asset Management, which formerly managed one mutual fund and one variable annuity portfolio, now manages a total of 11 of these products.