American Skandia is dropping Janus' small-cap portfolio from its product line. On July 17, the Shelton, Connecticut-based firm filed a proxy with the Securities and Exchange Commission to replace Janus with Pilgrim Baxter for its small-cap mutual fund and variable annuity offerings.

Janus currently manages $446 million in American Skandia's variable annuity product, the AST Janus Small Cap Portfolio and $205 million in it mutual fund product, the ASAF Janus Small Cap Fund.

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