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American Skandia Replaces Janus

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NU Online News Service, Sept. 27, 2:50 p.m. – American Skandia Investment Services Inc., Shelton, Conn., says it will replace Janus Capital Management L.L.C., Denver, as the sub-advisor for three American Skandia Trust portfolios and three American Skandia Advisor Funds mutual funds Nov. 11.

The funds and portfolios manage about $2.5 billion in assets.

“American Skandia is ending its sub-advisory relationship with Janus because performance of the portfolios on a risk-adjusted basis has been below benchmarks,” American Skandia says in a statement about the change.

American Skandia has picked Goldman Sachs Asset Management, New York, to manage the large-cap concentrated growth and mid-cap growth domestic equity portfolios that Janus had been managing.

William Blair & Company L.L.C., Chicago, will take over Janus’s international growth portfolios.

American Skandia is a unit of Skandia Insurance Company Ltd., Stockholm.