Credit Suisse is losing two subadvisory mandates from Jackson National Asset Management. The insurer-owned fund advisor is replacing the Swiss bank with two U.S. asset management giants: BlackRock Investment Management and Goldman Sachs Asset Management. Both funds are used as part of variable annuity investments by the insurer.
Goldman Sachs will be taking over as the subadvisor to the $102 million JNL/Credit Suisse Long/Short Fund and the fund will be rebranded as JNL/Goldman Sachs. [SEC filing
Meanwhile, BlackRock will take over as subadvisor on the $872 million JNL/Credit Suisse Commodity Securities Fund. That fund will be rebranded as JNL/BlackRock.
The changes in the two funds, which were approved by the funds' board on May 24 and May 25, will become effective on October 11. There was no reason provided for the change in subadvisors.
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