MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, July 16, 2001 American Skandia Drops Janus The departure of Jim Craig from Janus has cost the firm at least one account. American Skandia has dropped Janus as subadvisor to its AST Janus Small-Cap Growth and its ASAF Janus Small-Cap Growth products. Pilgrim Baxter (PBHG) is taking over the mandates. The switch was voted on by the funds' trustees and is planned for September. The firm noted in documents, however, that it retains "great faith" in Janus as a money management firm and that the decision is isolated to the small-cap investment option and does not affect any of the other options available in the program. The trustees made the decision for a number of reasons, including key personnel changes and underperformance in the portfolio. The departure of Jim Craig from Janus and the change in roles of fund manager Jonathan Coleman were to factors cited by American Skandia. As was the fact that William Blakes is now the sole manager for the portfolio. The portfolios also suffered from subpar performance and style drift. The performance of the portfolio has lagged its benchmark for six quarters, starting in the first quarter of 2000. Pilgrim Baxter was selected from seven semi-finalists and three finalists for the mandate. Jerome Heppelmann and James Smith will act as portfolio managers for the portfolios once the switch is made. Printed from: MFWire.com/story.asp?s=26797 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |