MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, September 12, 2002 Skandia May Sell US Annuities Unit Sweden's Skandia Insurance Co. is exploring such strategic options as selling all or part of its U.S. subsidiary due to weak market conditions, say news reports today. The Swedish company is said to be looking for an investor, partner or buyer for American Skandia to bolster its balance sheet, the said. The price tag for the unit is said to be in the $1 billion range, reports the . American Skandia uses subadvisors to manage its $31.6 billion under management at the end of last year. The relatively low price reflects that fact that it outsources its money management. Potential buyers may include the big insurers such as Allstate Corp., Jefferson-Pilot Corp. and Prudential Financial Inc., and large retail banks, the Wall Street Journal said. Earlier this year American Skandia pulled the plug on its 401(k) retirement business after deciding it required too much investment. The firm has since focused on its variable annuity business. Printed from: MFWire.com/story.asp?s=3467 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |