Short Takes: Putnam Quits as American Skandia Subadviser

Putnam Investments Inc. of Boston has ended its subadvisory role for variable annuities issued by American Skandia Life Assurance Corp.

Putnam made the decision last week after a review of the business, a spokesman said. He declined to elaborate but did say Putnam is reviewing all its variable annuity businesses. The decision is unrelated to its new partnership with Allstate to create a variable annuity, he said.

American Skandia of Shelton, Conn, said in a statement Wednesday that it had expected Putnam's withdrawal and is considering a short list of replacement candidates.

American Skandia was the sixth-largest seller of annuities in 1998, with $4.2 billion in sales. Through banks, it was the 10th-largest seller of annuities, with $633 million in sales, according to Kenneth Kehrer Associates, Princeton, N.J.