SunAmerica Asset Management Corp., New York, has selected Bankers Trust Co. to replace Strong Capital Management as one of the three advisers for an international equity portfolio, SunAmerica announced Monday.
BT Funds Management, the international active management unit of Bankers Trust New York Corp., was chosen for its long-term track record managing international assets in a "growth at a reasonable price" style, SunAmerica Asset Management said.
Strong was let go because its team picked risky stocks that turned in poor performances, said J. Steven Neamtz, executive vice president of Sun Asset Management.
Rowe Price-Fleming and Warburg Pincus Asset Management are the other two advisers for the portfolio, which is part of SunAmerica's Style Select series.
The Style Select Series uses top money managers to run its eight portfolios, each of which has different investment objectives. Each adviser manages a third of the cash flow. SunAmerica Asset Management and Morningstar Inc. monitor their performance and their adherence to style.
SunAmerica Asset Management is the mutual fund management and investment advisory subsidiary of SunAmerica Inc., a financial services company specializing in retirement savings and investment products and services. It has $13.7 billion of assets under management and does about 5% of its sales through banks.
SunAmerica Inc. holds $52 billion of assets on its balance sheets in mutual funds and retirement savings accounts.