Jackson National Life Insurance hired DoubleLine Capital to subadvise a $450 million variable annuity allocation, confirmed Ryan Strauser, vice president of investment management for Jackson National Life Distributors.
DoubleLine will manage a separate account strategy based on its flagship Total Return Bond Fund.
“We are always looking for ways to expand our variable annuity investment platform, Elite Access, with investment options that allow advisers to create diversified accounts for their clients,” Mr. Strauser said in an e-mail. “DoubleLine Total Return has a low correlation to the existing bond offerings and provides exposure primarily in the mortgage sector, which we did not previously have.”
The strategy was funded from a combination of managers from several portfolios. Mr. Strauser did not name the managers.
Jackson National Life, a subsidiary of Prudential PLC, manages $173.6 billion in assets.