Symetra Life Insurance Company today announced that two DoubleLine Capital LP sub-advised funds will be available in a tax-deferred variable annuity exclusively through the Symetra True Variable Annuity(SM). DoubleLine
will provide its total return and emerging markets income strategies as sub-adviser to two funds of the Symetra Mutual Funds Trust. Earlier today, Symetra Life unveiled its new variable annuity (VA), which is designed for clients of fee-based and fee-only financial advisers who want low fees,
tax deferral and premier investment choices.
"Symetra True VA’s signature feature is its strong investment platform. As we assembled our fund lineup, we looked to include high-quality investment managers,” said Tom Marra, president and chief executive officer of Symetra Financial Corporation. "Jeffrey Gundlach and his DoubleLine team have built a distinguished record managing fixed-income portfolios. We are honored to team up with DoubleLine and to give Symetra customers the opportunity to invest in these two sub-advised funds on a tax-deferred basis.”
Symetra Investment Management, Inc., a subsidiary of Symetra Financial Corporation, will act as the investment adviser to the new Symetra Mutual Funds Trust family of mutual funds. DoubleLine will act as sub-adviser of the Symetra DoubleLine Total Return Fund and the Symetra DoubleLine Emerging Markets Income Fund, and will be responsible for day-to-day portfolio management of those funds. DoubleLine is an independent asset management firm focused on core (multi-sector) fixed income, mortgage-backed securities (MBS), global developed credit (including corporate and sovereign securities), emerging markets (EM) debt (corporate and sovereign) and global asset allocation.
DoubleLine CEO Jeffrey Gundlach is joined by DoubleLine president and co-portfolio manager Philip Barach in the management of the Symetra DoubleLine Total Return Fund. Luz Padilla will serve as portfolio manager of the Symetra DoubleLine Emerging Markets Income Fund.
“This marks the first offering of DoubleLine’s MBS and EM strategies in variable annuity accounts,” Gundlach said. “We’re very excited to join Symetra in making this tax-deferred extension of our strategies available to investors.”