Any type of fund can be sub-sponsored. Investment funds and variable annuities are some of the most frequently underrated offerings. An underrated fund is an investment fund managed by an external asset manager. The model is illustrated by the graph on the other side. A sub-advisory fund is mainly used by European distributors to access open architecture. The sub-advisory model is a mix of historical fund distribution and institutional mandates. This requires a strong ability to select managers with a proven track record and continuously monitor them, combined with an efficient operating model for the distributor to set up delegation. . . .