USAA Asset Management Co. is so committed to bringing its equity fund business in-house that it is bidding adieu to two subadvisors.
According to a†filing, the firm has fired†Loomis, Sayles & Co. and†UBS Global Asset Management†and added three new portfolio managers:†John Toohey,†Wasif Latif†and†John Jares†to the†USAA Growth & Income Fund,†in addition to the two current subadvisers,†Wellington Management Company†and†Barrow, Hanley, Mewhinney & Strauss.
The $1.2 billion 2-star fundís portfolio will typically consist of 50 to 80 holdings with a focus on mid- and large-cap stocks. It is up 10.97% as of the end of October, according to†Morningstar.
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