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 fund’s 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.
All Bank Investment Consultant articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.