Accessor Capital Management
has changed the sub-adviser for its Growth Fund from INTECH
to Smith Group Asset Management
. The change will be official on September 21, according to an SEC filing
, senior investment officer at Accessor, told the MFWire
that the switch was because of a performance issue. The fund managed by INTECH had underperformed its benchmark and peer group for more than five quarters.
Yeung added that Accessor was also concerned about Janus' increasing ownership of INTECH, now at 86 percent.
When choosing a sub-adviser Accessor concentrates on two main factors. "The two most important things to us are style purity and consistent performance," Yeung said.
Smith Group also created a unique portfolio strategy for Accessor that takes into account the large number of stocks the portfolio will own, tracking error expectations, and sector expectations.
Smith Group also sub-advises funds for Managers' Investment Group, First Mercantile Trust, and Wells Fargo Funds.
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