Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Axa Rosenberg Loses Another Subadvisory Gig Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, August 10, 2010

Axa Rosenberg Loses Another Subadvisory Gig

Reported by Sean Hanna, Editor in Chief

Axa Rosenberg has lost a foriegn equity mandate from Principal Funds. The insurer-owned fund advisor dropped AXA Rosenberg Investment Management LLC from its $1 billion International Value I (PINZX) on Tuesday, tapping Barrow, Hanley, Mewhinney & Strauss, LLC (BHMS) for the mandate instead. SEC filing

Principal officials did not cite a reason for the swap in subadvisors. Nor did the filing reveal the size of the mandate. Principal's website lists the fund with $1.017 billion in AUM and Causeway Capital Markets is also a subadvisor on the fund.

A Principal spokesperson was not immediately available for comment.

Barrow Hanley will fallow a value-based approach to stock seelction for the fund, aiming to generate alpha primarily through stock selection and through the resulting sector, region and country allocation. David Hodges and Randolph Wrighton, Jr. will be the PMs for Barrow Hanley on the mandate.

The fund will pay Barrow Hanley the same fee it currently pays Causeway Capital.

For Axa Rosenberg the loss is not the first since it confessed that a programming mistake caused it to run into issues selecting investments for its portfolios in June of 2009. The error was fixed between last September and November last year. However, Charles Schwab reacted to the issue by liquidating its four Laudus Funds subadvised by Axa Rosenberg at the end of last month.

Co-founder Barr Rosenberg took a leave of absence in May and then resigned from the firm's board at the start of June when he and co-founder Kenneth Reid sold their remaining 25 percent stake in the firm in June to Axa Investment Managers.

Separately, Bloomberg reported in April that Vanguard was reviewing Axa Rosenberg's role on a $1 billion subadvisor mandate on its Vanguard Explorer Fund, a $525 mandate on the Vanguard U.S. Value Fund and a $71 million mandate on the Vanguard Market Neutral Fund. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use