Three of USAA
's [see profile
] money market mutual funds just said goodbye to one of their PMs. Yesterday the mutual fund arm of the San Antonio, Texas-based insurance company (which focuses its efforts on people tied to the US military) revealed that on Friday John Bonnell
stepped aside as co-PM of the USAA Florida Tax-Free Money Market Fund
, the USAA New York Money Market Fund
and the USAA Virginia Money Market Fund
]. Yet Bonnell continues to PM for USAA.
"Those changes were part of our succession plan," a USAA spokesperson told The MFWire
. "It's part of positioning USAA for continued growth in our investment management company."
, Bonnell's co-PM on all three affected funds, now serves as their sole PM. Meanwhile, Bonnell still serves as PM for at least two other USAA funds, the USAA Florida Tax-Free Income Fund
and the USAA Virginia Bond Fund
Stay ahead of the news ... Sign up for our email alerts now