quartet of subadvisors has won new work at American Express
. The four were tapped by the Minneapolis-based fund complex as part of a rollout of three new mutual funds. With the new additions, American Express will offer 61 retail mutual funds.
Goldman Sachs Asset Management
and Eagle Asset Management
will each subadvise the AXP Partners Growth Fund
. The growth fund has an open mandate but will primarily invest in large cap stocks, according to American Express officials. Meanwhile, American Century
and Turner Investment Partners
are pairing up to co-subadvise the AXP Partners Aggressive Growth Fund
. The fund will use a bottom-up stock picking approach.
The two AXP funds are both part of the 12 fund American Express Partners branded fund family. The funds are sold through the firm's financial advisors, brokerage services and retirement plans unit. Each of the funds is available in A,B,C and Y class shares.
The third new fund is a quantitative large cap equity fund managed by American Express, said Paula Meyer
, president, American Express Funds. She added that the fund is intended to expand its quantitative product line overall, and complement its AXP Managed Allocation blend quantitative offering.
Both quantitative funds are managed from the firm's Boston office.
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