A $21-billion alternative asset manager's affiliate is leaving a subadvisory slot on a $62.3-billion mutual fund.

Mitchell R. Julius Founding Partner, Co-Chairman, Co-Chief Executive Officer Canyon Capital Advisors

Aberdeen confirms in a recent filing with the SEC that on July 1 River Canyon Fund Management will no longer subadvise the Aberdeen Multi-Manager Alternative Strategies Fund II. River Canyon is a subsidiary of Los Angeles-based Canyon Capital Advisors.

MFWire could not immediately reach River Canyon managing member Mitchell Julis or an Aberdeen [profile] spokesperson for comment on this story. Julis is also founding partner, co-chairman, and co-CEO of Canyon Capital.

The two-year-old Aberdeen Multi-Manager Alternative Strategies Fund II uses 10 other subadvisors, including: Algert Global, Chilton Investment Company, Cqs, Ellington Management Group, Goldman Sachs, J.P. Morgan, Otter Creek Advisors, Panagora Asset Management, Santa Fe Partners, and York Registered Holdings.

As for River Canyon, per the Canyon Capital subsidiary's most recent form ADV, the company has 138 employees and about $80.2 million in AUM, 100 percent of which is in investment companies (i.e. mutual funds). It's other mutual fund work include advising its own $26.1-million River Canyon Total Return Bond Fund and subadvising (alongside seven other subadvisors) for the $267.6-million Wells Fargo Alternative Strategies Fund. 

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