Fremont Investment Advisors fired one of five subadvisors on its $250 million Global Fund in late June. Citing a desire to consolidate subadvisor services in the fund, Fremont fired Delaware International Advisers
, one of two subadvisors managing international equities for the fund. Montreal, Quebec-based Jarislowsky Fraser Limited
(JFL) takes up Delaware's portion.
The fund holds approximately 36 percent of total assets in foreign investments.
Fremont's relationship with JFL was "broader, not necessarily more long-standing," said Pat Harden, spokeswoman for Fremont. JFL is also the sole subadvisor for the Fremont International Growth portfolio, a $42.7 million fund.
Fremont "thinks highly of Delaware," but the fund advisor has also been pleased by JFL's performance on the International Growth Fund, said Harden.
Harden said the firing was part of a long-term process to reduce the number of subadvisors on the fund, saying that the fund had more than five subadvisors in the past.
The firm does not plan on making any more subadvisory changes in the near future, said Harden.
Other subadvisors on the fund include Armstrong Shaw Associates Inc., who manage domestic large-cap value portfolio, Kern Capital Management, managing micro and small-cap equities, and Northstar Asset Management, managing domestic large cap growth stocks.
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