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Tuesday, July 20, 2004

USAA Swaps Subadvisors

News summary by MFWire's editors

The board of USAA Investment Management decided to switch subadvisors for two funds in late June, the company disclosed in an SEC filing. On the Growth Fund, the board replaced RCM Global Investors with Loomis Sayles, effective July 1.

The board cited the "lack of progress in relative performance of the portion of the Fund managed by Dresdner," as well as Loomis Sayles' large-cap growth record and fees as reasons for the switch.

Also fired on June 23 was Westwood Management Corporation. Westwood, formerly subadvisor to the Value Fund, was replaced by Dallas-based Barrow, Hanley, Mewhinney & Strauss. The board cited similar reasons.

The Growth Fund has $851.4 million in assets and the Value Fund has $110.1 million in assets. 

Edited by: Theresa Sim

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