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Monday, August 08, 2005|
USAA Swaps Subadvisors
USAA has replaced the subadvisor for its USAA First Start Growth fund. After Marsico Capital Management indicated that it did not want to subadvise the fund, the fund's board hired Loomis, Sayles & Company, according to an SEC filing.
USAA Investment Management officials said that the decision to hire Loomis was based on the subadvisor's performance managing parts of the USAA Growth Fund, the USAA Growth and Tax Strategy Fund, other large-cap growth accounts; the subadvisor's fees, and the "likelihood that IMCO will be able to work together effectively with Loomis Sayles to pursue the Fund's investment objective and investment strategy."
The USAA First Start Growth fund has approximately $220 million in assets under management.
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