MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, November 30, 2001 Harbor Swaps SubAdvisors Harbor Capital (Toledo, Ohio) replaced Jennison Associates as subadvisor to its $600 million International Growth Fund with Mastholm (Bellevue, Washington). The decision was disclosed in an SEC filing. The filing contains no explanation of why the change in subadvisors took place. Despite the switch on International Growth, Jennison's larger relationship as the subadvisor to roughly $7 billion of assets in the Harbor Capital Appreciation Fund appears safe for now. Still, one likely reason for the switch is performance. The fund's net asset value has fallen nearly 40 percent in 2001. The filing also revealed that Jennison's management fee was 50 basis points on the first $1.5 billion in assets in the fund. At current asset levels the mandate would generate $3 million in fees for Mastholm, which will be paid under the same formula. The switch in subadvisors will take place on December 1. At that time Mastholm's Theodore Tyson, Joseph Jordan, and Douglas Allen will become portfolio managers for the fund. Printed from: MFWire.com/story.asp?s=24506 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |