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 |
|
Monday, April 4, 2011 Aston Swaps Sub-Advisors ... Sort Of Aston Asset Management [see profile] is switching one of its mutual fund's sub-advisors without switching managers. On Friday the Chicago-based Affiliated Managers Group subsidiary revealed that, on April 30, the $2.67-billion Aston/Optimum Mid Cap Fund will re-brand as the Aston/Fairponte Mid Cap Fund and leave sub-advisor Optimum Investment Advisors for a brand new firm, Fairpointe Capital, led by a familiar team [see filing]. The MFWire could not immediately reach Optimum president Keith Pinsoneault for comment on the moves. A spokeswoman for Aston confirmed that the move means that the fund firm "will not have an ongoing business relationship with Optimum." All three current PMs -- Marie Lorden, Mary Pierson and Thyra Zerhusen -- are leaving Optimum to launch Fairpointe, with Zerhusen serving as CEO and chief investment officer and all three still PMing the fund. According to an FAQ on Aston's website, "there will be no changes made to any of the investment activities ... [and] the expense ratio and management fee will be unchanged." Optimum also previously sub-advised the Aston/Optimum Large Cap Opportunity Fund, which Aston shuttered and then liquidated last summer. Printed from: MFWire.com/story.asp?s=36455 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |