USAA Asset Management Co. is so committed to bringing its equity fund business in-house that it is bidding adieu to two subadvisors.
According to afiling, the firm has firedLoomis, Sayles & Co. andUBS Global Asset Managementand added three new portfolio managers:John Toohey,Wasif LatifandJohn Jaresto theUSAA Growth & Income Fund,in addition to the two current subadvisers,Wellington Management CompanyandBarrow, Hanley, Mewhinney & Strauss.
The $1.2 billion 2-star funds portfolio will typically consist of 50 to 80 holdings with a focus on mid- and large-cap stocks. It is up 10.97% as of the end of October, according toMorningstar.
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