Kornitzer Capital Management is no longer the subadviser to AFBA Investment Management's 5Star fund family,
The Wall Street Journal
reports. AFBA, a related enterprise of the Armed Forces Benefit Association, has since hired six managers for the seven funds in the 5Star lineup. Kornitzer had been the funds' lone subadviser since their launch in 1997. According to the report, AFBA was not satisfied with the long-term performance of four of the funds under Kornitzer. Kornitzer denied any performance problem. John Kornitzer, chief executive and founder of Kornitzer Capital, told the paper his firm resigned because they were not in agreement with AFBA over the fate of the small cap fund. Kornitzer wants to keep the fund closed. That fund has since reopened and is subadvised by three managers: Bjurman, Barry & Associates, TrendStar Advisors and London Co.
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