Security Global Investors
(SGI), the asset management arm of Security Benefit
, has lifted out a portfolio team from Nationwide's NWD Investment Management
(NWD). The nine person growth equity team was from Nationwide Separate Accounts (NSA), a subsidiary of NWD.
A spokesperson for Nationwide told the MFWire
that the departure of the portfolio team is part of Nationwide's move towards an all sub-advised platform following the sale of their active asset management business to Aberdeen
earlier this year. Nationwide will not be replacing the team.
At SGI, the team--headed up by Mark Bronzo
, Daniel Portanova
, and Joseph O'Connor
--will manage the Security Equity Fund Select 25 Series
, the Security Mid Cap Growth Fund
, and one-half of the Security Equity Fund Equity Series
(and the respective related variable insurance trusts), totaling approximately $970 million in AUM.
For their part the Nationwide team is happy to have found a new home. "We are extremely pleased to be working with a partner like Security Global Investors. We know that we will be able to retain our investment autonomy while maintaining our entrepreneurial culture," Bronzo stated. "We will be getting the best support from one of the best organizations," he added in an interview with the MFWire
The team's transition to SGI is expected to take place in early January.
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