Nation Funds is turning the subadvisory duties of its $540 million International Equity Fund over to its Marsico Capital Management unit. The fund had been subadvised by Gartmore Global Partners.

The move was revealed in an SEC filing and shareholders will vote on the switch in the fund's March annual meeting.

The decision fits with Bank of America's strategy to leverage its acquisition of Marsico. Both Marsico and Nation Funds are owned by Bank of America. Gartmore Global Partners had been an affiliate of Bank of America until March of 2000. At that time it sold its 50 percent stake in Gartmore to Royal Bank of Scotland. Nationwide then purchased the Gartmore last year.

Many observers considered the price Bank of America paid for the half of Marsico it not own to be eye-opening. The bank paid a reported $950 million to purchase the second half of the firm. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE