Virtus Investment Management
swapped the subadvisor for its Virtus High Yield Income Fund
after shareholders voted for that change during a meeting earlier this month. HIM Monegy
, a subsidiary of Harris Investments
took over the day to day management of the fund from SCM Advisors
, according to a filing
The change became effective last week. The High Yield Income Fund was launched in 2002 and currently manages $46.7 million in assets, according to Morningstar.
"The decision to work with Monegy supports our overall strategy of offering institutional-quality managers to retail clients who typically don't have access to them," Frank Waltman, executive vice president, product management at Virtus said in a release
HIM Monegy manages more than $1.7 billion in high-yield assets. For the Virtus fund, the company will invest primarily in
U.S. non-investment grade bonds. The fund has an expense ratio of 79 basis points.
Monegy managers Sadhana Valia, Lori Marchildon and Ovidiu Sandu will take over portfolio management from Robert Bishop, Maxwell Bublitz and Bradley Kane.
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