Aston Asset Management
] is switching one of its mutual fund's sub-advisors without switching managers. On Friday the Chicago-based Affiliated Managers Group
subsidiary revealed that, on April 30, the $2.67-billion Aston/Optimum Mid Cap Fund
will re-brand as the Aston/Fairponte Mid Cap Fund
and leave sub-advisor Optimum Investment Advisors
for a brand new firm, Fairpointe Capital
, led by a familiar team [see filing
could not immediately reach Optimum president Keith Pinsoneault
for comment on the moves. A spokeswoman for Aston confirmed that the move means that the fund firm "will not have an ongoing business relationship with Optimum."
All three current PMs -- Marie Lorden
, Mary Pierson
and Thyra Zerhusen
-- are leaving Optimum to launch Fairpointe, with Zerhusen serving as CEO and chief investment officer and all three still PMing the fund. According to an FAQ
on Aston's website
, "there will be no changes made to any of the investment activities ... [and] the expense ratio and management fee will be unchanged."
Optimum also previously sub-advised the Aston/Optimum Large Cap Opportunity Fund
, which Aston shuttered and then liquidated last summer.
Stay ahead of the news ... Sign up for our email alerts now