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Rating:A USAA PM Steps Aside Thrice But Stays Put Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 6, 2011

A USAA PM Steps Aside Thrice But Stays Put

Reported by Neil Anderson, Managing Editor

Three of USAA's [see profile] money market mutual funds just said goodbye to one of their PMs. Yesterday the mutual fund arm of the San Antonio, Texas-based insurance company (which focuses its efforts on people tied to the US military) revealed that on Friday John Bonnell stepped aside as co-PM of the USAA Florida Tax-Free Money Market Fund, the USAA New York Money Market Fund and the USAA Virginia Money Market Fund [see filing]. Yet Bonnell continues to PM for USAA.

"Those changes were part of our succession plan," a USAA spokesperson told The MFWire. "It's part of positioning USAA for continued growth in our investment management company."

Dale Hoffmann, Bonnell's co-PM on all three affected funds, now serves as their sole PM. Meanwhile, Bonnell still serves as PM for at least two other USAA funds, the USAA Florida Tax-Free Income Fund and the USAA Virginia Bond Fund

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