USAA Asset Management Company
has dropped two subadvisors from a $1.2 billion fund as part of a commitment to enhancing its in-house equity equity management team, an SEC filing
USAA terminated subadvisory contracts with Loomis Sayles
and UBS Global Asset Management
, leaving Wellington
and Barrow, Hanley, Mewhinney & Strauss
as the two subadvisors on the USAA Growth & Income Fund
. USAA will add three in-house PMs to the fund as well: John Toohey
, , and John Jares.
The filing states that USAA "has recently committed to growing its internal equity management capabilities with respect to the USAA Funds."
And a USAA spokeswoman emailed MFWire a statement clarifying the decision to terminate the the subadvisory relationships and manage the fund's assets in-house.
"USAA Investments has recently in-sourced mutual fund assets to take advantage of in-house expertise in large-cap equity markets," the statement read. "This decision will allow USAA Investments to consolidate around our internal areas of strength to help members accomplish their investment goals."
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