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Rating:Goldman Wins a Subadvisor Mandate Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 22, 2013

Goldman Wins a Subadvisor Mandate

Reported by Tommy Fernandez

Competition can be rough in this industry.

Goldman Sachs [profile] will replace Victory Capital [profile] as the subadvisor of the international small- and mid-cap equities portions of the Thrivent Partner Worldwide Allocation Fund, a series of Thrivent Mutual Funds offered by Thrivent Financial For Lutherans [profile].

The SEC filings for the change can be found here, and here.

According to the filings, GSAM uses its Quantitative Investment Strategies team (“QIS”) to manage the international small-and mid-cap equities of the portfolio, featuring Ron Hua, Len Ioffe, Osman Ali, Takashi Suwabe, and Denis Suvorov. Meanwhile, GSAM uses its Emerging Market Debt and Fundamental Currency Team (EMD) to manage the emerging market debt assets of the portfolio, featuring Samuel Finkelstein and Ricardo Penfold.

The details of the fees to be earned from this arrangement are as follows:
In addition, Thrivent Financial pays GSAM an annual subadvisory fee for the performance of subadvisory services for Thrivent Partner Worldwide Allocation Portfolio. The fee payable for managing the emerging markets debt portion is equal to 0.55% of the first $50 million of Thrivent Partner Worldwide Allocation Portfolio’s average daily net assets managed by GSAM; 0.50% of the next $200 million of the Portfolio’s average daily net assets managed by GSAM; and 0.45% of all of the Portfolio’s average daily net assets managed by GSAM in excess of $250 million. The fee payable for managing the international small- and mid-cap equities portion is equal to 0.58% of the first $250 million of Thrivent Partner Worldwide Allocation Portfolio’s average daily net assets managed by GSAM; and 0.54% of all of the Portfolio’s average daily net assets managed by GSAM in excess of $250 million.
The shift takes place less than a month after Victory completed its spinoff from KeyCorp. The $246 million deal, using money from the private equity firm Crestview Partners, was announced in February

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