is about to drop the subadvisor to a $70.5-million, four-star
| Tom Marsico|
Marsico Capital Management, LLC
Founder, Chief Executive Officer, Chief Investment Officer
to remove Marsico Capital Management
] as the subadvisor to the Columbia Marsico Global Fund
, effective November 30. Columbia will rebrand the fund as the Columbia Select Global Growth Fund
could not immediately reach a spokesperson for Marsico for comment.
himself — CEO, chief investment officer, and founder of his eponymous shop — has PMed the fund since inception, and he's PMed it solo for a little more than a year. Columbia's own Thomas Galvin
, senior PM and head of focused large cap growth, will take over as lead PM of the fund, while senior PMs Richard Carter
and Todd Herget
will become co-PMs.
"Tom Galvin and his team have a proven concentrated investment approach that we are pleased to provide investors in a global equity portfolio," Columbia spokesman Carlos Melville tells MFWire
in an emailed statement.
Indeed, Galvin, Carter, and Herget already PM the $6.8-billion, four-star, bronze-rated Columbia Select Large Cap Growth Fund
, and the to-be-transformed fund looks like it will become a global version of that giant.
Columbia has at least four other mutual funds co-branded with, and subadvised by, Marsico: the $883.6-million, one-star Columbia Marsico 21st Century Fund
; the $165.1-million, one-star Columbia Marsico Flexible Capital Fund
; the $929.8-million, three-star, neutral-rated Columbia Marsico Focused Equities Fund
; and the $1.4-billion, two-star, neutral-rated Columbia Marsico Growth Fund
The five Marsico-subadvised Columbia funds have a combined $3.449 billion in AUM. That works out to 28 percent of Marsico's
$12.31 billion in total AUM (as of August 31) and about 2.1 percent of Columbia's $166.476 billion in non-money-market mutual fund AUM (as of July 31).
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