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Wednesday, June 30, 2004

Delaware Ends Subadvisory Contract

by: Theresa Sim

Delaware Investments will end their subadvisory arrangement with Delaware International Advisers Ltd. (DIAL) for one of their closed-end funds, the Global Dividend and Income Fund, in September or October of this year, the firm announced on Tuesday.

The move will coincide with the expected close of DIAL's sale to members of DIAL management and private equity firm Hellman & Friedman. The deal was announced in May.

At that time, Jude T. Driscoll, Delaware's chief executive officer, said "through subadvisory arrangements, we look forward to maintaining an ongoing relationship with those managers."

DIAL will continue to subadvise the "vast majority" of the total funds it currently advises, said Delaware spokesman Thomas Gariepy.

After Delaware terminates the subadvisory contract, which may happen even prior to the deal's close pending "if deemed appropriate," Delaware Management Company will manage the fund. Gariepy declined to comment on whether the fund firm will seek out a new subadvisor for the fund or keep the fund's management in-house. 

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