Eaton Vance and CLS Lose Gigs
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Tuesday, July 24, 2012

Eaton Vance and CLS Lose Gigs

Eaton Vance [profile] is losing a subadvisory mandate from Prudential Investments [profile] for the insurer's variable annuity product line. That is just one of the changes being made by the trustees for the insurer's Advanced Series Trust subadvised product line. [SEC filing].

Eaton Vance is losing the mandate for AST Large-Cap Value at the close of business on August 20, 2012. However, the trust's other subadvisor -- Hotchkis and Wiley Capital Management [profile], -- will be unaffected by Eaton Vance's termination.

Eaton Vance executives are not the only ones getting bad news from Pru. Also getting a pink slip is CLS Investments [profile], the sole subadvisor for the AST CLS Portfolio.

Allianz affiliate RCM Capital Management [profile], will replace CLS as subadvisor. That move will change the investment objective and portfolio for the fund-of-funds. The board is also hiking the management fee as part of the manager swap and renaming the portfolio to the "AST RCM World Trends Portfolio."

These changes are expected to occur on or about February 25, 2013.

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