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Thursday, September 05, 2013|
J.P. Morgan and Pioneer Win a Growth Mandate
Great-West [profile] has swapped in J.P. Morgan [profile] and Pioneer [profile] for a mutual fund subadvisor mandate.
As previously reported in MFWire's Stork and Reaper section, on September 1 the mutual fund arm of the Denver-based insurer and Power Financial subsidiary added the two asset managers as subadvisors to the freshly rebranded two-star, $290.9-million Great-West Multi-Manager Large Cap Growth Fund. The duo replaced a single subadvisor, Janus [profile], and the fund was previously named the Great-West Janus Large Cap Growth Fund.
A spokesman for Janus told MFWire that no one from the Denver-based asset manager was available for comment for this story. MFWire could not immediately reach spokespeople for J.P. Morgan and Pioneer for comment.
In an emailed statement to MFWire, Great-West Capital Management managing director Dave McLeod described the switch to J.P. Morgan and Pioneer as "a strong positive for fund shareholders."
"We are adopting a multi-manager approach to capitalize on the strengths of two leading managers with different, yet complementary strategies," McLeod stated.
The subadvisory and branding change for the Great-West fund comes after the PM for the fund, Janus Twenty Fund and Janus Forty Fund PM Ron Sachs, left Janus this spring. Since June 4, the fund had been PMed by Janus' A. Douglas Rao.
Printed from: MFWire.com/story.asp?s=45918
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