USAA Dumps Loomis, UBS
USAA Asset Management Co. is so committed to bringing its equity fund business in-house that it is bidding adieu to two subadvisors.
According to a filing, the firm has fired Loomis, Sayles & Co. and UBS Global Asset Management and added three new portfolio managers: John Toohey, Wasif Latif and John Jares to the USAA Growth & Income Fund, in addition to the two current subadvisers, Wellington Management Company and Barrow, Hanley, Mewhinney & Strauss.
The $1.2 billion 2-star fund’s portfolio will typically consist of 50 to 80 holdings with a focus on mid- and large-cap stocks. It is up 10.97% as of the end of October, according to Morningstar.
