The American Odyssey Funds, the mutual fund unit of Copeland Companies of East Brunswick, N.J., fired one of the sub-advisers of its American Odyssey Core Equity Fund, according to a statement the company filed with the SEC early this month.
American Odyssey Funds has fired Equinox Capital Management of New York and replaced it with Wellington Management Company of Hartford, Conn. The firm fired Equinox because of past performance, according to the filing.
Equinox managed more than $13.7 billion as of Dec. 31, 1999 and was the fund's only sub-adviser until May of this year, according to the SEC filing. On May 1, the fund's board of directors hired Putnam Investment Management and State Street Global Advisors, both of Boston, to run the fund with Equinox, according to the filing. The board wanted to offset the risks associated with Equinox's value investment style by hiring two additional sub-advisers, the filing says. Shortly after hiring Putnam and SSgA, the fund's board decided it would replace Equinox, according to the filing.
Wellington Management will receive a fee of 0.45 percent of the average daily net asset value, an increase from the 0.35 percent Equinox earned on the first $100 million in the fund. It earned 0.30 percent for assets over $100 million, according to the filing.
Wellington had $266 billion in assets under management as of Sept. 30.