CitiStreet, of Quincy, Mass., announced last week that its American Odyssey Funds have undergone a number of investment management changes and have been renamed CitiStreet Funds. Citistreet, a global benefits provider, is a joint venture between State Street Corp. of Boston, and Citigroup of New York.
The changes will involve some fund restructuring, and as a result, more than $900 million in assets (as of the end of this year's first quarter) will now be managed by State Street Global Advisors and Citigroup Asset Management, according to CitiStreet. Some previous managers, including Travelers Asset Management International of New York and Credit Suisse Asset Management of Zurich, Switzerland were dropped.
The changes are part of an effort to take advantage of the resources available from the parent companies and reduce costs, the company said.
The American Odyssey Intermediate-Term Bond and Global High-Yield Bond Funds are also being merged with the American Odyssey Long-Term Bond Fund and will be renamed the CitiStreet Diversified Bond Fund.
The American Odyssey Core Equity Fund has been renamed the CitiStreet Large Company Stock Fund. The American Odyssey International Equity Fund will now be called CitiStreet International Stock Fund.
