Citizens Advisers, the Portsmouth, N.H.-based investment adviser to Citizens Funds, has named State Street Global Advisors Funds Management as the permanent sub-advisor for two of its funds. With $1.5 million in assets under management, Citizens Funds offers a series of socially responsible mutual funds.
SSgA was selected as the sub-advisor for the Citizens Global Equity Fund and the Citizens International Growth Fund. SSgA has served as interim sub-advisor on the two funds since October of last year. The global equity fund has a year-to-date return of 2.03%, and the international growth fund has a year-to-date return of 0.14%, according to Morningstar.
"Reputation and experience were among the top reasons we chose SSgA," said John Shields, CEO of Citizens Advisers. "We believe their long track record, fundamental investment style, and experience with socially responsible investing are compatible with Citizens' investment philosophy and will help us deliver long-term performance to our Global Equity and International Growth shareholders."
SSgA currently manages more than $34 billion in socially-screened portfolios.