Eagle Asset Management is making a sub-advisory change for its Eagle Capital Appreciation Fund.
The Board of Trustees of the fund has approved a change of sub-advisor from Goldman Sachs Asset Management to ClariVest Asset Management, pending a shareholder meeting slated for June 3, according to a regulatory filing.The new agreement will be on substantially the same terms as the sub-advisory agreement between Eagle and GSAM, except that the fee that Eagle will pay to ClariVest will be higher than the fee Eagle currently pays to GSAM.
Eagle currently owns a 45% interest in ClariVest. GSAM, which assumed management of the fund in 1997, will continue to serve as the fund’s sub-advisor until the shareholder meeting. If shareholders do not approve the new agreement, Eagle will manage the fund directly.
The $322 million fund launched in March 2006 and is managed by Steven Barry and Timothy Leahy.