The Enterprise Group of Funds of Atlanta fired OpCap Advisors of New York as co-manager to its Managed Fund due to poor performance, service and a divergent investment style from the fund's objective, according to a proxy statement filed with the SEC.
In making its decision, the Enterprise Group's board of directors considered the Managed Fund's performance and the level of service it received from OpCap, according to the proxy. The fund has $114 million in assets under management and has posted a negative 1.65 percent return year to date, according to Morningstar of Chicago. The fund invests in large-cap value stocks listed on the S&P 500 and trails the average large-cap value fund 4.7 percent, according to Morningstar.
Enterprise has replaced OpCap with Wellington Management of Boston, according to the proxy. Wellington will co-manage the Enterprise Managed Fund with Sanford C. Bernstein of New York.
OpCap Advisors is a subsidiary of Oppenheimer Funds of New York and managed $13 billion in assets as of June 30, according to the company.
The Enterprise Group of Funds includes 26 funds and has $5 billion in assets under management, according to the company.