Effective Dec. 1, Mastholm Asset Management replaces
"Jennsion was the original sub-advisor in 1993, and for the first six years the product was a four- or five-star fund," Williams said. "The performance has just really fallen off the last couple of years and the change is in the best interest of the shareholders."
Mastholm, who has taken over as sub-adviser, was closed to new investors, but agreed to open up for Harbor, Williams said. Securing Mastholm as management was another important reason for the change.
"The first couple of times we called them they said they were closed, but we were relentless," Williams said.
Mastholm co-manages the Masters Select International fund and the Managers Funds, but did not manage any mutual funds on its own until now. The firm handles primarily institutional accounts.
Jennison will remain as sub-advisor on the Harbor Capital Appreciation fund. Harbor Capital, which does not manage any of its own assets, has been happy with the management of that fund, Williams said.
