The Harbor Funds Board of Trustees has replaced Marsico Capital Management as the sub-adviser to the Harbor International Growth Fund (HAIGX) with Baillie Gifford Overseas Limited, effective May 21. Marsico served as sub-adviser to the fund since March 2004.
Baillie Gifford Overseas Limited, a wholly owned subsidiary of Baillie Gifford & Co., is a U.S. registered investment adviser based in Edinburgh, Scotland. The firm had approximately $142 billion in assets under management as of March 31.
Harbor International Growth Fund bets on companies of any size located in, or economically tied to, any country or region outside the U.S., including developed and emerging market countries. The fund had net assets of approximately $220 million as of March 31.
"We wish to express our appreciation to Marsico Capital Management for their dedicated service to our shareholders," stated Harbor Funds Chairman David Van Hooser. "At the same time, we welcome Baillie Gifford as the new portfolio management team of the Harbor International Growth Fund."
The Harbor Funds lineup of actively managed, no-load mutual funds had combined net assets of $74 billion as of March 31.
Harbor’s parent, Netherlands-based Robeco, announced that it is being acquired by ORIX Corporation for €1.935 billion (about $2.6 billion) in February.