Marsico Loses Large Cap Fund Mandate

Delaware Investments’ Optimum Large Cap Growth Fund (OCLGX ) is dropping Marsico Capital Management, as a sub-adviser to the fund on June 19, according to a regulatory filing.

Marsico’s assets will be transitioned to the fund’s two remaining sub-advisors: T. Rowe Price Associates and Fred Alger Management. The fund was launched on July 23, 2003 and managed some $927 million as of June 13. It invested primarily in large market capitalization companies.

Officials at Delaware were not immediately available to comment on the sub-advisory switch.

This is the second time in as many months the Marsico has been on the wrong side of a fund’s sub-advisory change. Last month, the Harbor Funds' Board of Trustees replaced Marsico 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.