The Nationwide Fund (NWFAX) is firing two sub-advisors and hiring another one to take their place.
On March 28, the Board of Trustees of Nationwide Mutual Funds approved the termination of Aberdeen Asset Management, and Diamond Hill Capital Management as sub-advisors to the Nationwide Fund, to be replaced by HighMark Capital Management, effective June 17, according to a filing.
Earlier this month Nationwide acquired 17 mutual funds from San Francisco-based HighMark, a subsidiary of Union Bank, N.A.
"The HighMark Funds acquisition, officially announced on April 3, introduced HighMark to Nationwide as a quality investment manager, capable of delivering competitive investment results for mutual fund investors in a variety of investment strategies and styles," said Kris Kagel, a spokesman for the firm.
"Nationwide Funds' rigorous due diligence process confirmed HighMark’s equity investing capabilities. HighMark is a well-established investment manager with several highly regarded equity mutual funds, including the HighMark Large Cap Growth Fund."
The Nationwide Fund was launched in May 1998 and is managed by Paul Atkinson and William Dierker, according to Bloomberg. It currently manages some $690 million in assets and sports an expense ratio of 103 basis points.