Northern Trust Fires TCW

This holiday season has been a mixed bag for TCW Group.

The firm recently ramped up its alternative business by acquiring two firms and hiring a new executive to head its initiatives.

However, last month the Board of Trustees of the Northern Multi-Manager Funds approved the termination of TCW as a sub-adviser to the Northern Multi-Manager Mid Cap Fund effective December 27, according to a Securities and Exchange Commission filing.

The $877.5 million 3-Star rated fund is currently sub-advised by LSV Asset Management, Systematic Financial Management and Geneva Capital Management Ltd. It is currently up 12.18% versus the S&P 500’s gain of 14.96% year-to-date through Dec. 27. The fund’s portfolio managers are Josef Lakonishok and Amy Croen.