J. & W. Seligman & Co. of New York is terminating the sub-advisory agreement it now has with Henderson Investment Management Ltd. of London on four of the five funds co-managed as the Seligman Henderson Global Fund Series.
Beginning March 4, Seligman will expand its role in managing the non-U.S. investments of the Seligman Henderson International Fund, the Seligman Henderson Emerging Markets Growth Fund, the Seligman Henderson Global Growth Opportunities Fund and the Seligman Henderson Global Technologies Fund.
One of three internal teams of Seligman managers will become responsible for each of the funds. A fifth fund, the Seligman Henderson Smaller Companies Fund will, at least temporarily, continue to be sub-advised by Henderson. Each of the five series funds will shed the Henderson name.
"This transition follows a multi-year initiative to build fully-staffed, in-house global investment teams," the company said in a statement.
J. & W. Seligman and Henderson Investment Management, one of the U.K.'s largest money managers, formed a joint venture in 1991 to offer global and international investment products. Henderson Investment Management is a wholly-owned subsidiary of Henderson, plc. which was acquired by AMP Ltd., an Australian financial services company, in 1998.