Warburg Pincus of New York is asking shareholders of one of its funds to approve plans to fire BlackRock Investment Management, also of New York, as a sub-adviser to the Warburg Pincus Cash Reserve Fund, according to a proxy statement filed earlier this month with the Securities and Exchange Commission.

The proxy suggests that BlackRock is being fired because the fund's other sub-adviser, Credit Suisse Asset Management LLC, achieved better results.

"Recognizing that [Credit Suisse Asset Management's] money market portfolio management group has enhanced the depth and quality of its investment personnel, the board has determined that it would be more efficient for the fund to have only one investment adviser and that that sole adviser be [Credit Suisse Asset Management]," the proxy said. Warburg is a subsidiary of Credit Suisse Asset Management.

As a result of the firing, the fund's fees paid to advisers and for administration will drop five basis points to 45 basis points, according to the proxy. Credit Suisse will receive a 10 basis point fee increase, but that increase will be offset by the elimination of BlackRock's fee, which is 25 basis points, according to the proxy.

The new arrangement will not result in a reduction of fees paid by shareholders, according to the proxy.

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