Northern Trust Global Investments hired WestEnd Advisors as a subadviser for its $999.3 million Multi-Manager Large Cap Equity fund, and DDJ Capital Management as a subadviser for its $825 million Multi-Manager High Yield Opportunity Fund, confirmed spokesman John O’Connell.
WestEnd replaces Marsico Capital Management as one of four subadvisers of the large-cap fund, according to an SEC filing. According to Northern Trust’s website, Marsico was overseeing 25% of the portfolio as of June 30.
DDJ replaces Stone Harbor Investment Partners as one of three subadvisers of the high-yield fund. According to Northern’s website, Stone Harbor was managing 30% of the multimanager high-yield portfolio as of June 30.
A spokeswoman for Marsico declined to comment beyond saying that the firm had enjoyed working with Northern Trust. Peter Wilby, managing partner with Stone Harbor, declined comment.