Hansberger had managed about 17%, or $1.15 billion, in assets for the equity mutual fund, Mr. Hoffman said in a telephone interview. Hansberger had subadvised the fund for 12 years.
The termination by the fund’s board was because of “a number of different factors,” Mr. Hoffman said, including performance, investment philosophy and organizational structure.
The assets will be allocated to the fund’s other subadvisers, Lazard Asset Management and Edinburgh Partners. Lazard will now run 39% of the fund’s assets, up from 30%, and Edinburgh will manage 34%, up from 27%. ARGA Investment Management, which handles 24% of assets, will continue to manage the same amount. The fund’s remaining assets are in cash.
“Vanguard did not give any specific reason for their decision,” Jeanette Harrison-Sullivan, spokeswoman for Hansberger parent Natixis Global Asset Management, said in an e-mailed statement. “While HGI regrets the loss of a valued client, we thank them for their past support and business and look forward to assisting them again in the future if their needs change."