BOSTON -- New England Funds has replaced Founders Asset Management as subadviser for two mutual funds.
Kobrick Funds LLC, Boston, will manage $340 million in growth equity, previously handled by Founders, for the $1.2 billion New England Star Advisers Fund, about $52 million of which is from institutions. Kobrick was purchased in July by the parent company of New England Funds, Nvest Cos. LP, hence the strategic move now to use Kobrick in the company's fund lineup, officials said.
The $48 million managed by Founders for the $245 million Worldwide Fund will be distributed among the fund's other three subadvisers: Montgomery Asset Management LLC; Janus Capital Corp.; and Harris Associates LP.
Nvest spokesman Lawrence Dwyer said that the moves were not due to performance problems.
Officials with Denver-based Founders Asset declined to comment.