LOS ANGELES — Cerulli Associates data shows $1 of every $7 invested into mutual funds went into funds of funds worldwide last year. Fund-of-funds assets dropped to $235 million as of Dec. 31, 2002, down from $254 million a year earlier. But despite a 17% drop in assets due to market depreciation in 2002, funds of funds attracted $15 billion worldwide in net new assets, according to Cerulli. Manager-of-manager assets worldwide dropped to $227 million as of Dec. 31, down from $247 million the previous year.
SCOTTSDALE, Ariz. — ING Funds hired Wellington Management to subadvise the $173 million ING LargeCap Growth Fund.
Andrew Shilling, portfolio manager at Wellington, will manage the fund, which had been managed by a team at ING, said Dana Ripley, director of external communications for ING US Financial Services.
Mr. Ripley said it was in the best interest of fund shareholders to hire the "best" large-cap growth manager available.
HAMILTON, Bermuda — Bank of Bermuda hired Martin Currie Investment Management to manage the $27 million Japan long-only equity portfolio of its All Point Multi-Manager Fund, which is the bank's $847 million umbrella fund for investors, according to Sebastian Dunn, head of investment management research for the bank.
The fund includes 14 subfunds, with five bond options and nine equity options.
ORINDA, Calif. — Litman/Gregory Fund Advisors hired Brandywine, Ariel, FPA Funds and Strong Capital Management as subadvisers of the new Masters' Select Smaller Companies Fund, which will open June 30.
The fund was registered three years ago with the SEC, but Litman/Gregory officials said in a statement that is was harder than expected to select a group of small-cap managers capable of managing a concentrated portfolio that were accepting new business and didn't charge excessive fees. The fund will be closed when it reaches $300 million to $450 million.
Each manager will run about 25% of the fund. John Rogers at Ariel and Bob Rodriguez at FPA will manage their portions in active U.S. small-cap value stocks; Bill D'Alonzo at Brandywine will manage his allotment in active U.S. small-cap growth stocks; and Dick Weiss of Strong will invest in active U.S. small-cap "growth at a reasonable price" companies.