Caterpillar Investment Management hired McKinley Capital Management as interim subadviser of the $41 million Preferred International Growth mutual fund. McKinley will become the permanent adviser pending shareholder approval. Marvin & Palmer was the fund's previous manager.
Separately, Caterpillar announced it will close the $523 million Preferred International Value Fund to new investors on or about Oct. 29. Mercator Asset Management is the fund's subadviser.