Nordea Investment Funds hired Tokio Marine Asset Management International as sole subadviser of its $90 million Nordea 1-Far Eastern Equity Fund, confirmed Paul Malpas, Nordea spokesman.
The fund, which had been internally managed, was renamed because of changes in its management and investment approach; it had been called Nordea 1–Far Eastern Value Fund.
Nordea ran the fund using a proprietary deep-value approach. Tokio Marine uses a GARP approach. The move was made to improve performance, Mr. Malpas said.
The question was, Does value investing work in (the Far East) market? Mr. Malpas said.
As part of developing a multiboutique approach over the past 18 months, Nordea has added 10 other managers to its lineup. Previously, all funds were managed in-house.