RBC Asset Management terminated Boyar Asset Management as subadviser for the C$36 million (US$30.6 million) RBC Private U.S. Value Equity Pool and is searching for a replacement, confirmed RBC spokesman Chris Dotson.
Boyar had subadvised the fund since before its official launch in 2003, Mr. Dotson said. He would not say why the firm was terminated.
RBC Asset’s manager research and performance analytics team is developing a list of potential subadvisers. Boyar can continue managing the fund up to 60 days after the termination, Mr. Dotson said.
Mark Boyar, Boyar president, said his firm maintains a disciplined, long-term investing strategy that experiences periods of both underperformance and outperformance.
“We’re kind of surprised (at the termination). We’ve had a 10-year relationship with them. We’ve had a real good record,” Mr. Boyar said.
