The Ivy Funds dropped Henderson Global Investors as subadviser of the $220 million Ivy European Opportunities Fund, according to an SEC filing.
Henderson had subadvised the fund since the start of 2003.
Ivy Investment Management, the Ivy Funds' investment adviser, assumed investment management responsibilities of the portfolio. Thomas Mengel, senior vice president, will be responsible for the daily management of the fund.
The fund, which posted a year-to-date return of 7.79% through July 1, had a -48.1% return in 2008, according to Morningstar.
Henderson declined to comment on the filing, said spokeswoman Stephanie Jenkins. A spokesman for the Ivy Funds was not immediately available for comment.
Sue Asci is a reporter at InvestmentNews, a sister publication of Pensions & Investments.