Transamerica Asset Management hired Wellington Management to subadvise its Transamerica domestic small-cap value equity mutual fund, effective July 9, according to an SEC filing.
Wellington will replace Mesirow Financial Investment Management as subadviser of the portfolio, which had $129 million in assets as of May 31, confirmed Eddie Arias, director of product development and communications with Transamerica.
John Carter, Transamerica's president and CEO, cited the relatively strong performance of Wellington's small-cap value strategy, on both an absolute and risk-adjusted basis, as the reason for the switch.
In an e-mailed response to questions, Jim Tyree, Mesirow's chairman and CEO as well as head of the firm's equity management group, said: “Transamerica was a great client and we understand their decision. We hope to have an opportunity to work with them again in the future.”