Harbor Funds hired Aristotle Capital Management as subadviser of the $300 million Harbor Large Cap Value Fund.
Aristotle replaces Cohen & Steers Capital Management, the fund’s subadviser since June 2007, according to a Harbor news release.
John Hoff, a spokesman for Harbor Capital Advisors, couldn’t immediately be reached for comment.
Anthony Ialeggio, director of global marketing with Cohen & Steers, said his firm was thankful for having had the opportunity to manage the fund. He declined further comment.
According to Morningstar data, the Harbor Large Cap Value fund ranked 77th in Morningstar’s large-cap universe for the three years through May 24, but more recently performance has improved, with the fund ranking in the eighth percentile year to date and in the 22nd percentile for the 12 months, both as of Thursday.
Separately, Harbor Funds hired Causeway Capital Management to subadvise the $30.6 million Harbor Global Value fund, while terminating Pzena Investment Management, the fund’s subadviser since August 2006.
According to Morningstar, the Global Value fund’s performance ranked in the bottom quintile of Morningstar’s global value equity manager universe for the one-, three- and five-year periods through Thursday.
William Lipsey, a managing principal and head of marketing and client service at Pzena, couldn’t immediately be reached for comment.