EFG Asset Management hired the team subadvising its U.S. growth equity strategy, a spokeswoman said.
The New Capital U.S. Growth Fund team of five was hired, effective Monday, from Mazama Capital Management, the spokeswoman said in an e-mail. Spokesmen for Mazama could not be reached for comment by press time.
New Capital U.S. Growth Fund is an Undertakings for the Collective Investment of Transferable Securities fund for non-U.S. investors.
The strategy has $225.5 million of assets, was seeded by EFG in 2010, and has been managed on its behalf. New Capital is the funds arm of EFG Asset Management, which is the investment business of global private banking group EFG International.
There will be no change to the investment process, and the team will continue to be based in Portland, Ore.
Joel Rubenstein, co-lead on the strategy since inception, will continue as sole lead manager. Portfolio managers Tim Butler and Mike Clulow, as well as research analyst Chelsea Wilson and client portfolio manager Don Klotter, have officially joined EFG Asset Management.
“This move reflects the successful growth of our New Capital funds franchise,” said Mozamil Afzal, chief investment officer at EFG Asset Management, in a news release. “At the time of the fund's launch, we wanted to ensure we had the best managers to implement our strategic views. The strategy has been very faithful for us, and we are now in the position to provide clients with the best service possible by incorporating all aspects of the fund's management under the New Capital umbrella.”
“We have always worked extremely closely with the EFGAM team,” Mr. Rubenstein added. “Given the success of the fund, we are looking forward to taking the relationship to the next stage. We are confident that by joining a much bigger organization with a larger analyst platform, cross-collaboration will enhance the investment process and ultimately performance for clients.”
EFG Asset Management provides actively managed investment strategies and services to institutional investors and other clients. It manages more than $12 billion.
