Transamerica Asset Management hired Greystone Managed Investments to subadvise two international equity mutual funds, according to a Transamerica spokeswoman.
Greystone, based in Regina, Saskatchewan, will manage a total of C$2.6 billion ($2 billion) as a subadviser for Transamerica, according to a news release from Greystone. Transamerica is Greystone's first U.S.-based client.
Greystone on March 1 became subadviser of the Transamerica International Growth fund, formerly the Transamerica International Equity Opportunities fund, the fund's prospectus said.
On May 1, Greystone will become subadviser to the Transamerica Greystone International Equity fund, according to its prospectus.
Greystone replaced MFS Investment Management as subadviser to both funds. No reason was given for the MFS termination; in a statement from a Transamerica spokeswoman, the company said subadvisers are changed "when it is determined to be in the best interests of the fund's shareholders." The spokeswoman referred to the funds' prospectuses for all other questions.
Transamerica had $82.7 billion in assets under management at the end of 2017, according to its website; Greystone has C$34 billion in total AUM, the release said.