Brinker Capital Investments terminated BlackRock as one of the subadvisers of its $2 billion Destinations Core Fixed Income Fund, said Amy Magnotta, co-head of discretionary portfolios.
The removal of BlackRock, which ran a passive portfolio, was the result of a decision to emphasize active management in the fund given the current environment in fixed income, Ms. Magnotta said.
Active managers Merganser Capital and Wellington Management were hired as subadvisers at the end of 2020, she said.
DoubleLine Capital, originally hired as an active manager alongside BlackRock's passive portfolio in 2017 when the fund was launched, remains as a third subadviser.
Ms. Magnotta said the fund is roughly equally weighted between all the subadvisers.