Transamerica Asset Management hired BlackRock as the new sole subadviser of five asset allocation funds of funds with more than $3 billion in total assets.
BlackRock will replace QS Investors effective Nov. 1, according to Transamerica SEC filings Wednesday.
"As part of our oversight process, Transamerica may change sub-advisors when it is determined to be in the best interests of the fund's shareholders. In such instances, pertinent information is provided in public disclosures," a Transamerica spokeswoman said in an email.
The funds, each of which invest in equity and fixed–income exchange–traded funds, are the:
- $1.3 billion Transamerica QS Investors Active Asset Allocation – Moderate VP (which will be renamed the Transamerica BlackRock iShares Active Asset Allocation – Moderate VP).
- $1 billion Transamerica Legg Mason Dynamic Allocation – Balanced VP (Transamerica BlackRock Active iShares Dynamic Allocation – Balanced VP).
- $497 million Transamerica QS Investors Active Asset Allocation – Moderate Growth VP (Transamerica BlackRock Active iShares Active Asset Allocation – Moderate Growth VP).
- $454 million Transamerica Legg Mason Dynamic Allocation – Growth VP (Transamerica BlackRock Active iShares Dynamic Allocation – Growth VP).
- $337 million Transamerica QS Investors Active Asset Allocation – Conservative VP (Transamerica BlackRock Active iShares Active Asset Allocation – Conservative VP).
Quantitative manager QS Investors, formerly a Legg Mason subsidiary, was part of Franklin Templeton's acquisition of that firm that closed in July 2020.
Franklin Templeton announced in September its plans to combine Franklin Templeton Multi–Asset Solutions and QS Investors to form Franklin Templeton Investment Solutions.
