Enterprise Capital Management, an asset management arm of MONY, replaced Brinson Partners with Vontobel USA Inc. as the sub-advisor of its Enterprise International Growth Fund (ENIGX), as well as its Accumulation Trust International Growth variable annuity, as of April 1. The decision was based on "performance and divergent investment strategies."

Fabrizio Pierallini of Vontobel, senior vice president and managing director of international investments, is the new portfolio manager of the $75 million fund.

Enterprise also lowered the fees paid by to the fund's sub-advisor. Brinson was compensated with fees equal to 0.45% of fund's daily net assets up to $100 million. Under the new agreement with Vontobel, these fees will be reduced to 0.40% per year for the first $100 million of assets under management; 0.35% per year for assets between $100 million-$200 million; 0.30% per year for assets between $200 million-$500 million; and 0.25% per year for assets in excess of $500 million.

Brinson Partners, based in Chicago, had managed the Enterprise International Growth Fund since October 1994.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE