Jackson National Asset Management has fired Lazard Asset Management and LMCG Investments on two multi-manager funds respectively, according to a Securities and Exchange Commission (SEC) filing.
The firm has replaced Lazard Asset Management with Loomis, Sayles & Company on the $1.1 billion JNL Multi-Manager Alternative fund.
Starting April 30, Loomis Sayles will join the fund's existing subadvisors Western Asset Management Company, Boston Partners Global Investors, Westchester Capital Management, First Pacific Advisors, Invesco Advisers and BlueBay Asset Management to co-manage the fund.
Loomis Sayles manager Aziz Hamzaogullari will be in charge of managing the long/short equity strategy of the fund, whose name has now been changed from the Lazard Global Hexagon strategy to the Loomis strategy.
Citywire AA-rated Hamzaogullari is a portfolio manager of the Loomis Sayles large cap, global and all cap growth strategies, including the Loomis Sayles Growth fund and Loomis Sayles Global Growth fund.
Other investment strategies employed by the fund include event driven and merger arbitrage , relative value and global macro strategy, according to Lipper data.
Meanwhile, the firm has also replaced LMCG Investments with Kayne Anderson Rudnick Investment Management (KAR) on the the $1.8 billion JNL Multi-Manager Small Cap Growth fund.
Starting April 30, KAR will join current subadvisors Granahan Investment Management, Chicago Equity Partners and Victory Capital Management on the fund.
Citywire AAA-rated duo Todd Beiley and Jon K Christensen from KAR will be in charge of managing the KAR Small Cap Growth strategy of the fund, which was named as the LMCG Small Cap Growth strategy under the former subadvisor.
Beiley and Christensen also co-manage the $2.4 billion Virtus KAR Small-Cap Growth fund, which has returned 90.5% over the past three years until the end of January and sits top of the 142 Small-Cap Growth Funds tracked by Citywire.
Both funds are overseen by a roster of gatekeepers, including Jackson National Asset Management’s chief investment officer Bill Harding as well as portfolio managers Sean Hynes and Mark Pliska, who are in charge of selecting and monitoring subadvisors.
To see how Jackson National's top gatekeeper Harding picks PMs, please click here.
Jackson National Asset Management had $231 billion in assets under management as of January 31.
Jackson National made a series of changes to its variable annuity platform in September last year. The firm launched 21 new funds including 10 subadvised by Vanguard, seven with Mellon Capital and one with emerging markets star Rajiv Jain’s firm GQG.
It also made some notable subadvisory changes including dropping Pimco in favor of Jeffrey Gundlach’s DoubleLine on a $3.5 billion fixed income offering. The firm's JNL/Pimco Total Return Bond fund was renamed the JNL/ DoubleLine Core Fixed Income fund, and switched managers to Citywire + rated Gundlach and Jeffrey Sherman.
However, it was not all bad news for Pimco, which won a subadvisory mandate for one of the 21 new funds on the platform, the JNL/Pimco Income fund, managed by Daniel Ivascyn and Alfred Murata.