MassMutual has dropped JPMorgan Asset Managemnent as a subadvisor on the $640.1 million MassMutual Select Overseas fund, according to a regulatory filing.
It is the third subadvisory mandate the JPM international value team has lost this year, following the retirement of veteran investor Gerd Woort-Menker, who had been lead manager on the team.
It is not clear if Woort-Menker's retirement is the reason behind the loss of mandates, but it is likely to be one factor.
In June Nationwide replaced JPM on the $1.1 billion NVIT Multi-Manager International Value fund with Thompson, Siegel & Walmsley, while retaining existing subadvisor Dimensional Fund Advisors.
A JPMorgan spokeswoman declined to comment, as did a spokesman for MassMutual.
MassMutual has not replaced JPM on the fund, with the assets it oversaw being allocated to existing subadvisors Harriss Associates and MFS.
The assets had been overseen by Woort-Menker too, until his retirement in the second quarter of the year.
The MassMutual Select Overseas fund is ranked second out of 22 International Large Cap Equity funds tracked by Citywire for three-year total returns to the end of October. Over that time it returned 22.3% compared to the average International Large Cap Equity fund, which was up 16%.
Perceval Maxwell and Georghiou were appointed to manage the JPMorgan International Value SMA fund and the JPMorgan International Value Fund;L in 2016 when Woort-Menker's retirement was first announced.
The former fund is ranked seventh out of 37 International Multi-Cap Value funds tracked by Citywire for three-year total returns to October 31.
The latter ranks 10th out of 11 funds in the International Large-Cap Value category on the same metric. Assets in this fund have fallen from $1 billion in March 2017 to $792.9 million today, according to data from Morningstar.com.
Barrow bows out
Separately, AssetMark has dropped Barrow, Hanley, Mewhinney & Strauss (BHMS) as a subadvisor on the $134.3 million Guidemark Core Fixed Income fund.
As a result David Hardin, Mark Luchsinger, J Scott McDonald and Deborah Petruzzelli no longer manage the fund.
The fund is ranked 54 out of 59 Corporate Debt BBB-Rated funds tracked by Citywire for three-year total returns to the end of October. Over that time it returned 5.2% compared to the average Corporate Debt BBB-Rated fund, which was up 10.8%.
It is understood that the decision to drop BHMS was not related to the performance of the subadvisors but made to lower the fund's costs, by having one rather than two subadvisors.
A spokeswoman for BHMS declined to comment. A spokesperson for AssetMark did not return requests for comment in time for publication.