GuideStone Funds, a Christian-focused mutual fund shop, has fired RBC Global Asset Management as a subadvisor on its small-cap equity fund, replacing it with Delaware Investments Fund Advisers and Jacobs Levy Equity Management on the $619.7 million strategy.
Delaware and Jacobs Levy join existing subadvisors TimesSquare Capital Management and Aronson Johnson Ortiz, according to a document filed with the Securities and Exchange Commission.
Dallas, Texas-based GuideStone offers 24 funds, which are all subadvised, with a combined $12.8 billion in assets under management, as of June 30.
The funds' subadvisors are selected by an investment team, led by chief investment officer Matt Peden.
The firm's small-cap fund is ranked 142 out of 254 Small-Cap Core funds tracked by Citywire for three-year total returns to the end of August. Over that time it returned 46.4% compared to the average Small-Cap Core fund, which was up 46.6% and the Russell 2000 index’s 56.5%.
Christopher Adams, Francis Morris, Michael Morris, Donald Padilla and David Reidinger were appointed to Delaware's sleeve of the fund, while Bruce Jacobs and Kenneth Levy were appointed from Jacobs Levy.
In September 2017, RBC Global Asset Management kick-started a strategic review of its product line-up. This led to fees being cut across its product offering in addition to the liquidation of five of its strategies. It is not clear if its strategic review had any effect on GuideStone’s decision to drop the shop.
A GuideStone spokesman and an RBC spokeswoman could not be reached for comment at the time of publication.
In February, GuideStone dropped Barrow, Hanley, Mewhinney and Strauss from the $1.4 billion GuideStone Funds International Equity fund in favor of Harris Associates.
Delaware had $249 billion in assets under management, as of June 30. Jacobs Levy had $8.3 billion in assets under management, as of June 30.