Delaware Hands Out $350 Million Subadvisory Mandate
News summary by MFWire's editors
Delaware Management Company has added as the third subadvisor for the Optimum Large Cap Growth Fund, according to an SEC filing. Alger will manage about $350 million of the fund, whose other subadvisors are T. Rowe Price and Marsico Capital Management.
A Delaware spokeswoman said the firm typically does not comment on the selection of third-party vendors.
Below is the press release issued by Alger on Tuesday:
NEW YORK, Sept 30, 2008 /PRNewswire via COMTEX/ -- Fred Alger Management, Inc. has announced today that the firm has been hired by Delaware Management Company to manage an approximately $350 million portion of the multi-manager Optimum Large Cap Growth Fund beginning on or about September 30, 2008. The Optimum Large Cap Growth Fund is currently sub-advised by T. Rowe Price Associates, Inc. and Marsico Capital Management, LLC, with approximately $900 million in assets. Fred Alger Management, Inc. has been added as the third sub-advisor to the Fund. Patrick Kelly, EVP of Fred Alger Management and portfolio manager of the Alger Spectra Fund and the Alger Capital Appreciation Fund will be the portfolio manager for Fred Alger Management's portion of this Fund.
Delaware Management Company is the investment manager of the Optimum Large Cap Growth Fund. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including Delaware Management Company. Delaware Investments is an affiliate of Lincoln Financial Group and it provides investment services along numerous asset classes to institutional and retail investors.
"We are very excited and proud to have the Optimum Large Cap Growth Fund select us as a sub-advisor," said Dan Chung, CEO of Fred Alger Management. "We believe Alger will be an excellent complement to their existing sub- advisors."
The Optimum Fund Trust, started in August 2003, offers six mutual funds including: Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, Optimum Small-Mid Cap Value Fund, Optimum International Fund and Optimum Fixed Income Fund, with total assets in excess of $3 billion. Delaware Management Company has overall responsibility for the general management of the Funds, which includes recommending the Funds' sub- advisors, and evaluating and monitoring the Funds and sub-advisors. The Funds are offered by prospectus only. The prospectus contains more complete information regarding the investment objectives, risks, charges and expenses of the Funds. Please read the prospectus carefully before investing or sending money. A prospectus may be downloaded at www.optimummutualfunds.com or obtained via U.S. Mail by calling 800 914-0278.
About Fred Alger Management
Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm managing more than $13 billion. Alger employs a bottom-up approach in its attempt to identify the fastest-growing companies in their respective sectors. For more than 40 years, Alger has followed a rigorous process, a consistent approach, and a core philosophy: find dynamic, innovative companies creating change and invest in them. Alger offers investment advisory services to separately managed, sub-advised, and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com.