June 17, 2002 — USAA Investment Management Co. is considering hiring outside managers to run 16 mutual funds with about $7 billion in assets.
A spokesman for USAA confirmed that it is reviewing its equity department and is looking at bringing in third parties to oversee 13 stock funds and the equity portions of three others that invest in stocks and bonds.
The review excludes the firm’s four index funds and 12 fixed-income funds, and its money market funds, spokesman Tom Honeycutt said.
“These kinds of reviews our really our obligation to make sure we’re operating efficiently and also delivering consistent, above-average portfolio performance,” Honeycutt said.
Asked if the review would result in layoffs, Honeycutt said: “Those sorts of details would come later.”
The review was reported this afternoon by Bloomberg News Service.