June 27, 2002 — USAA Investment Management Co. said it hired outside managers to run 15 mutual funds with about $7 billion in assets in an effort to improve their performance.
Eight investment management firms, including Wellington Management Co. and Marsico Capital Management, will begin overseeing the funds tomorrow.
“This decision was necessary to enhance our ability to deliver consistent, above-average fund performance,” Christopher Claus, president and chief executive officer of USAA Investments, said in a statement.
The company will eliminate “less than 40″ positions, including fund managers and analysts, in connection with the hiring of the outside managers, USAA spokesman Tom Honeycutt said. He declined to identify the portfolio managers whose jobs were cut.