A news release said the component fund groups have existed before and since the Aid Association for Lutherans and Lutheran Brotherhood merged in January 2002, to create Thrivent Financial for Lutherans. Thrivent Investment Management is an affiliate of Thrivent Financial for Lutherans.
The changes include seven mutual fund mergers and two variable subaccount mergers, streamlining the total number of funds from 28 down to 20, the announcement said. Thrivent Mutual Funds include 12 equity funds, seven fixed income funds and one balanced fund, the Thrivent Balanced Fund.
According to the announcement, the merger:
- allows Thrivent Financial to simplify the way it supports, manages and markets the funds
- leverage the strengths of Thrivent Investment Management
- partner with select money managers
- achieve operational efficiencies.
In a related move, Thrivent Investment Management announced it has hired T. Rowe Price and Mercator Asset Management as subadvisers to manage stock portfolios for the organization’s mutual funds and variable product offerings. The impacted product portfolios are the Thrivent Partner International Stock Fund, the Thrivent Partner International Stock Portfolio and the Thrivent Partner Small-Cap Value Fund and the Thrivent Partner Small-Cap Value Portfolio.
The Thrivent Mutual Funds are offered nationwide via Thrivent Financial’s network of more than 2,500 financial representatives.