Douglas Rao's tenure as a portfolio manager for Marsico Capital Management appears to be over. According to documents filed with the SEC, the PM of Marsico's Flexible Capital Fund, a fund with about $530 million in AUM and a five-star rating from Morningstar, will depart the firm effective July 20.

In addition to being lead PM of the Flexible Capital Fund, Rao serves as co-PM of the $1 billion Marsico Focus Fund and the $722 million Marsico Growth Fund, each of which is rated three stars by Morningstar, along with Marsico CEO Thomas Marsico and Coralie Witter.

He is being replaced as PM of the Flexible Capital Fund by Munish Malhotra and Jordon Laycob, both current Marsico PMs.

Rao isn't the only PM leaving Marsico. Last week, another filing disclosed that Joshua Rubin, co-PM of the $4.9 million Marsico Emerging Markets Fund, left the firm. And back in April, Charlie Wilson, who was another co-PM of the same fund, left Marsico for Thornburg Investment Management. Munish Malhotra is now the sole PM of the Marsico Emerging Markets Fund.

Rao also managed funds for Harbor Funds and Columbia, and will no longer be managing portfolios for these funds. The news of Rao's departure was confirmed by a press release from Harbor.

Marsico did not respond to MFWire's requests for comment by press time. 

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