American Odyssey, the fund unit of Copeland in New Jersey, has canned one of its sub-advisors. Boston-based Wellington Management has replaced New York-based Equinox as subadvisor to the firms Core Equity Fund. Equinox officials declined to comment on the matter.

Equinox, which offered a value-oriented investment style, had been the Core Equity Fund's sole sub-advisor until May. The firm had decided to diversity the fund's investment strategy by bringing on two other sub-advisors.

Odyssey dumped Equinox in August, after several years of poor performance. The decision was not an unexpected one for either party.

"It was something we had been pondering," said Lori Renzulli, secretary of the funds. When asked about Equinox's reaction, she added, "They know the board has the best interests of the share holders in mind and they're going to do what best for the shareholders."  

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