The Managers Funds (TMF), the $3.2 billion Norwalk-Connecticut based fund family, today announced that it will acquire the retail business of
Smith Breeden, which consists of three no-load mutual funds, totaling $242.6 in assets.
TMF, an
AMG subsidiary, will retain Smith Breeden as sub-advisor for each of the three funds, once the transaction is complete. The deal will not affect Smith Breeden's $8.4 billion institutional business.
The three funds changing hands are the
US Equity Market Plus (
SBEPX),
Short Duration US Government (
SBSHX), and
Intermediate Duration US Government (
SBIDX) Funds.
The US Equity Market Plus Fund, which will be renamed the Managers 500 Plus Fund, is an enhanced index strategy, has $179.9 million in assets under management. The Short Duration US Government Fund, which will renamed the Managers Short Duration Government Fund, has $34.6 million in assets under management. And the Intermediate Duration US Government Fund, which will be renamed the Managers Intermediate Government Fund, has $28.1 million in assets under management. Each of the funds has a 4 star overall rating by
Morningstar. 
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