Out with the old subadvisor, and in with the new. Touchstone Funds has swapped David L. Babson & Company for TCW in its Emerging Growth Fund. TCW will share the mandate with Westfield Capital Management. The firm has not explained why Babson was let go.

"We believe our decision to hire TCW reflects our commitment to our shareholders to provide the best investment return possible," said Jill McGruder, president and ceo of Touchstone, in a statement.

TCW will advise on the value portion of the portfolio. Westfield has been a comanager of the fund handling the growth portion of the portfolio since 1994. The fund is mandated to split its small cap portfolio between two firms.

The fund has $33 million in "A" share assets and $12.2 million in "C" share assets, according to Morningstar. It also sports a five-star rating from the Chicago fund tracker.

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