Consulting Group Capital Markets has added new subadvisors for two of its no-load, multi-manager funds. The TRAK fund family is part of CitiGroup's Salomon Smith Barney Consulting Group based in Wilmington, Delaware.

The new hires mark wins for Brandywine Asset Management, which will take a portion of the Consulting Group International Equity Fund (TIEUX) and Furman Selz, which wins a mandate on the Consulting Group Small Cap Value Fund (TSVUX).

Each of the two funds are subadvised by multiple managers and are a part of the firm's TRAK program. The family was created in the early nineties to provide a vehicle for financial consultants offering investment advice to clients. The funds are also included in the firm's defined contribution product. The moves were revealed in SEC filings and reported on Investors News Service. None of the firms involved were able to make representatives available for comment in time for this story.

Brandywine Asset will now manage anywhere from 20 percent to 30 percent of the $945 million International Equity Fund. Other managers of the fund include: Deutsche Asset Management, State Street Global Advisors, Oechsle International Advisors and Zurich Scudder Investments.

Meanwhile, Furman Selz will take a 25 percent to 35 percent chunk of the $718 million small cap fund. Mellon Capital Management, Rutabaga Capital Management, NFJ Investment Group, are the other subadvisors on the fund.

The filings explained that both managers were hired because their investment style complements that of existing managers and reduces overall risk in the portfolio.  

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