Capital Management Group [see profile] has swapped subadvisors for its $108 million CMG Absolute Return Strategies Fund (CMGTX). The Radnor, Pennsylvania-based mutual fund sponsor revealed today that it tapped Howard Capital Management on July 23 to replace Schreiner Capital Management as the subadvisor to the fourteen month old fund SEC filing.

CMG officials provided no reason for the change. The fund's performance has trailed its benchmark by 217 bps since its launch in May of 2009, according to Morningstar.com.

Schreiner was just one of six subadvisors to the funds. The other incumbent subadvisors include: Anchor Capital, Bandon Capital, Heritage Capital, Traub Capital and Scotia Partners.

R. Vance Howard, president of the Roswell, Georgia-based Howard Capital, will take over the portfolio manager's mandate for the fund. Howard oversees the subadvisor' Howard Capital Sector Rotation Program. 

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