Diversified Investment has replaced one of its sub-advisors - Husic Capital Management - with another small-cap growth specialist, San Francisco-based Seneca Capital Management, to help drive growth in its Special Equity Fund.

Seneca joins four previously named sub-advisors - Invesco, RS Investment Management, Wellington Capital Management and Westport Asset Management for Diversified's equity fund. Each sub-advisor is to manage about 20 percent of the fund's total assets.

A spokesperson at Diversified declined to comment on reasons for its recent move, but stated that no other replacements are expected in the near future.

Along with RS Investment, San Francisco-based Seneca will serve as the fund's growth component. Seneca's strategy aims to identify small, fast growing companies under strong management. The Special Equity Fund strives to outperform the Russell 2000 on a risk-adjusted basis.

Purchase, N.Y.-based Diversified Investment Advisors, a unit of Aegon, distributes its 17 mutual funds primarily through qualified plan defined benefit, defined contribution and IRAs.  

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