Aston Asset Management has switched subadvisors for one of its alternatives funds. But it is not switching PMs.

The Chicago-based mutual fund shop has given Anchor Capital Management the sub-advisory contract formerly held by M.D. Sass, and so the ASTON/M.D. Sass Enhanced Equity Fund will become the ASTON/Anchor Capital Enhanced Equity Fund. [SEC filing.]

But the fund's management will remain in place, because Anchor hired Ron Altman away from M.D. Sass, and Aston's trustees have decided to stick with their man.

Altman has PMed the fund since its inception.

Anchor CEO Bill Rice told MFWire that Altman's trader, Adam Neves, will also be joining Anchor. Neves was most recently at Collins Stewart LLC.

There is a press release on the switch available for download on Aston's website.

Rice told MFWire that this Aston-sponsored, co-branded fund invests in large/mid-cap high-yield securities, and uses puts and calls. It has $141 million in AUM, and holds a four star rating from Morningstar. 

Correction: An earlier version of this story incorrectly reported that Adam Neves joined Anchor from M.D. Sass. Neves was most recently at Collins Stewart LLC and was never employed by M.D. Sass.

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