It's always good when the kids find a decent home after their parents divorce.

This is what recently happened in the case of the Tilson Dividend Fund, which was adopted by its subadvisor, Centaur Capital Partners, run by Zeke Ashton, according to a recent SEC filing.

The fund was originally managed by T2 Partners [profile], which had been run by Whitney Tilson and Glenn Tongue. The firm had managed two funds, which included the Tilson Focus Fund in addition to the Dividend.

In July 2012, Tilson and Tongue announced that they planned to part ways, with Tonque initially taking sole responsibility for the mutual funds.

The Focus fund was liquidated in June of this year, while the Dividend fund was adopted by Ashton's Centaur last week.

"T2 didn't want to be in the fund business any more. They wanted to focus on their hedge activities. Centaur Capital had been the subadvisor for the fund since its inception. Now that Centaur is the full investment adviser, we have some good plans set for going forward. We'd like to grow the fund and introduce the strategy to the public," said Rich Schumacker, who originally worked with T2 handling the operations of the fund and has now transitioned to working with Centaur.

The fund is distributed by Alps.

MFWire first covered this news in the Stork & Reaper section. 

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