The board of Fiduciary Management, Inc. (FMI) Mutual Funds voted to reorganize the FMI Sasco Contrarian Value Fund into the Phoenix Mid-Cap Value Fund, the firm disclosed in a Tuesday SEC filing.

Fairfield, Connecticut-based Sasco Capital, the subadvisor to the Sasco Contrarian Fund, will subadvise the reorganized fund. Currently, Bruce Bottomley and Daniel Leary, both managing directors at Sasco Capital, co-manage the Sasco Contrarian Fund.

Phoenix Investment Counsel, a subsidiary of The Phoenix Companies, Inc., will advise the Phoenix Mid-Cap Value Fund.

The new fund will have " substantially the same investment objectives, policies, strategies and risks as the FMI Sasco Contrarian Value Fund," officials stated in the filing.

The Sasco fund had $6.3 million in net assets as of Wednesday's end. 

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