The Managers Funds LLC of Norwalk, Conn., will pay up to $7 million to acquire the retail mutual fund business of Smith Breeden Associates of Chapel Hill, N.C., according to a recent Securities and Exchange Commission filing.

Managers has agreed to pay Smith Breeden up to $3 million in cash when the transaction closes in July, according to a preliminary proxy statement the Smith Breeden retail funds filed with the SEC May 23. That amount could be reduced if assets in the funds decrease, according to the proxy statement. Any reduction, however, could be recouped if assets later increase.

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