Managers Funds, a unit of Affiliated Managers Group, announced Friday that it has signed a definitive agreement to buy the retail mutual fund business of 40/86 Advisors, which until recently was Conseco Capital Management.

The Norwalk, Conn., company said the 40/86 mutual fund family has $400 million of assets under management.

Terms of the deal were not disclosed. Conseco Capital Management in August renamed itself 40/86 Advisors, a reference to the Carmel, Ind., company’s coordinates on a map.

Upon receiving the required approvals, Managers Funds are to become the advisor of all the portfolios in the Conseco Fund Group, and 40/86 Advisors is to be sub-advisor to the fixed-income funds. Chicago Equity Partners and Oak Associates are to remain sub-advisors to the equity funds.

Managers Funds has more than $4 billion of assets under management. Affiliated Managers Group managed $77 billion at June 30.

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