Bernstein replaces Lazard Asset Management as the funds third sub-advisor. Zurich Scudder Investments, Mastholm Asset Management and now Bernstein all manage approximately one-third of the funds $484 million in assets. Managers did not return calls by press time.
"We feel that Bernsteins traditional value philosophy fits well with the funds two other sub-advisors," said Thomas Hoffman, director of research at Managers, in a statement. "We like Bernsteins international strategic value style, which, while relatively concentrated for an international process, adds diversification by style, sector and security to our fund."
Andrew Adelson, Bernsteins COO of international equities, will manage Bernsteins allocation of the fund. Adelson will invest in between 35 and 50 stocks, according to Managers.
Bernstein was acquired by Alliance Capital Management in October 2000.