The Managers Funds has selected Bernstein Investment Research and Management as a sub-advisor to its international equity fund, Managers announced today. The agreement is effective as of today.

Bernstein replaces Lazard Asset Management as the fund’s third sub-advisor. Zurich Scudder Investments, Mastholm Asset Management and now Bernstein all manage approximately one-third of the fund’s $484 million in assets. Managers did not return calls by press time.

"We feel that Bernstein’s traditional value philosophy fits well with the fund’s two other sub-advisors," said Thomas Hoffman, director of research at Managers, in a statement. "We like Bernstein’s international strategic value style, which, while relatively concentrated for an international process, adds diversification by style, sector and security to our fund."

Andrew Adelson, Bernstein’s COO of international equities, will manage Bernstein’s 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.

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