One day after The Managers Funds’ switched sub-advisors on its international equity fund, another sub-advisor change went into effect. As of today, Loomis, Sayles & Co. has replaced Rogge Global Partners as sub-advisor of the firm’s global bond fund.

One of the reasons for the switch is that the fund has gradually expanded its investment guidelines, said Thomas Hoffman, director of research at Managers. The fund used to invest predominantly in government bonds, a strength of Rogge’s, Hoffman said. Now the firm invests in across-the-board credits as well, an area that Loomis, Sayles "has demonstrated ability," he said.

"Given the way interest rates and yields have been and the condensing of European currencies, we believe there is less value that you can add strictly through country allocation. There are less yields from country bonds and more value with credits," Hoffman said.

The $18 million global bond fund has a three-year annualized return of –3.71% and a one-year return of –4.25%, according to Morningstar.

Yesterday, Managers announced that it was replacing Lazard Asset Management with Bernstein Investment Research and Management. Both moves were approved by the funds’ trustees at a quarterly meeting last Friday.

Managers already has a sub-advisor relationship with Loomis, Sayles. The firm hired Loomis in 1984 to sub-advise its bond fund, which it will continue to do.

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