The Managers Funds LLC of Norwalk, Conn., will acquire the retail business of Smith Breeden Associates of Chapel Hill, N.C., for an undisclosed amount, said Peter M. Lebovitz, president of Managers. Smith Breeden shareholders are scheduled to vote on the deal in July.

Smith Breeden has three no-load funds with $242.6 million in assets under management. Smith Breeden will be retained as the sub-adviser to the funds and Managers will assume all marketing and back-office responsibilities, said Michael J. Giarla, president of Smith Breeden Mutual Funds.

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