Managers Funds agreed to buy the $400 million retail mutual fund business of 40/86 Advisors, formerly Conseco Capital Management. Terms were not disclosed. 40/86 Advisors will continue to manage the fixed-income funds within the fund family as a subadviser, and Chicago Equity Partners and Oak Associates will continue to subadvise the equity funds. The retail funds will be rebranded as Managers Funds. The acquisition does not include about $26.3 billion of institutional separate accounts and assets managed by 40/86 Advisors for Conseco insurance affiliates.