CARMEL, Ind. — Conseco Inc. has been busy remaking its investment management arm after emerging from bankruptcy in September.
The changes include:
-- A new name — 40/86 Advisors Inc. replaces Conseco Capital Management Inc. The name reflects its Carmel location — 40 degrees north latitude, 86 degrees west longitude — to characterize the strong Midwestern roots of the firm, whose employees are "down-to-earth, disciplined, shrewd, resilient," according to the company's website.
-- A new leader — Eric R. Johnson became president in mid-September, replacing former Conseco Capital head Maxwell Bublitz, who helped create the Conseco Fund Group and was one of its most ardent supporters. Mr. Bublitz said since he isn't bound by a non-compete agreement, he is considering other opportunities in the investment management industry; and
-- A sale of a troubled retail fund business to Managers Funds LLC of Norwalk, Conn. Terms were not disclosed.
In all, the eight 40/86 funds have $400 million under management in three bond, one balanced and four equity funds. They will be renamed to reflect the new ownership. 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 remain subadvisers of the equity funds within the fund family.