SEI Investments has terminated 1838 Investment Advisors and replaced it with Artisan Partners as one of four small-cap value managers for its manager-of-managers program.

"Basically, we found another manager who was a better fit for SEI," said Peter Young, senior investment analyst in charge of the small-cap portfolio, adding that "Artisan Partners is a higher alpha manager."

The company has also added Sawgrass Asset Management as a manager for its small cap-growth portfolio, increasing the number of managers to five for the portfolio.

The manager-of-managers small-cap investment portfolio at SEI is $1.2 million. The new managers allocations have yet to be determined, but both will manage institutional accounts.

Artisan Partners stated that it had no comment at this time, when contacted.  

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