Conseco's bankruptcy filing does not appear to have an immediate impact on the Conseco Funds family. The holding company for the insurer filed the nation's second largest Chapter 11 proceeding last night. The firm stressed in its announcement that Conseco Capital Management is a separate entity from the holding company and is not part of the filing.

Bruce Johnston, senior vice president and chief marketing officer for Conseco Funds was not available for immediate comment on the filing.

Depending on the course that Conseco's bankruptcy takes -- liquidation or restructuring -- there is a possibility that the asset management unit is put up for sale. Already, Conseco said that its retail lending unit is on the block.

Conseco offered nine funds with $452 million in assets as of October 31, according to Financial Research Corp. The Boston-based research unit of Bisys also reports that investors have seen a net outflow of $204 million since the start of the year.  

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