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Managers Special Equity Fund Appoints Smith Group Asset Management as Subadvisor.

SAN FRANCISCO -- The Trustees of Managers Special Equity Fund (MGSEX & MSEIX) (the "Fund"), a diversified small-capitalization equity fund, have approved the appointment of Smith Group Asset Management, LP ("Smith Group") as a subadvisor of the Fund, effective May 23, 2006.

Smith Group is the sixth subadvisor of Managers Special Equity Fund, joining the Fund's five current subadvisors, each of which independently manages a portion of the Fund. The Fund's other subadvisors are Donald Smith & Co., Inc., Skyline Asset Management, L.P., Westport Asset Management, Inc., Kern Capital Management LLC, and Veredus Asset Management, LLC.

Stephen Smith, Chief Executive Officer and Chief Investment Officer of Smith Group, will serve as portfolio manager for the firm's allocation of Managers Special Equity Fund. Founded in 1995, Dallas-based Smith Group has a strong history of combining quantitative screening processes with qualitative analysis to predict which attractively valued companies will report positive earnings surprises.

Speaking of the addition of Smith Group, Peter M. Lebovitz, Managing Partner of Managers Investment Group ("Managers"), said, "One of Managers' greatest strengths is our open- architecture structure. For Managers Special Equity Fund, we wanted to add a subadvisor with an outstanding record for finding growth, but one that would also be the right complement to the Fund's other five subadvisors. Smith's proven ability to discover companies that will report positive earnings surprises speaks for itself. Smith Group will benefit the Fund's investors by providing greater diversification--both in terms of holdings and additional managerial perspective."

Thomas Hoffman, Chief Investment Officer of Managers, added, "We were searching for a proven conservative-growth manager with a well-defined and unique investment process. We also wanted a firm with a style that is distinctly different from those of Kern and Veredus, our other two growth managers. Smith is a dynamic, innovative manager with an impressive history, and we look forward to a long and mutually beneficial relationship."

Managers Investment Group creates, distributes, and services mutual fund and separate account products, including Managers Funds and Managers AMG Funds, through intermediaries, primarily in segments of the retail marketplace. Managers is an independently-managed subsidiary of Affiliated Managers Group, Inc. (NYSE:AMG). Managers leverages the complementary skills and resources of AMG's multiple businesses to serve as a single point of contact for more than 60 institutional-quality investment products offered to separate account and mutual fund investors through banks, brokerage firms, and other sponsored platforms. Managers distributes and services investment products on more than 50 investment platforms.

Investors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or visit our Web site at for a free prospectus. Read it carefully before investing or sending money. Distributed by Managers Distributors, Inc., member NASD.

The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

For more information on Managers Investment Group LLC, please visit
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Publication:Business Wire
Geographic Code:1USA
Date:May 24, 2006
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