The Calvert Group hired New York-based New Amsterdam Partners to take over management of an equity portion of its $532 million Calvert Social Investment Fund Balanced Portfolio. The firm disclosed the subadvisor switch, which was effective as of June 30, in a June 23 SEC filing

Michelle Clayman and Nathaniel Paull at New Amsterdam Partners co-manage the equity portion of the fund.

Calvert switched subadvisors after an analysis of the styles of the fund's two equity managers, SSgA and Brown Capital Management. "We concluded that the equity portion was tending towards more of a growth bias than we had preferred, so we decided to seek out a replacement...so the combination would be more of a core-oriented manager," said a Calvert spokeswoman.

Calvert uses six criteria when considering subadvisors, including manager performance, the manager's willingness to both invest within socially-responsible parameters and market the fund.

The fund firm, which contracts out all of its equity fund management, does not anticipate any subadvisory changes in the near future, said the spokeswoman.

Calvert Asset Management Company manages the fixed income portion of the CSIF Balanced Portfolio.

Former Social Investment Fund Balanced Portfolio subadvisor Brown Capital Management will still manage the $151 million Calvert Capital Accumulation Fund.

As part of the fund firm's Manager Discovery Program, an equal opportunity program for subadvisory services, Calvert hired Union Heritage Capital Management, to manage a portion of CSIF Balanced Portfolio.

For the program, Calvert places no more than five percent of the CSIF Balanced Portfolio with "often overlooked" minority- and women-owned money management firms. 

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