California-based Callan Associates has hired Towle & Co, an investment firm based in St Louis, MO as a sub-advisor for its Diversified Alpha Small Cap Equity Fund, a multi-manager investment strategy.

Strategies of this fund range from micro cap through SMID cap, and across core, growth and value style groups, Towle & Co said yesterday.

Towle & Co was founded in 1981, and provides a specialized form of “pure” value investing. Callan Associates, founded in 1973, is a large, independently-owned investment consulting firms and is headquartered in San Francisco.