New Delhi, March 19 -- Small-cap funds, the most sought-after mutual fund category that has attracted majority of investor money in the last three years, have a problem - spotting specialized talent to run investments.

As a result, several of them have managers running both large-cap and small-cap funds or have co-management teams in place or, in some instances, have even the chief investment officers (CIOs) listed as the primary fund manager of small-cap funds.

Investors have put over Rs.1.35 trillion into small-cap funds in three years through February, yet the number of fund managers equipped to run these schemes, which demands a distinct skill set, remains limited.

Assets managed by small cap mutual funds more than doubled to Rs.3....