UNIFI Companies, the mutual holding company for Lincoln’s Ameritas Life Insurance Corp. and other companies, announced plans Tuesday to consolidate its two mutual fund groups into one.

Under terms of the consolidation, Calvert Asset Management Company will purchase the mutual fund operations of Summit Investment Partners Inc. and become the adviser to the Summit Mutual Funds, UNIFI said in a news release.

Summit Investment Partners, which has an office in Lincoln, will continue to operate and manage its other investments, which include assets for insurance companies, public and private pension funds, endowments, foundations and high net worth individuals, said Elizabeth Le Vaca, a Calvert spokeswoman.

The mutual fund consolidation was approved Sept. 9 by the board of directors of Summit Mutual Funds. It is now pending approval by  Summit Mutual Fund shareholders and is expected to be completed in early December.

Calvert, a leader in sustainable and socially responsible investing with more than $15 billion in assets under management, will merge some of the Summit funds with existing Calvert mutual funds, and eliminate other Summit funds.

“Our portfolio management and administrative teams will work with Calvert on this transition to ensure minimal disruption to our clients, shareholders and distribution partners,” said Bill Lester, president and CEO of Summit Investment Advisors. “Most important will be the continuation of strong investment performance and in many cases, reduction in fees and expenses due to the economies of scale that will be achieved through a single mutual fund organization.”