Fidelity to Manage 200 Mln Euros for Russell Funds

May 8, 2001 ( - Consultant Frank Russell said Tuesday it had appointed Fidelity International to help manage two European equity funds in Russell's multi-manager fund product.

Fidelity will manage about 200 million euros for two fund complexes sold to European investors.

In managing the Dublin and Cayman-registered funds, Fidelity joins Merrill Lynch, AXA Rosenberg, and Putnam Investments.

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Multi-manager funds are pooled vehicles which use an underlying basket of money managers with a variety of different styles and skills.

This reduces specific manager and style risk while creating broadly diversified portfolios. Russell acts as gatekeeper to the funds, selecting and terminating managers.

Russell manages around $12 billion in multi-manager funds in Europe and about $66 billion globally.