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.
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.