Fidelity bags two Russell multi-manager briefs

EUROPE - Fidelity International has been selected to manage two moderate growth core portfolios within Frank Russell Company’s manager-of-managers structure.

“Fidelity International’s risk monitoring is very disciplined, with controls at the country, sector and industry level as well as on the extent of active stock bets,” says Katherine Nevin, portfolio manager at Frank Russell.

Fidelity was hired by Russell to an assignment in its e850m pan-European equity fund (PEEF), and by Frank Russell Investments Cayman to manage a portion of its e143m pan-European equity fund FRIC II.
The new assignment adds to the three existing managers in both funds, and increases Fidelity’s manager-of-manager briefs with Russell to 14.

“The high level of volatility we have seen in the equity markets lately has led to an increase in the tracking error of individual managers,” says Nevin.
“We believe the control of overall risk in these funds will be enhanced by the addition of a fourth manager,” she adds.

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    Asset class: Commodities.
    Asset region: Global.
    Size: $10m.
    Closing date: 2019-02-25.

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