Multi-management specialist Russell says it has surpassed $100bn(E80.4bn) in assets under management – and that European institutions are buying into its hedge fund programme.
It says assets have grown 41% since the start of 2003 “due to both a strong flow of new clients in all the company’s major markets and also the recovery of equity markets around the world”.
Russell launched its first multi-manager funds in 1980 and reached $1bn under management in 1982. It attained $10bn in assets nine years later. Last year saw assets rise to $95bn from $67bn.
Russell also says it added $1bn in assets to its hedge fund programme in 2003, taking its total assets in its multi-manager hedge fund investment programme to more than two billion dollars.
“The new investors are predominantly European institutions.”