SPAIN – Multi-manager specialist Frank Russell Co. has signed a marketing pact with Spanish pension consultancy Novaster.

“Russell has been chosen as the ‘preferred provider’ of multi-manager solutions by Novaster in Spain,” Russell said in a statement.

Jon Bailie, managing director of institutional investment services at Russell, declined to put a figure on the arrangement, saying the two companies have agreed to work together and offer each other “mutual support”.

The new relationship follows the opening of Russell’s Madrid office late last year. Russell said Spanish pension fund clients will now be able to access Russell’s multi-manager solutions.

“This relationship with Novaster is similar in nature to Russell’s appointment by the consulting firm Towers Perrin in the UK,” Bailie said. “Towers Perrin recognised the benefits of a multi-manager approach and after researching the options, chose to recommend Russell’s multi-manager solutions to its UK pension fund clients.”

Russell is part of Northwestern Mutual and manages more than 70 billion euros in assets, of which over 15 billion euros are managed from Europe.