SPAIN – Multi-manager specialist Frank Russell Co. says it has seen “substantial growth in Europe this year” - adding that it has been awarded 30 new institutional client mandates across Europe for its multi-manager funds so far in 2002.

The company has also opened an office in Madrid, headed by Lorenzo Goldberg. It has also hired Javier Serrano from Santander Central Hispano to oversee its relationship with Ahorro Corporacion.

In the past year, Russell says it has added several new distribution partners including Spain’s Ahorro, Ireland’s Davy Stockbrokers and Schroders Private Bank and Scottish Widows in the UK.

Russell’s European chief executive Frederic Jolly said: “Despite the difficult market environment, Russell continues to grow its European operations.”

Russell won a 175 million euro equity and bond mandate from Dutch textiles company Gamma Holding this week.

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