UK - Threadneedle Asset Management has been appointed to run a 100 million pound (155 million euro) UK equity mandate for Frank Russell Co.
“Threadneedle Asset Management announced today that it has been appointed to run a 100 million pound UK equity mandate for Frank Russell Co. for its Multi-Manager product,” Threadneedle said in a statement.
The so-called multi-manager approach seeks to spread risk via the use of several different asset managers.
Threadneedle, part of Zurich Financial, manages 24.6 billion euros in European pension fund assets. Multi-manager specialist Russell, part of US life insurer Northwestern Mutual, manages 3.9 billion euros in European pension fund assets.
Threadneedle will run part of Russell’s UK equity programme; the portfolio will be managed by Scott Meech. Threadneedle said the institutional business has attracted 1.4 billion pounds of new funds this year.
Threadneedle’s head of equities, Michael Taylor, said: "Russell is renowned throughout the investment industry for the depth and sophistication of its manager research. We are delighted that they view our UK equity capability so highly.”
Kathy Nevin, a portfolio manager at Russell, said:
"We are constantly looking to enhance the manager
line-up within our multi-manager funds. We are very impressed with the team at Threadneedle and are confident that their addition will benefit our UK Equity Fund."