EUROPE - Russell Investment Group is to launch four new UCITS III funds, numbering an active currency management fund, a global real estate securities fund, a Eurozone aggressive equity fund and a US aggressive equity fund.
The funds should be ready in July following regulatory approval from the Irish Financial Services Regulatory Authority.
BGI, FX Concepts and Pareto Partners have been hired to manage the active currency fund. Russell currently manages an active currency mandate worth US$500m for a large Japanese institutional investor, with money spread across the same three managers. The fund targets Libor plus 250bp gross.
Managers for the other three funds have not all yet had their contracts finalised. The aggressive equity funds target high alpha, have higher volatility and are run according to a best ideas type philosophy. “They are basically higher octane products,” explained Alison Ramsdale, managing director, product development, Russell.
Ramsdale also said that Russell is in the process of developing some long/short market neutral products, which will use short and leveraging under the UCITS III rules.
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