Frank Russell Company has appointed UK-based asset manager Fidelity International to manage two core growth assignments within its multi-manager investment plan.
The new assignments within Frank Russell's Pan European Equity Funds (PEEF), the multi-style, multi-manager PEEF Fund and the FRIC II PEEF Fund were completed as part of the company’s multiple-manager process.
The PEEF Fund was launched in March and the FRIC II Fund was launched in November 2000.
The high level of volatility we have seen in the equity markets lately has led to an increase in the tracking error of individual managers, said Katherine Nevin, portfolio manager at Fidelity International .
We believe the control of overall risk in these funds will be enhanced by the addition of a fourth manager.
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