AUSTRALIA - Russell Investment has been awarded major mandates following outsourcing agreements from two superannuation funds.
Harwood Superannuation Fund, the scheme for manufacturer CSR, appointed Russell to allocate its assets to Russell’s own investment products across a range of classes, in a deal worth over A$1.2bn (US$1bn).
Russell said it was one of the largest mandates ever awarded in Australia.
The Australian arm of food giant Nestlé has also extended its consultant and administration relationship with Russell to actually manage all of the company scheme’s $560m (US$494m) assets via a series of multi-manager funds.
Stephen Roberts, MD, for Russell Institutional Investment Services, commented: “Russell has worked hard over the past two decades to continually expand its range of local superannuation and investment services, and to build relationships with corporate Australia.”
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