Russell Investments Dumps Invesco and Adds Berenberg Asset Management for Two Multi-Asset Funds
Posted on 06/03/2020
Seattle-based Russell Investments hired Hamburg, Germany-based Berenberg Asset Management LLC as a subadviser for two of the firm’s multimanager fund offerings. Berenberg Asset Management will be the 14th subadviser for the US$ 1.6 billion Russell Investments Multi-Asset Growth fund and one of nine subadvisers on the US$ 863 million Russell Investments Multi-Strategy Income Fund.
Russell Investments terminated Invesco as a subadviser on both funds and Janus Henderson Investors was terminated as a subadviser on the Multi-Strategy Income Fund. Russell removed Invesco due to the composition of the portfolio changing from a value-oriented strategy to a growth-oriented strategy. Janus Henderson Investors was removed for performance reasons.