Russell Investments winds down three of its four FoHFs |
Date: Tuesday, August 26, 2008
Author: WSJ.com
The funds Russell is closing, which focused on institutional investors, are gradually returning principal to clients, although when all the money will be reimbursed is unclear. The funds of funds' assets shrank to less than $2 billion from $6 billion since last year.
Shutting down are seven-year-old Russell Alternative Strategies Fund, which had $3 billion in assets as of mid-2007, and four-year-old Russell Alternative Strategies Fund II, with $2.2 billion. The firm also is winding down Russell Diversified Alternatives Fund, which began in 2003 and had $622 million as of last summer.
That will leave Russell with one small fund of funds -- the $101 million Russell Global Directional Strategies, which made its debut last year -- and offerings in areas such as mutual funds, real estate and private equity.
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