Russell’s New FoF Targets Institutions

Apr 12 2007 | 1:35pm ET

Russell Investment Group this month launched the Global Directional Strategies Fund, an institutional fund of funds that blends equity long/short with opportunistic strategies. 

The germ of the new offering was the firm’s research identifying hedge funds, specifically funds of funds, as the leading alternative investment choice for investors outside of the U.S. According to Russell, funds of hedge funds are by far Europe's preferred access route, with 74.4% of European hedge fund assets invested in funds of funds.

Jon Bailie, managing director, alternatives investments, stated:  “Given the more stable returns patterns and lower risk profile provided by the intelligent amalgamation of strategies and managers, it is not surprising that the fund of funds approach has proved the most popular among European institutions.”

“Russell has researched money managers since 1969 and has been analyzing hedge funds since 1987,” said Damian Barry, portfolio manager of the Global Fund. “This experience allows us to respond to the changing dynamics of hedge fund investing today with the benefit of a long institutional memory. It is backed up by a team of dedicated alternative investment analysts who, in 2006 alone, met face-to-face with 806 hedge fund managers.”
Specifics about the Global Fund’s fee structure, number of underlying managers and equity at launch were unavailable at press time. 

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