Russell Investments is shuttering a pair of funds of hedge funds battered by poor returns and an avalanche of investor redemptions.

Russell, which also runs its famed eponymous indices, had already restricted investor withdrawals in its Alternative Strategies Fund and Alternatives Strategies Fund 2.

All told, the firm’s fund of funds unit has seen two-thirds of its assets evaporate in the past six months, and is left with just US$2 billion in assets under management.

The firm’s third main fund of hedge funds is not being shuttered.

Russell has set redemption dates on which investors will be able to receive their money back in parts.