Russell has hired Ark Asset management Co., Inc to manage its 13 large-cap growth funds replacing Strong Investments.
Seven of the funds are based in the U.S., two are in Canada, two are in the United Kingdom, one is based in Australia and another is based in Japan. The new assignments total $1.2 billion in assets. This is Ark Asset Management's first mandate with the company.
The company said its decision to fire Strong was based on its review process.
“As part of our ongoing manager evaluation process, we began considering a change in our Strong assignment based on our own portfolio management issues and prior to any specific regulatory or investigative issues,” said Randy Lert, chief investment officer. “Our initial evaluation began as a routine Russell shift in manager selection within our fund complex, but eventually we also had to consider issues of organizational stability resulting from legal and regulatory investigations.”
Rusell's 120 managers are selected for specific assignments within Russell's multi-manager ffunds. The company manages more than $85 billion in assets. It is a subsidiary of Northwestern Mutual.
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