Frank Russell gave Fidelity Management Trust a mandate to subadvise a...

Frank Russell gave Fidelity Management Trust a mandate to subadvise a total of $500 million from three international mutual funds, said Ann Duncan, portfolio manager for Frank Russell. Fidelity’s mandate includes a portion of two funds for U.S. investors: a Frank Russell Trust fund aimed at large to medium-sized defined benefit plans, defined contribution plans, endowments and foundations, and a Frank Russell Investment Management fund for smaller entities, she said. Those two funds have combined assets of about $2 billion, Ms. Duncan said. Fidelity also will subadvise a portion of a smaller fund for Canadian investors, the Sovereign Overseas Equity Pool, which is being distributed by Dominion Securities, she added.