Russell Investment Group hired Transamerica Investment Management to handle two active domestic large-cap growth equity portfolios as part of Russell's multimanager separate accounts program, said Jennifer Tice, spokeswoman. Transamerica will manage assets in Russell's Large Cap Diversified Plus Mix and Large Cap Growth Diversified Plus Mix separate accounts, which are benchmarked to the Russell 1000 index and Russell 1000 Growth index, respectively. Transamerica replaced Marsico Capital because Transamerica "was a better fit," Ms. Tice said. Marsico still manages "several institutional fund assignments" in the program, she said.
The Russell Managed Portfolios program, which comprises 15 money management firms, has about $650 million in assets under management.