Russell Investments on Tuesday shuffled the subadviser lineups for four of the firm's multimanager fund offerings, according to information on the company's website.
Russell hired Sustainable Growth Advisers, Logan Circle Partners, NWQ Investment Management, Falcon Point Capital, Huber Capital Management, EAM Investors and PENN Capital Management.
Terminated managers were Montag & Caldwell, First Eagle Investment Management, MFS Institutional Advisors, Tygh Capital Management and Palisades Investment Partners.
Sustainable Growth will run a target 13% allocation of the $3.7 billion Russell U.S. Core Equity fund, or roughly $480 million. Montag & Caldwell had managed an 11% target allocation in the fund; MFS, a 10% target; and First Eagle, a 5% target.
Lazard Asset Management saw its target allocation to the U.S. Core Equity fund rise to 18% from 12%, and Institutional Capital, to 21% from 13%.
Meanwhile, Falcon Point Capital will manage a target 10% allocation for the $1.4 billion Russell U.S. Small & Mid Cap fund, and Huber Capital Management, EAM Investors and PENN Capital Management will handle 5% each. Tygh Capital had managed 15%. ClariVest Asset Management had its allocation cut to 10% from 15%, and Ranger Investment Management's allocation fell to 12.5% from 16%.
NWQ Investment will run 17% of the $429 million Russell Tax-Managed U.S. Large Cap fund. Palisades Investment Partners had managed a 15% allocation. Sustainable Growth, which likewise serves as a subadviser for the fund, saw its allocation rise to 14% from 12%.
Logan Circle will run up to 30% of its $1.7 billion Russell Investment Grade Bond fund.
Reasons for the changes were not given. Russell spokeswoman Jennifer Tice couldn't immediately be reached for comment.
