Russell Investments hired Berenberg Asset Management as a subadviser for two of the firm's multimanager fund offerings, according to fund updates emailed by spokesman Steve Claiborne.
The Seattle-based manager added Berenberg as one of 14 subadvisers on the $1.6 billion Russell Investments Multi-Asset Growth fund and one of nine subadvisers on the $863 million Russell Investments Multi-Strategy Income Fund.
Invesco was removed as a subadviser on both funds, and Janus Henderson Investors was also removed as subadviser on the Multi-Strategy Income Fund. Russell terminated Invesco because the composition of its portfolio had changed to a growth-oriented strategy from a value-oriented strategy, which Russell believes will lower its return potential, according to the update.
Russell terminated Janus Henderson because its strategy was "not performing as expected." Officials at Janus Henderson, and Jeaneen Terrio, Invesco spokeswoman, could not be immediately reached for comment.
Berenberg Asset Management is a European all-cap equity manager based out of Hamburg, Germany.
