FT Alphaville- Russell Investments is closing down two of its three main hedge fund of funds after assets under management in the division dropped precipitously to less than $2bn – a third of the level of only six months ago.
The group is shutting the Russell Alternative Strategies Fund and also its successor, the Russell Alternative Strategies Fund 2.
Investors were told recently that they would get their remaining funds back in stages, with set withdrawal dates.
The two funds had already limited investor withdrawals in the past few months, as they suffered heavy redemptions and a decline in the value of the funds.
A spokeswoman for Russell said the group had no comment to make.
Russell Investments is the asset management arm of US-based Frank Russell, which also has a large advisory business and runs the Russell family of indexes.
