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.<\/p>\n
The group is shutting the Russell Alternative Strategies Fund and also its successor, the Russell Alternative Strategies Fund 2.<\/p>\n
Investors were told recently that they would get their remaining funds back in stages, with set withdrawal dates.<\/p>\n
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.<\/p>\n
A spokeswoman for Russell said the group had no comment to make.<\/p>\n
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.<\/p>\n