Russell Commodities 'on hold' after manager change
Standard & Poor’s Fund Services (S&P) has placed the Russell Commodities Fund ‘on hold’ following a changeover in the underlying manager from Macquarie Funds Group to Jefferies Asset Management.
S&P analyst Jason Patton said the ratings agency decided to put the three-star fund on hold until it had spoken to the portfolio manager at Russell to assess the effect of the change, and how it would fit with Russell’s longer-term strategy.
“We will meet with the manager as soon as practicable and any future ratings action will be subsequent to this meeting,” he said.
Patton said that the fund was relatively new and notionally a multi-manager product, although Macquarie had been its sole underlying manager to date.
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