UK - Frank Russell has appointed AXA Rosenberg Investment Management to manage a Europe ex-UK Broad Market portfolio, previously run by Credit Suisse Asset Management (CSAM).

The portfolio currently represents nearly e200m in assets and forms part of Russell's Continental Multi-Manager Fund.

The AXA Rosenberg portfolio will be measured against the FTSE World Index Europe, ex-UK. The group already manages around e150m for Russell's multi-manager European Equity Fund.

CSAM had previously managed 40% of the e900m Russell fund with Putnam holding 35% and Capital International 25% of the assets.

Edinburgh based BlackRock was the other winner from the CSAM loss, securing a similar size portfolio. Putnam and Capital International both held on to their mandates.

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