A trio of managers has won mandates to manage fund assets for Frank Russell. The winners included Brandywine Asset Management, DePrince Race and Zollo and Goldman Sachs. Each of the funds is a multi-manager fund.

Brandywine (Wilmington, Delaware) and DePrince each won mandates to sub-advise large cap value portfolios included in the FRIC Equity III and Equity Income funds. Brandywine's mandate covers about $54 million in assets. DePrince gets about half of that amount with its $23 million assignment. The other subadvisors to the fund include Barclays Global Fund Advisors and Iridian Asset Management LLC.

"The addition of the relative value strategy at Brandywine is intended to increase the return potential of the fund, and it serves as a diversifier to the other managers in the fund," said Ron Dugan, portfolio manager at Russell, in a statement. "Likewise, DePrince focuses on undervalued, yield-oriented stocks, so this assignment also provides the fund with greater diversification and return potential."

Goldman Sachs Asset Management landed a market-oriented equity assignment in the FRIC Equity II and Special Growth funds. It is one of eight subadvisors on the funds.

Frank Russell did not disclose the size of this mandate, but it said that Goldman will manage seven assignments in Russell's funds complex with a combined $829 million.

"Goldman Sachs is highly complementary to the existing managers in this fund on multiple levels," said Erik Ogard, portfolio manager at Russell. "Their investment team offers the fund a great deal of analytical rigor and a meticulous quantitative modeling process on both the return and risk dimensions of the investment process."  

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