Russell Investments has appointed New York-based Jefferies Asset Management to manage its active commodities strategy, replacing Macquarie Funds Group.
The decision to replace Macquarie's London-based active commodities team is consistent with Russell's longstanding investment process of searching for the best possible active manager worldwide, portfolio manager Andrew Sneddon said.
"We have very high level conviction in Jefferies. We think they are best in class and we want best in class," he said.
He said the Jefferies team including portfolio manager Adam de Chiara was highly regarded by Russell's commodities team.
"Jefferies' investment strategy is to analyse a specific commodity forward curve and determine the point at which the potential for yield is greatest," Sneddon said.
The Russell Commodities Fund has around $50 million in assets and commenced in December 2009.
