Russell Investments, which advises funds with $2.4 trillion in assets, will reclassify Greece to an emerging from a developed market, an unprecedented step taken after a recession reduced the nation’s economy by 20%.

Greece, which was raised to developed market status by the adviser in 2001, has failed one or both of Russell Indexes’ economic and operational risk assessments each year since 2011, according to a note on the company’s website. The relegation will force managers to buy and sell shares to align holdings with their funds’ criteria.

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