Fidelity Investments Institutional Brokerage Group and Frank Russell announced an alliance in which Fidelity will distribute Russell's new multi-manager separately managed account program through its registered investment advisors and correspondent broker/dealers.

Russell's program, called Russell Managed Portfolios, is designed to allow RIA's and correspondent broker/dealers to target high-net-worth clients with sophisticated investing needs, said David Denison, president of Fidelity IBG, on a media conference call.

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