Frank Russell Company of Tacoma, Wash. has chosen New York asset manager TimesSquare Capital Management to co-manage six U.S. bond funds in a program that brings as many as five management firms together to run individual funds, the company said today.

TimesSquare will oversee Frank Russell Trust Company’s $5.1 billion Fixed Income I Fund. It will also co-manage that fund’s namesake, the $1.4 billion Fixed Income I Fund, which is under the purview of Frank Russell Investment Company. In addition, the company will co-manage a $783 million diversified bond fund, the $438 million Fixed Income III Fund, the $652 million Multistrategy Bond Fund and an insurance product called the Core Bond Fund, which has $109 million in assets. TimesSquare now manages some $2.5 billion for Russell.

Russell, with $66 billion in assets under management, researches more than 1,500 asset managers regularly and chooses no more than 100 to participate in what it calls its "manager-of-managers" complex. The program, the company says, is designed to ensure broad diversification for each of the firm’s 144 funds. Each of the funds is assigned between two and five managers, "depending on the diversification strategy of the fund," the company said in a statement.

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