The OpenWorld Dynamic Assets Fund will be managed by Martin Mack and Herwig Weise, founding partners of German boutique investment house Mack & Weise Vermögensverwaltung.
The duo have been chosen by OpenWorld portfolio manager Faisal Rahman and Russell’s investment research team for their contrarian approach and ability to evaluate the macro-economic picture, the firm said.
Mack & Weise Vermögensverwaltung has AUM of approximately €340m and Mack and Weise combined have over 52 years of experience in the fund management industry.
The fund is designed to offer a liquid strategy with exposure to returns with a low correlation to broader equity, bond and commodity markets over the long term.
It is invested in global equities, short-dated government fixed income, cash and commodities (primarily precious metals).
Rahman said: "This latest addition to our growing OpenWorld suite of funds follows specific demand for a fund which offers absolute return-like attributes, but without the confines in structure or reputation of a traditional Absolute Return product.
"The OpenWorld range today comprises assets of more than $US900m – and it’s the access to high conviction boutique fund managers which has driven this demand.”
There are now 10 Dublin-based Ucits funds in the OpenWorld range and Russell hopes the Dynamic Assets Fund will complement others in the range to offer specialist portfolio building blocks.
The range includes a Commodities Long/Neutral Strategy, a Global Focus Equity Fund and Global Listed Infrastructure Fund.
