Standard & Poor’s Fund Services today removed from ‘On Hold’ and assigned its three-star rating to the Russell Commodities Fund, an alternative strategies product managed by U.S.-based Russell Investment Management.

We placed the fund ‘On Hold’ soon after it was first reviewed in January, when the manager appointed Jefferies Asset Management LLC as the sole underlying sub-adviser to replace Macquarie.

S&P Fund Services analyst Jason Patton said: “After seeking further information from Russell regarding the incoming sub-adviser, we are satisfied Jefferies is a suitable anchoring sub-adviser and continue to regard the product as a well-structured vehicle, with a capable team and institutional setting in which we have considerable conviction.”

“However, in our view, with only one sub-adviser, the product continues to fall short of the potential of its multi-manager format. We therefore expect and look forward to seeing the team add further sub-advisers in time,” said Mr. Patton.

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