Multi-managers grapple with market-timing scandal

Russell preaches diversification as protection against the kind of fraud targeted by Eliot Spitzer.

The multi-manager strategy would, on the surface, seem to have taken a knock from the market-timing scandal that hit the $7 trillion United States mutual funds industry. After all, with players such as Putnam Investment Management, Strong Capital, Alliance Capital, Janus Capital and Invesco striking settlements with the Securities Exchange Commission or Eliot Spitzer, New York State's attorney general, the multi-managers such as Russell, Northern Trust and SEI must have taken a hit.

Russell's Leonard Brennan, managing director...

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