Asset and fund manager Russell Investments has added a new vehicle to its OpenWorld single manager range, to be run by German boutique managers Mack & Weise Vermögensverwaltung.

Seattle-headquartered Russell believes Martin Mack and Herwig Weise, founding partners of MWV, offer a contrarian style with a track record in evaluating the macro-economic picture and profiting from their asset allocation decisions.

The new fund, OpenWorld Dynamic Assets, has the primary objective of preserving capital for investors. It aims to provide access to a liquid strategy with a low correlation to the individual broader equity, bond and commodity markets over the long term.

The mandate is constructed of global equities, short-dated government fixed income, cash and commodities (primarily precious metals).

The launch of this new fund brings the number of funds in the Dublin-based UCITS IV OpenWorld range to 10. Each fund has one manager to run a segregated mandate.

Russell had about $136 billion in assets under management at 30 September 2011.