Frank Russell Canada Limited has selected Ark Asset Management to replace Strong Capital Management to manage a portion of its U.S. equity assets in the Sovereign U.S. Equity Pool and the Russell U.S. Equity Fund.

Ark will manage growth mandates for 10% of the Sovereign U.S. Equity Pool and 11% of the Russell Canadian Equity Fund.

The Sovereign Canadian Equity Pool has approximately $486 million in assets, and is one of the primary multi-manager investment pools to the Sovereign Investment Program.

The Russell U.S. Equity Fund has approximately $476 million in assets and it is directly available to institutional investors and also to individual investors through the LifePoints Portfolios program.

Both funds are available through RBC Investments, ScotiaMcLeod and TD Waterhouse Canada Inc, and Richardson Partners Financial Ltd.

Established in 1989 and based in New York City, Ark currently oversees US$9.1 billion in assets. Ark is a growth manager focused on companies that are benefiting from change and likely to positively surprise the consensus earnings expectations.

Ark’s portfolios are diversified by sector and generally include 60 medium- to large-capitalization stocks.