The Russell International Property Securities Fund (RIPSF) has decided diversification and return would be improved if Australia were included.

The RIPSF uses active management to invest in property trusts and property-related companies listed on international stock exchanges predominately in America, Europe and Asia. Until now the fund has been ex-Australia. Bruce Eldelson, portfolio manager for the RIPSF said diversification was the main reason for Australia’s inclusion, and that the fund now represented a truly global approach with “a broader investment set”. As a result of the change in the RIPSF mandate, the Russell Australian Property Securities Fund will move towards a passive mandate by the fourth quarter of 2008, and thus has not replaced recently terminated SG Hiscock.