Bank of New York has added more than 30 Frank Russell Co. mutual funds to its defined-contribution menu.
Bank of New York chose Frank Russell because it wanted to offer investors the company's proprietary "Multi Asset Multi Style Multi Manager" approach, said Richard Vollmer, a vice president of the bank who works in the retirement services division.
"The goal is to increase returns, without increasing risk, by using multiple layers of diversification," he said.
Plan sponsors can choose from more than 20 fund families, in addition to Frank Russell's funds, Mr. Vollmer said.
Bank of New York has more than $5.2 trillion of assets under administration. Frank Russell of Tacoma, Wash., is a unit of Northwestern Mutual Life Insurance Co.