Russell Investments (Russell) has rejigged its international shares funds, adding two managers and terminating another.

Pzena Investment Management (Pzena) and Snow Capital Management (Snow) have been appointed to the Russell International Shares Fund and the Russell International Shares Fund - A$ Hedged (international shares funds).

Pzena is a value, market-oriented manager and will hold 10 per cent of the portfolio. Snow is also a value-style manager with an emphasis on large caps and will manage 8 per cent of the portfolio.

Institutional Capital (ICAP) will now manage a global mandate in the international shares funds, which is worth 10 per cent of the portfolio.

This is in addition to its current US strategy which now holds 10 per cent of the portfolio, down from 18 per cent.

"ICAP's global mandate emphasises multi-national, large cap quality companies to implement their thematic investment strategy," Russell said.

ClariVest, which managed 24 per cent of the international shares portfolio, has been terminated as a result of the reshuffle.

"The new structure is expected to improve the probability of exceeding the fund's alpha target while maintaining the prescribed tracking error. Country and sector deviation is reduced through the new structure," Russell said.

In October, value fund manager Dimensional Fund Advisors secured a mandate to manage 10 per cent of the Russell Australian Shares Fund.