A Russell news release said the fund will invest primarily in countries that are not generally considered part of developed markets or the core emerging markets but that have demonstrated an openness and accessibility to foreign investors.

The Russell Frontier Markets Equity Fund will have some flexibility to invest in companies that are listed in more developed markets but have a significant proportion of operations in frontier markets. The fund is a bank-maintained collective investment fund maintained by Russell Trust Company, and is only available to certain qualified employee benefit plans and government plans, Russell said.

According to the announcement, geographic regions represented in the frontier markets may include, but are not limited to, Africa (Kenya, Nigeria and Zambia), the Caribbean (Jamaica and Trinidad and Tobago), Eastern Europe (Croatia, Romania and Slovenia), Asia (Bangladesh, Sri Lanka and Vietnam), and the Middle East (Jordan, Lebanon and Qatar).

“The frontier markets provide a fresh set of options for investors looking to find new companies that are not widely researched,” said Scott Crawshaw, portfolio manager, Russell Investments, in the news release. “The frontier markets offer return potential for patient investors, but there are liquidity and trading issues that need to be recognized and understood.”