Bridge Builder Trust has officially appointed Russell Investment Management, LLC (RIM) as a new investment subadviser for its Bridge Builder International Equity Fund. This decision comes after the termination of BlackRock Investment Management, which had previously served in this capacity. The appointment is expected to strengthen the fund's management and investment strategies.

The change was approved by the Board of Trustees during their meetings on November 17 and 19, 2025. The new subadvisory agreement took effect on August 24, 2026, when RIM began managing a portion of the fund's assets. The transition is anticipated to have a neutral impact on the fund's overall expenses.

Bridge Builder Trust, based in Denver, Colorado, is an investment entity that focuses on managing mutual funds. The trust is known for its Bridge Builder International Equity Fund, which is designed to provide investors with exposure to international equity markets.

According to the recent SEC filing (accession number 0001193125-26-451304), the Board of Trustees considered multiple factors before approving the subadvisory agreement with RIM. These included RIM's institutional strengths in cash equitization and completion portfolio services, which are expected to enhance the fund's relative risk management.

The filing also notes that while shareholder approval is not required for the appointment of RIM, the trust is mandated to inform shareholders about the new subadvisory agreement. This aligns with a recent SEC exemptive order that allows the trust to enter into and amend subadvisory agreements without needing shareholder votes.

As part of the transition, the assets previously managed by BlackRock will be reallocated to RIM, allowing the fund to maintain its investment strategies effectively. Olive Street Investment Advisers, LLC, the fund's primary adviser, recommended RIM based on its capabilities to better manage the fund's investments.

The Board of Trustees, including independent members, evaluated the proposed agreement thoroughly, considering the quality of services to be provided by RIM and the overall impact on the fund's performance. The Trustees received detailed information from both Olive Street and RIM to facilitate their decision-making process.

Looking ahead, the fund will continue to monitor the performance of RIM and may consider hiring additional subadvisers in the future, subject to Board approval. The trust's management is optimistic that this strategic change will enhance the fund's appeal to investors and improve its competitive positioning in the market.