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Russell Investments

From Wikipedia, the free encyclopedia
Not to be confused with FTSE Russell.
Russell Investments Group LLC
IndustryFinancial services
Founded1936; 88 years ago (1936) in Tacoma, Washington, U.S.
FounderFrank Russell
HeadquartersRussell Investments Center,
Seattle, Washington
,
U.S.
Key people
Zach Buchwald (CEO, Chairman)[1]
AUM$288 billion (3/31/2023)[2]
Number of employees
1,350 (2019)
Websiterussellinvestments.com

Russell Investments Group LLC is an American investment firm headquartered in Seattle, Washington.

Corporate overview

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According to American Banker, Russell Investments has approximately $300 billion of assets under management, as of September 2019.[3] The firm ranks as the third largest outsourced CIO (OCIO) provider globally.[4] Additionally, the company has $2.6 trillion under advisement across 32 countries, making Russell Investments the world's fourth-largest adviser.[3] The company has an investment outsourcing division to assist clients with investment and retirement portfolios, among other services. Clients have included AT&T, Boeing, and Union Pacific Railroad.[5]

Russell Investments had approximately 1,350 employees, as of late 2019.[6] The majority are based in Seattle, while others work at offices in London, New York City, Sydney, Tokyo, and Toronto, among other cities.[7][8][9]

History

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Founded by Frank Russell in 1936 in Tacoma, Washington,[10][11] Russell Investments began as a stockbroker and consultant, and later created the Russell 2000 Index, one of the most followed stock market indices in the U.S.[12] His grandson, George Russell, has been credited with expanding the company and pioneering the business of pension consulting when he secured J. C. Penney as the first pension client.[10]

Northwestern Mutual acquired Russell Investments during 1998–1999 for $1.2 billion.[10][11][13] The company's headquarters were relocated to Seattle in 2009.[11][14]

In 2014, London Stock Exchange Group (LSEG) acquired the firm for $2.7 billion.[12][13] Russell Investments had approximately $256 billion in assets under management at the time.[13] LSEG separated the Russell Indexes from other Frank Russell group companies doing business as Russell Investments, such as asset management and consulting, opting to retain the former and sell the latter.[12][15] LSEG announced the FTSE Russell brand in May 2015.[16]

During 2015–2016, the company was valued at $1.15 billion and purchased by TA Associates, a Boston-based private equity firm, from LSEG.[7][17] TA hired Goldman Sachs in 2019 to assess Russell Investments' possible sale.[5]

Leadership

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George Russell served as chairman until 2002.[10] Craig Ueland was promoted from chief operating officer to president in 2003. He succeeded Mike Phillips, who also served as chairman, as chief executive officer (CEO) in 2004. Ueland was CEO until 2008, when Northwestern Mutual's John Schlifske was named president and CEO.[18] Andrew S. Doman began serving as CEO starting in early 2009,[19] and he was succeeded by Len Brennan in 2011.[12][20] Michelle Seitz became the company's first female CEO,[6] and seventh overall, in September 2017. Four months later, she became the chairman as well, serving in both roles until September of 2022.[21] In February 2023, it was announced that Zach Buchwald, then head of BlackRock's institutional business, would join Russell as CEO. [22]

See also

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References

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  1. ^ McElhaney, Alicia (February 8, 2023). "Russell Investments Taps BlackRock Exec for New CEO". Institutional Investor.
  2. ^ "Russell Investments' mid-year 2023 global market outlook | Russell Investments".
  3. ^ a b "Most Powerful Women in Finance: No. 18, Russell Investments' Michelle Seitz". American Banker. 2019-09-23. Retrieved 2020-10-16.
  4. ^ "OCIO growth assisted by volatile times". Pensions & Investments. 2020-06-29. Retrieved 2020-10-16.
  5. ^ a b Platt, Eric; Fontanella-Khan, James; Walker, Owen (November 18, 2019). "Asset manager Russell Investments put up for sale". Financial Times. Archived from the original on 2022-12-10. Retrieved January 22, 2020.
  6. ^ a b Garnick, Coral (November 27, 2019). "Russell Investments' first female CEO reflects on 'rarity and responsibility' of her position". Puget Sound Business Journal. American City Business Journals. Retrieved February 12, 2020.
  7. ^ a b González, Ángel (October 8, 2015). "Russell Investments' asset-management arm sold for $1.15 billion". The Seattle Times. Retrieved January 22, 2020.
  8. ^ "Russell's new chief says it's time to get 'personal'". Financial Times. December 12, 2017. Archived from the original on 2022-12-10. Retrieved February 12, 2020.
  9. ^ Sharp, Ari (January 5, 2020). "Asset management in an age of long life expectancy". The Japan Times. Retrieved January 22, 2020.
  10. ^ a b c d Brunner, Jim (June 7, 2009). "Tacoma vs. Seattle: fight over Russell Investments worth millions". The Seattle Times. Retrieved January 28, 2020.
  11. ^ a b c Matthews, Todd (September 9, 2009). "Russell Investments moving to Seattle". Tacoma Daily Index. Retrieved January 28, 2020.
  12. ^ a b c d Ricketts, David (November 19, 2019). "Russell Investments put up for sale by TA Associates — report". Financial News. Retrieved January 22, 2020.
  13. ^ a b c Gillie, John (December 4, 2014). "Northwestern Mutual completes sale of formerly Tacoma-based Russell Investments". The News Tribune. Retrieved January 28, 2020.
  14. ^ Tibbits, George (September 9, 2009). "Russell Investments will leave Tacoma for Seattle". The Herald. Associated Press. Retrieved January 28, 2020.
  15. ^ Bray, Chad (October 8, 2015). "TA Associates to Buy Russell Investments for $1.15 Billion". The New York Times. Retrieved January 22, 2020.
  16. ^ Boubaker, Sabri; Cumming, Douglas; Nguyen, Duc Khuong (April 27, 2018). Research Handbook of Finance and Sustainability. Edward Elgar Publishing. p. 346. ISBN 9781786432636. Retrieved January 22, 2020.
  17. ^ Brown, Courtenay (November 20, 2019). "Russell Investments is looking for a buyer". Axios. Retrieved January 22, 2020.
  18. ^ DeSilver, Drew (June 10, 2008). "Russell Investments replaces CEO in sudden move". The Seattle Times. Retrieved January 22, 2020.
  19. ^ Helm, Leslie D. (October 2010). "Andrew S. Doman". Seattle Business. Retrieved January 22, 2020.
  20. ^ Stewart, Ashley (July 22, 2016). "Russell Investments CEO on acquisition, layoffs and the firm's future". Puget Sound Business Journal. Retrieved January 22, 2020.
  21. ^ Kline, Alan (September 22, 2019). "Most Powerful Women in Finance: No. 18, Russell Investments' Michelle Seitz". American Banker. Retrieved January 22, 2020.
  22. ^ https://www.institutionalinvestor.com/article/2bstq4h4e2sqjwzu9cjr4/corner-office/russell-investments-taps-blackrock-exec-for-new-ceo
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