Russell Investments
{{Short description|Investment firm headquartered in Seattle, Washington}}
{{Distinguish|FTSE Russell}}
{{Infobox company
| name = Russell Investments Group LLC
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| image = Seattle - Russell Investments Center 02.jpg
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| image_caption = Russell Investments Center, Seattle, 2018
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| industry = Financial services
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| founded = {{Start date and age|1936}} in Tacoma, Washington, U.S.
| founder = Frank Russell
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| hq_location = Russell Investments Center
| hq_location_city = Seattle, Washington
| hq_location_country = U.S.
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| key_people = Zach Buchwald (CEO, chairman){{cite web |last=McElhaney |first=Alicia |date=February 8, 2023 |title=Russell Investments Taps BlackRock Exec for New CEO |url=https://www.institutionalinvestor.com/article/2bstq4h4e2sqjwzu9cjr4/corner-office/russell-investments-taps-blackrock-exec-for-new-ceo |work=Institutional Investor}}
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| aum = $327.5 billion (9/30/2024){{cite web | url=https://www.linkedin.com/company/russell-investments}}
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| num_employees = 1,350
| num_employees_year = 2019
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| website = {{URL|russellinvestments.com}}
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Russell Investments Group LLC is an American investment firm headquartered in Seattle, Washington.
Corporate overview
According to American Banker, Russell Investments has approximately $300 billion of assets under management, as of September 2019.{{Cite web|date=2019-09-23|title=Most Powerful Women in Finance: No. 18, Russell Investments' Michelle Seitz|url=https://www.americanbanker.com/news/most-powerful-women-in-finance-for-2019-no-18-russell-investments-michelle-seitz|access-date=2020-10-16|website=American Banker|language=en}} The firm ranks as the third largest outsourced CIO (OCIO) provider globally.{{Cite web|date=2020-06-29|title=OCIO growth assisted by volatile times|url=https://www.pionline.com/special-report-cio-outsourcing/ocio-growth-assisted-volatile-times|access-date=2020-10-16|website=Pensions & Investments|language=en}} Additionally, the company has $2.6 trillion under advisement across 32 countries, making Russell Investments the world's fourth-largest adviser. 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.{{cite news |title=Asset manager Russell Investments put up for sale |url=https://www.ft.com/content/55c70c8a-0a5b-11ea-bb52-34c8d9dc6d84 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/55c70c8a-0a5b-11ea-bb52-34c8d9dc6d84 |archive-date=2022-12-10 |url-access=subscription |accessdate=January 22, 2020 |work=Financial Times |date=November 18, 2019 |first1=Eric |last1=Platt |first2=James |last2=Fontanella-Khan |first3=Owen |last3=Walker}}
Russell Investments had approximately 1,350 employees, as of late 2019.{{cite journal |last1=Garnick |first1=Coral |title=Russell Investments' first female CEO reflects on 'rarity and responsibility' of her position |journal=Puget Sound Business Journal |date=November 27, 2019 |url=https://www.bizjournals.com/seattle/news/2019/11/26/russell-investments-michelle-seitz-ceo.html |accessdate=February 12, 2020 |publisher=American City Business Journals}} The majority are based in Seattle, while others work at offices in London, New York City, Sydney, Tokyo, and Toronto, among other cities.{{cite news |last1=González |first1=Ángel |title=Russell Investments' asset-management arm sold for $1.15 billion |url=https://www.seattletimes.com/business/local-business/russell-investments-asset-management-arm-sold-for-115-billion/ |accessdate=January 22, 2020 |work=The Seattle Times |date=October 8, 2015}}{{cite news |title=Russell's new chief says it's time to get 'personal' |url=https://www.ft.com/content/9981df8a-cebd-11e7-9dbb-291a884dd8c6 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/9981df8a-cebd-11e7-9dbb-291a884dd8c6 |archive-date=2022-12-10 |url-access=subscription |url-status=live |accessdate=February 12, 2020 |work=Financial Times |date=December 12, 2017}}{{cite news |last1=Sharp |first1=Ari |title=Asset management in an age of long life expectancy |url=https://www.japantimes.co.jp/life/2020/01/05/people/asset-management-age-long-life-expectancy/#.XijyMy2ZOu4 |accessdate=January 22, 2020 |work=The Japan Times |date=January 5, 2020}}
History
Founded by Frank Russell in 1936 in Tacoma, Washington,{{cite news |last1=Brunner |first1=Jim |title=Tacoma vs. Seattle: fight over Russell Investments worth millions |url=https://www.seattletimes.com/seattle-news/tacoma-vs-seattle-fight-over-russell-investments-worth-millions/ |accessdate=January 28, 2020 |work=The Seattle Times |date=June 7, 2009}}{{cite news |last1=Matthews |first1=Todd |title=Russell Investments moving to Seattle |url=http://www.tacomadailyindex.com/blog/russell-investments-moving-to-seattle/1620707/ |accessdate=January 28, 2020 |work=Tacoma Daily Index |date=September 9, 2009}} 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.{{cite news |last1=Ricketts |first1=David |title=Russell Investments put up for sale by TA Associates — report |url=https://www.fnlondon.com/articles/russell-investments-put-up-for-sale-by-ta-associates-report-20191119 |accessdate=January 22, 2020 |work=Financial News |date=November 19, 2019}} 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.
Northwestern Mutual acquired Russell Investments during 1998–1999 for $1.2 billion.{{cite news |last1=Gillie |first1=John |title=Northwestern Mutual completes sale of formerly Tacoma-based Russell Investments |url=https://www.thenewstribune.com/news/business/article25900819.html |accessdate=January 28, 2020 |work=The News Tribune |date=December 4, 2014}} The company's headquarters were relocated to Seattle in 2009.{{cite news |last1=Tibbits |first1=George |title=Russell Investments will leave Tacoma for Seattle |url=https://www.heraldnet.com/business/russell-investments-will-leave-tacoma-for-seattle/ |accessdate=January 28, 2020 |work=The Herald |agency=Associated Press |date=September 9, 2009}}
In 2014, London Stock Exchange Group (LSEG) acquired the firm for $2.7 billion. Russell Investments had approximately $256 billion in assets under management at the time. 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.{{cite news |last1=Bray |first1=Chad |title=TA Associates to Buy Russell Investments for $1.15 Billion |url=https://www.nytimes.com/2015/10/09/business/dealbook/ta-associates-to-buy-russell-investments-for-1-15-billion.html |accessdate=January 22, 2020 |work=The New York Times |date=October 8, 2015}} LSEG announced the FTSE Russell brand in May 2015.{{cite book |title=Research Handbook of Finance and Sustainability |date=April 27, 2018 |publisher=Edward Elgar Publishing |page=346 |url=https://books.google.com/books?id=BClWDwAAQBAJ&pg=PA346 |accessdate=January 22, 2020 |first1=Sabri |last1=Boubaker |first2=Douglas |last2=Cumming |first3=Duc Khuong |last3=Nguyen|isbn=9781786432636 }}
During 2015–2016, the company was valued at $1.15 billion and purchased by TA Associates, a Boston-based private equity firm, from LSEG.{{cite news |last1=Brown |first1=Courtenay |title=Russell Investments is looking for a buyer |url=https://www.axios.com/russell-investments-asset-management-buyer-6d50ad55-b3e2-4c3d-b491-e7cea18e46e3.html |accessdate=January 22, 2020 |work=Axios |date=November 20, 2019}} TA hired Goldman Sachs in 2019 to assess Russell Investments' possible sale.
=Leadership=
George Russell served as chairman until 2002. 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.{{cite news |last1=DeSilver |first1=Drew |title=Russell Investments replaces CEO in sudden move |url=https://www.seattletimes.com/opinion/russell-investments-replaces-ceo-in-sudden-move-1/ |accessdate=January 22, 2020 |work=The Seattle Times |date=June 10, 2008}} Andrew S. Doman began serving as CEO starting in early 2009,{{cite journal |last1=Helm |first1=Leslie D. |title=Andrew S. Doman |journal=Seattle Business |date=October 2010 |url=https://seattlebusinessmag.com/article/andrew-s-doman-russell-investments |accessdate=January 22, 2020}} and he was succeeded by Len Brennan in 2011.{{cite journal |last1=Stewart |first1=Ashley |title=Russell Investments CEO on acquisition, layoffs and the firm's future |journal=Puget Sound Business Journal |date=July 22, 2016 |url=https://www.bizjournals.com/seattle/news/2016/07/22/exclusive-russell-investments-ceo-on-acquisition.html |accessdate=January 22, 2020}} Michelle Seitz became the company's first female CEO, and seventh overall, in September 2017. Four months later, she became the chairman as well, serving in both roles until September of 2022.{{cite journal|last1=Kline|first1=Alan|date=September 22, 2019|title=Most Powerful Women in Finance: No. 18, Russell Investments' Michelle Seitz|url=https://www.americanbanker.com/news/most-powerful-women-in-finance-for-2019-no-18-russell-investments-michelle-seitz|journal=American Banker|accessdate=January 22, 2020}} In February 2023, it was announced that Zach Buchwald, then head of BlackRock's institutional business, would join Russell as CEO. {{cite web | url=https://www.institutionalinvestor.com/article/2bstq4h4e2sqjwzu9cjr4/corner-office/russell-investments-taps-blackrock-exec-for-new-ceo | title=Russell Investments Taps BlackRock Exec for New CEO | date=8 February 2023 }}