According to American Banker, Russell Investments has approximately $370 billion of assets under management, as of September 2025. [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.[5] 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.[6]
Northwestern Mutual acquired Russell Investments during 1998–1999 for $1.2 billion.[11][12][14] The company's headquarters were relocated to Seattle in 2010.[12][15]
In 2014, London Stock Exchange Group (LSEG) acquired the firm for $2.7 billion.[13][14] Russell Investments had approximately $256 billion in assets under management at the time.[14] 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.[13][16] LSEG announced the FTSE Russell brand in May 2015.[17]
Russell Investments provides outsourced chief investment officer (OCIO) services to institutional clients including healthcare systems, where the firm has been ranked #1 globally for healthcare OCIO management by CIO Magazine’s 2024 OCIO Survey, as well as corporate and public pensions, endowments, foundations, and insurance organizations. 2 [19] The firm uses an open-architecture, multi-manager approach that integrates strategic and dynamic asset allocation, manager selection, risk management, and implementation services. Institutional clients account for approximately three-quarters of the firm’s business, with more than US$369.1 billion in assets under management. [20][21]
Customized Portfolio Solutions (CPS)
The firm offers customized portfolio solutions (CPS) that include overlay services, liability-aware strategies (e.g., LDI components), liquidity and cash-flow management, and derivatives implementation. [22] CPS engagements are used by asset owners to tailor exposures, coordinate public and private allocations, and maintain funded-status or risk targets while accommodating capital calls and redemptions. [22] Reported client segments include endowments & foundations and healthcare systems.[22]
Trading and transition management form a key part of Russell Investments’ implementation platform. The firm’s global trading desk executes more than US $2 trillion across all asset classes annually and operates continuously to provide liquidity coverage across equity, fixed-income, currency, and derivatives markets.[23] Head of Trading Jason Lenzo has noted that the desk’s multi-asset structure allows for asset-class specialization while maintaining risk oversight and cost efficiency. He emphasized the use of electronic execution, algorithmic routing, and off-exchange liquidity venues to optimize trading outcomes. [24]
The articles also highlight Russell Investments’ approach to transition management—coordinating multi-asset trades to minimize implementation shortfall while managing liquidity and benchmark risk. The firm balances automation with human oversight, leveraging algorithms for execution precision and trader relationships for liquidity access and price discovery. This combination of technology-driven execution and relationship-based market insight supports the CPS offering, enabling clients to realign portfolios efficiently during manager changes, funding transitions, or structural reallocations. [24]
Retail and Wealth Solutions
Model Portfolio Leadership
Russell Investments has been active in the advisor solutions market for four decades, offering asset allocation strategies and model portfolios to financial intermediaries in the United States and Canada. [25] Industry research has ranked the firm among the top five providers of model portfolios by assets and advisor adoption. [26]
The firm’s model portfolios combine multi-manager construction with a mix of active and passive strategies and are designed to provide diversified exposure across asset classes. [27] Russell Investments integrates its capital markets insights and manager research into model design, and offers tax-aware and income-oriented variants for advisors working with taxable clients. [28]
ETFs
In June 2025, Russell Investments entered the U.S. exchange-traded fund market with the launch of a suite of actively managed, sub-advised ETFs. According to the firm, the ETFs were developed to give advisors and investors access to a broader ecosystem of investment ideas drawn from more than 250 asset managers with which Russell Investments invests, while maintaining the goal of providing lower-cost active management within the firm’s existing model portfolios. [29][30]
The ETFs adopt the same multi-manager approach that the firm applies to its mutual funds, with mandates subadvised by a mix of specialist managers. [31]
Tax-Managed Investing and Personalization
Russell Investments has offered tax-managed strategies for more than 25 years, focusing on after-tax returns for investors in taxable accounts. [27] Approximately 48 percent of the firm’s U.S. retail assets are held in taxable accounts, underscoring the importance of tax efficiency in its portfolio design. [32][33]
The firm provides direct indexing, a unified managed account structure that allows advisors to incorporate client-specific preferences, including tax-budgeting, income overlays, and security restrictions. Russell Investments also supports direct indexing strategies for advisors seeking customized benchmark replication with tax-loss harvesting opportunities. [34][35]
These capabilities reflect Russell Investments' institutional heritage—leveraging open-architecture, multi-manager research—and adapting it for high-net-worth and mass-affluent investors seeking tailored solutions. [36]
Private Markets and Access
Russell Investments offers investors exposure to private markets through partnerships and open-architecture solutions that integrate alternative asset classes into diversified portfolios. [37]
In 2025, Russell Investments announced a collaboration with Reach Alternatives (Reach Alts) to expand access to private market opportunities for Australian investors and their clients; this partnership was covered in Australian trade press and described as increasing adviser access to private market strategies and infrastructure exposure. [38][39]
Retirement Policy and Public Commentary
Since becoming CEO in 2023, Zach Buchwald has contributed to national discussions on retirement security and financial policy in the United States. In February 2025, he authored an opinion article in Barron’s proposing the creation of national retirement accounts to expand access to workplace savings for American workers who are not currently covered by employer-sponsored plans. [40][41][42]
Buchwald has also been cited in media coverage of the proposed "Make America Great Again (MAGA) Accounts," a policy initiative introduced in May 2025 that would provide a $1,000 annual government contribution into savings accounts for children. Supporters argue the accounts could encourage long-term savings, while critics have raised questions about their cost and effectiveness. In interviews with outlets including PLANSPONSOR and The Hill, Buchwald noted that such programs highlight the broader challenge of improving household savings rates and ensuring access to sustainable retirement income. [43][44][45][46]
Leadership
George Russell served as chairman until 2002.[11] 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.[47] Andrew S. Doman began serving as CEO starting in early 2009,[48] and he was succeeded by Len Brennan in 2011.[13][49]Michelle Seitz became the company's first female CEO,[7] and seventh overall, in September 2017. Four months later, she became the chairman as well, serving in both roles until September of 2022.[50] In February 2023, it was announced that Zach Buchwald, then head of BlackRock's institutional business, would join Russell Investments as CEO. [51] Kate El Hillow has served as President and Chief Investment Officer since 2022. [52]
Awards
In 2023, Russell Investments was named Mid-Size Manager of the Year at the MMI/Barron’s Industry Awards, which honor innovation and leadership in investment advisory solutions. [53] That same year, The TRADE magazine ranked the firm first in multiple categories in its Outsourced Trading Survey, awarding perfect scores for client service, onboarding, business model, and value for money. [54]
In 2024, Russell Investments was recognized in the U.K. and Europe for its factor-based investment expertise, receiving “Factor Investing Offering of the Year” at both the Pensions Age Awards and the European Pensions Awards. [55][56]
In 2025, the firm was honored in Australia with the Institute of Managed Account Professionals’ (IMAP) Managed Account Award for Responsible Investing. [57]
Leadership Recognition
Russell Investments’ leadership has also been acknowledged by several major financial publications. In 2024, Kate El-Hillow, the firm’s President and Chief Investment Officer, was named one of Pensions & Investments’ Most Influential Women in Institutional Investing. [58] n 2025, American Banker included her among The Most Powerful Women in Finance, recognizing her role in advancing Russell’s multi-asset and institutional-to-retail strategies. [25]
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