Russell’s Australian CEO to lead international business
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Alan Schoenheimer to move to London
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Chris Corneil to take over Australia and New Zealand business
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Russell’s disciplined approach to investing expected to grow in demand amid market turmoil
SYDNEY, 11 November 2008 – Russell Investments today announced a series of management changes that will reinforce the group’s positioning as one of the world’s most trusted investment
management firms.
Russell’s long-time CEO of the Asia Pacific region, Alan Schoenheimer, has been promoted to head up Russell’s international business operations. To be based in London, the role expands
Schoenheimer’s current remit to include Russell's Europe, Middle East and Africa (EMEA) operations. Mr Schoenheimer will oversee a team of over 500 professionals across five continents, including
Australia. The role reports to Russell’s global president and chief executive officer, John Schlifske.
Mr Schoenheimer joins fellow Australian Peter Gunning on Russell’s eight-strong Global Executive Committee, which is responsible for managing Russell’s A$200 billion business around the world.
Chris Corneil, former managing director of Russell’s Investor Services group, has been promoted to head Russell’s Australian and New Zealand businesses. Mr Corneil will continue to report to
Mr Schoenheimer.
Mr Schoenheimer said the moves would place the Australian business and Australian customers even closer to the heart of Russell’s global business. Mr Schoenheimer went on to reinforce that Russell’s
disciplined approach to investment manager research and portfolio construction continues to resonate with investors large and small.
“As one of the largest advisers to pension and super funds around the world we continue to see our value proposition resonate with clients in this time of unprecedented market uncertainty,” Mr
Schoenheimer said. “Russell core strategy is to provide superior investment management by identifying the world’s best investment managers and bringing them to individuals, advisers and
institutional clients to achieve investment excellence. That skill is now in ever increasing demand.”
Mr Corneil said he looked forward to continuing to grow Russell’s Australian and New Zealand operations – reinforcing the organisation’s core manager research and investment strategy
work, which the group has extended beyond its traditional institutional client base to advisers and individuals. He said the impact of the current credit crisis meant investment markets would be irrevocably
changed – meaning a change of thinking for investors of all types.
“The current environment is akin to the ‘fog of war’ – but I believe once we have more visibility the investing world will be different in 2009. We expect to see a greater
focus on strategies that are truly diversified and investment processes that are truly disciplined,” Mr Corneil said.
Mr Corneil said Russell was currently recommending clients increase their hedging of foreign equities as well as engage in disciplined rebalancing of portfolios following the skewing of asset allocations
caused by equity market falls.
“We remain committed to helping clients large and small achieve investment success by understanding their individual goals and circumstances and applying Russell's expertise in markets, managers
and investment strategy,” he said.
Mr Corneil originally joined Russell in 1998 to work on the launch of Russell’s Gateway Investment Program, a strategic alliance between Russell and ANZ Bank. In 2003 Chris was appointed
to lead the retail (adviser) business as it broadened its footprint through a range of new multi-manager investment programs and strategic relationships with major planner groups.
In February this year Mr Corneil was appointed to head the combined retail and institutional services group, known as Investor Services. He holds a M.B.A. from the University of New South Wales, Australian
Graduate School of Management. A native of Canada, Mr Corneil has lived and worked in Australia for more than 10 years.
The management changes will take effect from January 2009.
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