22 January, 2009 – Russell Investments announced today that its board of directors has named Andrew S. Doman as the company’s new global chief executive officer, effective February 2, 2009.

Doman succeeds John Schlifske, who was named president and CEO in June 2008. Schlifske will continue to serve as the company’s president in the near term to ensure a smooth and orderly business transition. Subsequently, Schlifske will return to Russell’s parent company, Northwestern Mutual, as planned. Doman will also join Russell’s board of directors.

Doman comes to Russell with a global track record of success that has provided him with both a deep understanding of and expertise in the financial services industry, combined with exceptional leadership and business-building skills.

Most recently, Doman was a founding director of McKinsey & Company Inc.’s UK-based European Asset Management practice. Doman joined McKinsey in Australia in 1986, moving to London in 1990. His clients spanned North America, Europe, the Middle East, Asia and Australia. They covered the broad spectrum of financial services, including asset management, retail banking, wholesale banking, hedge funds, investment banking, private equity, life insurance, general insurance and financial services distribution. Prior to joining McKinsey, Doman worked in medicine, health management and the Australian diplomatic service.

“In selecting Andrew as Russell’s CEO, we were overwhelmingly impressed by his deep knowledge of the asset management industry and the combination of his strategic, operational and managerial experience,” said Schlifske. “He is a renowned business builder and the ideal candidate to lead this great company amidst the challenges of today’s business environment, and as it embarks upon its next chapter of success.”

 “Russell is an extraordinary company at an extraordinary point in history,” said Doman. “There are challenges, clearly, for all financial services providers. But not every company has the heritage, brand recognition and worldwide reputation for investment excellence that Russell has built and earned over seven decades. I believe Russell is well positioned to navigate the financial crisis, and come out of it stronger. It is a truly global company and it has a culture of integrity that is distinct and valuable. I am honoured and excited to be joining Russell and look forward to working closely with our clients and associates.”

In his role at McKinsey & Company, Doman’s client assignments spanned a range of disciplines, including organisational and market development, strategy, globalisation, risk management, product design and development, and operational issues.