Russell Hires INVESCO for two Real Estate Equity Assignments (Russell.com)

Russell Hires INVESCO for two Real Estate Equity Assignments

TACOMA, Wash. — March 11, 2003 — Russell has selected INVESCO Realty Advisors, a division of INVESCO Institutional (N.A.), Inc., to manage two core real estate equity assignments in its multi-manager funds complex. These assignments were completed as part of Russell's multiple-manager process, which seeks to emphasize stock selection skill while providing broad diversification in each of its more than 160 funds.

With these two assignments INVESCO's Dallas-based real estate securities group will manage about $196 million in Russell's funds complex.

"INVESCO has demonstrated consistent outperformance in up and down markets due to effective stock selection," said Bruce Eidelson, a portfolio manager at Russell. "The firm maintains a broadly diversified portfolio with exposure to all major property sectors and makes active decisions on all benchmark sectors."

The INVESCO assignments are for assets in these two U.S.-based funds: Frank Russell Investment Company Real Estate Securities Fund and Russell Insurance Funds Real Estate Securities Fund. The firm joins two other managers in each fund: AEW Management and Advisors, L.P., which has a value assignment in both funds, and Chicago-based RREEF, which has a core assignment in both funds.

Each year, Russell continually monitors and intensely researches 3,500 outside investment manager teams globally as part of a continual research process. Of these, about 120 managers are selected for specific assignments within Russell's multiple-manager funds. Through its investment management subsidiaries, Russell blends these fund assignments to create diversified portfolios of managers, investment styles and assets designed to manage risk.

Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $76 billion in assets and advises clients worldwide representing more than US$1.6 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.

Contact: Steve Claiborne, 253-594-1858

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