Russell Hires Sands Capital Management for two Large-cap Growth Assignments in Multi-Manager Separate Account Program (Russell.com)

Russell Hires Sands Capital Management for two Large-cap Growth Assignments in Multi-Manager Separate Account Program
Gardner Lewis Also Receives two Additional Assignments

TACOMA, Wash. — April 22, 2003 — Frank Russell Company selected Arlington, Va.-based Sands Capital Management, Inc. to manage two large cap growth equity assignments within Russell Managed Portfolios™, the company's separately managed accounts program. The selection of Sands Capital was completed as part of Russell's multi-manager process, which seeks to emphasize stock selection skill while providing broad diversification in 12 distinct separate account manager mixes and in each of its 160 funds.

Specifically, Sands Capital was hired for assignments in the Large Cap Growth Diversified Mix and Large Cap Growth Diversified Plus Mix. The firm joins 12 other managers in the overall separate account program, which is available through registered investment advisors who custody their assets on Fidelity Investments Institutional Brokerage Group's platform.

"Sands Capital's investment process complements the other growth managers in these mixes very well," said Don Gartlan, director, Russell Managed Portfolios. "They focus on buying industry leaders that have higher financial quality and competitive advantages that allow them to sustain an attractive level of earnings growth into the future."

Gartlan added that Frank Sands, Sr. and his entire team bring an impressive depth and breadth of experience and discipline to the investment process.

These two assignments are the first for Sands Capital within Russell Managed Portfolios. The firm joins Turner Investment Partners and Gardner Lewis Asset Management in the Large Cap Growth Diversified Mix; and it joins Turner Investment Partners, Marsico Capital Management and Parametric Portfolio Associates in the Large Cap Growth Diversified Plus Mix.

In another move to increase the breadth of manager coverage in two mixes, Russell awarded additional assignments to Chadds Fords, Pa.-based Gardner Lewis Asset Management in the Large Cap Diversified Mix and the Large Cap Growth Diversified Mix.

"Their large cap process brings strong stock selection skills in the mid/large capitalization segment to the mixes," said Gartlan. "Their growth bias complements the other managers in the Large Cap Diversified Mix and their mid/large capitalization focus on companies with unrecognized earnings growth potential complements the other managers in the Large Cap Growth Diversified Mix."

Russell Managed Portfolios uses Russell's multi-manager investment process to help registered investment advisors provide their affluent clients with an investment program designed to achieve consistent, long-term performance. The program offers 12 multi-manager portfolio mixes, including choices in large cap growth, large cap value, small cap and broad market equities.

As part of its ongoing investment process, Russell continually monitors and intensely researches 3,500 manager products worldwide. Ultimately, 120 of these managers are selected for specific assignments within Russell's multi-manager funds and programs. 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 $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.

Russell Fund Distributors, Inc., is the distributor of Frank Russell Investment Company.

For complete information about Frank Russell Investment Company, including charges and expenses, you may obtain a Prospectus by calling {1-800-832-6688}. The Prospectus should be read carefully before an investment is made.