"The investment management industry is changing more rapidly than at any time in the past three decades and these individuals have the vision and demonstrated leadership to continue to keep Russell at the forefront of the industry," said Craig Ueland, president and CEO-elect, Russell Investment Group. "These appointments are about renewal and growth. As established Russell leaders, each brings to his new role a deep understanding of our clients, our investment approach and our culture, and will coordinate a succession process closely with his respective predecessors."

Tom Hanly, CIO-elect, joined Russell in 1997, and since 1999 has been the firm's chief financial officer as well as chairman of Russell/Mellon Analytical Services. Previously he served as a director of Russell Capital, a Russell subsidiary focused on alternative investments, where his primary responsibility was to develop and structure new private equity funds. Hanly joined Russell from J.P. Morgan's Financial Institutions Group, where he served as an expert on the investment management industry in its investment banking division.

Hanly will succeed Randy Lert who has headed Russell's investment management capabilities for more than 14 years. Lert has decided to take a leadership role as chief portfolio strategist, reporting to Hanly, which will allow him to focus on his passion for investment content. This decision is based on his belief that 10 to 15 years is an appropriate length of tenure for senior leadership of Russell's investment management capabilities.

"I'm very proud of our investment approach and our people, but this is a welcome change for me personally," said Lert. "The role of CIO is one that should periodically revolve, for the benefit of our clients and for all those who are involved in our multi-manager investment process."

Hal Strong will succeed Hanly as CFO. Strong joined Russell in 1990 as head of investment banking at Frank Russell Securities. In 1995 he formed Russell Capital, and as its president and managing director he has overseen Russell's alternative investments offerings, including private equity, real estate and hedge funds. Previous to Russell, Strong worked in the investment banking industry as a managing director, corporate finance, with Piper, Jaffray & Hopwood, and as a corporate finance associate with Salomon Brothers.

Paul Reynolds assumes the role of managing director, U.S. Institutional Investment Services, giving him top reporting responsibilities for this business unit. Reynolds takes on the institutional business responsibilities previously held by Ueland, who was named company president in July and will become CEO in January.

"I'm excited to be taking over the helm of our institutional business at a time when our services for pension funds, endowments, foundations and other organizations are showing such promise. Ultimately, my aim is to continue to find new and even better ways to serve these clients," said Reynolds.

Reynolds also will develop a smooth transition of the institutional business structure by working closely with Meredith Brooks, who has reported to Ueland as head of the institutional business since 2000. Brooks has made a personal decision to return to her native Australia and leave the investment business to pursue other interests in the first half of 2004.

"My career with Russell and our institutional clients has been gratifying and always a growth experience," said Brooks, whose 12 years with Russell has involved leadership roles in Sydney, London and New York. "Now I'm looking forward to returning home and pursuing personal interests outside the investment world."

Reynolds joined Russell in 1995 and currently heads the company's Implementation Services unit, which helps institutional investors achieve a more efficient approach to portfolio management and securities trading. In his new role, Reynolds will retain leadership of the Implementation Services team, continuing the ongoing blending of all services for institutional clients into one unit. Prior to joining Russell, Reynolds was one of the founding members of State Street Brokerage, a division of State Street Bank and Trust Co.

"These individuals are exceptionally strong and energetic business leaders who have gained the respect and trust of clients and colleagues alike. The diversity of our business demands depth and breadth of experience from our senior managers, and each of these individuals brings a skill set that I am confident will allow them to make an immediate contribution to the leadership of our company," said Mike Phillips, chairman and CEO of Russell Investment Group.

About Russell
Russell Investment Group, global leader in multi-manager investing, 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.

Contact: Steve Claiborne 253-594-1858