(Russell.com)

Russell Gains More Than 100 Institutional Assignments in 2004 as Investors Seek Multi-Manager Solutions
New Assignments Worldwide Total $5.8 billion

TACOMA, Wash. — July 20, 2004 — Russell is extending its leadership in multi-manager investing. The company gained more than 100 new investment management assignments from institutional clients worldwide in the first six months of 2004, boosting its assets under management to more than $110 billion.

During the first six months of 2004, Russell attracted an additional $5.8 billion in assets to manage from institutional clients, including $2.5 billion from 35 North American clients, $1.9 billion from 40 clients in the Europe, Middle East and Africa region, and $1.4 billion from 32 clients in the Asia/Pacific region.

Craig Ueland, Russell CEO, said, "Investors worldwide are increasingly concerned about maintaining the highest fiduciary standards while simultaneously focusing on their need for disciplined and value-added investment solutions. This has led to record demand for Russell's multi-manager investment services globally."

Ueland added that Russell's individually tailored investment approach is attracting a wider range of new clients who seek help with the challenges they face in today's market environment.

New U.S. assignments in the past year, for example, include:

National Mining Association, Washington, D.C., $29 million multi-plan assignment
Savannah Electric Foundation, Savannah, Ga., $1.5 million endowment & foundation assignment
Louisiana Sheriff's Pension & Relief Fund, Baton Rouge, La., $218 million multi-plan assignment
South Jersey Industries, Folsom, N.J., $106 million multi-plan assignment
City of Norwich, Conn., $12 million defined benefit/defined contribution assignment
Banta Corporation, Menasha, Wis., $126 million defined benefit assignment

Russell's success in the first half of 2004 in terms of increasing assets under management further establishes the firm as a global leader in multi-manager investing. An annual report by Cerulli Associates shows the multi-manager option is the fastest growing segment in the investment industry worldwide as multi-manager assets have more than doubled since 1997, and Russell leads the industry in manager-of-managers assets with a 26 percent share.

About Russell
Russell Investment Group, a global leader in multi-manager investing, provides investment products and services in more than 35 countries. Russell manages more than $110 billion in assets and advises clients worldwide representing more than $1.8 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 Investment Group is a registered trade name of Frank Russell Company, a Washington, USA corporation, which operates through subsidiaries worldwide. Frank Russell Company is a subsidiary of The Northwestern Mutual Life Insurance Company.
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