Russell's Momentum Continues with the Addition of McInerney to Lead Institutional Client Service (Russell.com)

Russell's Momentum Continues with the Addition of McInerney to Lead Institutional Client Service
New Talent and Doubling of Assets Reflect Strong Growth Mode

Tacoma, WA — July 24, 2006 — In response to increasing needs from institutional clients for strategic advice and investment solutions, Russell Investment Group announced that Barry McInerney will join as director of client service.

McInerney joins Russell after 19 years at Mercer Inc., where he most recently served as President of Mercer Global Investments in the United States. He also chaired the U.S. board of the Mercer Trust Company and was a member of Mercer HR Consulting's global leadership team. He previously led the firm's investment consulting businesses in Canada, Latin America and the United States.

This appointment marks the latest signal that Russell is in strong growth mode. With $171 billion under management worldwide, Russell's assets have more than doubled in the past three years and institutional assets worldwide have grown 120% in that same time period.

"Russell has been a leader in the multi-manager investment business for a quarter of a century and we're excited to have another industry heavyweight join our growing firm," said Craig Ueland, CEO. "Barry's extensive industry experience and strong investment background will help Russell build on an already strong client service organization."

Based in the New York City office, McInerney will lead a 37-person team responsible for servicing Russell's U.S. institutional clients throughout the country. He will continue leveraging the recently launched Russell Road Map that helps clients identify the investment strategy that best meets their philosophy, including leveraging the firm's full range of investment management capabilities, performance reporting and industry-moving research. McInerney will join Russell's Operating Committee and will also serve as a member of the Institutional Executive Committee.

"I'm thrilled by the size and quality of Russell's associates, clientele and overall investment capabilities and I'm honored to be part of this growing team," said McInerney. "I'm ready to focus on growing this business across the entire Russell suite of products and services, and raising the overall client service model to the next level."

McInerney holds an MBA from the University of Toronto, where he also earned a bachelor's degree in commerce and finance through the actuarial science program. He is a Fellow of the Society of Actuaries, a Chartered Financial Analyst charterholder, and a member of the New York Security Analysts Society. McInerney holds NASD Series 7, 24, and 63 licenses.

About Russell
Russell Investment Group, a global leader in multi-manager investing, provides investment products and services in 44 countries. Russell manages more than $171 billion in assets as of June 30, 2006 and advises clients worldwide representing more than $2.4 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, Sydney, Singapore, Auckland and Tokyo.

Contacts:
Jennifer Tice, 253-439-2921
Matt Burkhard, 718-875-2122

Russell Investment Group is a registered trade name of Frank Russell Company, a Washington, USA corporation, which operates through subsidiaries worldwide.

RC# 4457