Russell's Craig Ueland Takes CEO Helm (Russell.com)

Russell's Craig Ueland Takes CEO Helm; Cites Goals For Future Service and Growth
Longtime CEO Mike Phillips Continues As Russell's Chairman

Russell Investment Group, a global leader in multi-manager investment services, announced today that Craig Ueland, the company's president since July 1, 2003, has assumed the role of chief executive officer, effective Jan. 1. In a leadership transition announced in June 2003, Ueland succeeds Mike Phillips, who has been chief executive officer since 1993 and who will continue as Russell's chairman.

"My top priority is to continue to deliver the value and innovation our clients expect from Russell and to do so in a way that continues to earn their trust," said Ueland. "I have promised our own associates we will remain a growth company, and we will do so in a way that keeps the interests of our clients at the heart of every decision we make."

Ueland said the leadership transition comes at a time of strength. Russell has seen a six-fold increase in assets under management during the last decade, remains the global leader in multi-manager investing, is on track to surpass $100 billion in assets under management in 2004, and has one of the most globally diversified businesses of any U.S. investment organization. In 2003, the company's business outside the U.S. reached a new milestone by contributing slightly more than half the company's annual operating profit.

As he shifts his title to chairman, Mike Phillips plans to play an active role both inside and outside the firm. "Over the past six months, Craig and I have worked closely together to ensure a smooth transition of the CEO office and the senior management team," said Phillips. "We are very excited about the future for Russell. The market is moving toward our strengths, and with Craig and the new senior team at the helm, I am confident we will continue to build on the momentum across our businesses."

Russell's assets under management grew 42% in 2003 to approximately $95 billion. During 2003, Russell has made strides in several key areas:

In December, Russell announced the acquisition of Pantheon, a global private equity fund-of-funds specialist with offices in London, San Francisco, Brussels and Hong Kong. Pantheon has $7 billion in assets under management, and a successful track record in private equity since 1982.
Russell has been gaining institutional clients at a record pace in each of the three largest institutional markets in the world — the US, UK, and Japan — with more than 100 new clients hiring Russell in 2003 in these three countries.
Russell's implementation services unit continues to act as a growth engine for the company. Last fall the company's implementation group led the introduction of a new industry standard for measuring the costs and efficiencies of institutional portfolio transitions.
Globally, Russell has expanded its work with banks, brokers and other service organizations that are able to offer Russell investment programs. The company has grown its distribution relationships to a total of more than 250 alliances, including more than 20 in Europe alone.
Russell's family of 21 U.S. indexes now ranks as the most widely used set of performance benchmarks among institutional investment products, which include funds used by corporate pension plans and other institutional investment organizations.

"Clients, individuals and institutions alike, want innovative, objective, alpha-generating investment solutions and they want them from a partner they can trust," said Ueland. "As 2004 unfolds, we will broaden Russell's position as a leader in terms of our diversified and objective multi-manager investment solutions, as well as — importantly — our culture and values."

Having previously served as the company's chief financial officer and, more recently, chief operating officer, Ueland, 45, joined Russell in 1983 after completing his A.B. in economics from Stanford and his M.B.A. in finance from the University of Washington. He began with Russell as a research analyst and served in leadership positions in Russell's international operations from 1986 to 1998. He opened Russell's office in Sydney, Australia (1986) and later headed the company's international operations from London and Tacoma.

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 $85 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, 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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