Russell appointed transition manager for Taiwan's Public Service Pension Fund
SINGAPORE, January 27, 2011 — Russell Investments was selected as transition manager by the US$16.2 billion Public Service Pension Fund (PSPF) of Taiwan, a mandatory defined-benefit scheme for civil servants, teachers and military personnel in Taiwan, totaling more than 620,000 persons. Russell will manage transitions for PSPF of various non-Taiwanese assets, including global and emerging markets equities portfolios, under the five-year contract.
"Russell Investments is tremendously honored to be named the transition manager for Taiwan's Public Service Pension Fund. This is a landmark appointment that will set the course for how transition management is conducted throughout Asia. PSPF is the first pension fund in Taiwan to select a transition manager through a competitive open tender process, a significant move that reflects PSPF's emphasis on their requirements for the highest standards of transparency," said Mahendran Nathan, Russell's CEO of ASEAN, India, Hong Kong and Taiwan.
Through its rigorous and detailed selection process, PSPF recognized our technical expertise and dedication to a heightened level of transparency. We applaud PSPF for its endorsement of Russell's full agency model that seeks out liquidity and executes trades with an unbiased, multi-venue approach and achieves an alignment of interests between the transition management provider and the client. We believe this progressive move will encourage other institutional investors to demand similar standards of transparency across every facet of transition management," said Nathan.
Russell was recently named "Regional (Asian) Transition Manager of the Year" by Asia Asset Management as part of the magazine's annual Best of the Best Awards for 2010. For more than 25 years, Russell has been a leader in improving transition management practices and strategies to help clients maximize their assets.
In 2003, Russell created the T Standard benchmark, widely recognized as the industry-standard performance metric for calculating implementation shortfall. Currently, Russell Investments is secretary to the T-Charter, a body formed in 2007 to establish consistent and transparent standards across the industry. In November 2010, Russell announced its latest step to bring transparency to transition management by agreeing to provide five years of global transition management data to Inalytics TIPS (Transition Implementation Performance Standards) database.
"Russell Investments is a leader in transition management and is among the few firms defining the industry's best practices through both words and actions," said John Moore, executive director of investment services, Asia-Pacific. "We look forward to working with Taiwan's Public Service Pension Fund and delivering a high level of risk management and investment performance as PSPF restructures its global and emerging market portfolios."
Russell's transition management services team operates within Russell Implementation Services Inc. and transitioned $620 billion in assets in 2010. The Russell team offers clients access to a global, multi-venue trading platform through agency execution by its equity, fixed income, currency and futures teams. Across all global asset classes, Russell's focus on dynamic access to liquidity has shown to be particularly adept at evolving with the changing market environment.
Russell Investments is a global investment company with $155 billion in assets under management (as of 12/31/2010) and more than $2 trillion in assets under advisement (as of 12/31/2010). Founded in 1936, Russell serves individual, institutional and advisor clients in more than 40 countries and provides sophisticated solutions including investment consulting, investment funds, implementation services and global market indexes. Russell is world-renowned for its depth of strategic advice, manager research, quality of manager selection and access to some of the world's leading investment managers. It helps investors of all sizes put this access to work in corporate defined benefit and defined contribution plans and in the life savings of individual investors.
Russell Investment Group, a Washington, USA corporation, operates through subsidiaries worldwide including Russell Investments. Russell Investment Group is a subsidiary of The Northwestern Mutual Life Insurance Company.
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