The Frank Russell Company

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The Frank Russell Company
Founded 1936
Headquarters Tacoma, Washington
Key People Frank Russell, Founder

The Frank Russell Company, founded in 1936 in Tacoma, Washington as a brokerage firm, is today a subsidiary of the London Stock Exchange ("LSEG").

LSEG acquired the firm in 2014 from Northwestern Mutual Insurance, but later sold off its investment division as Russell Investments to TA Associates in 2015. LSEG retained the index portion of the firm, which it merged with FTSE to form FTSE Russell.

History

The Frank Russell company was founded by Frank Russell in 1936 as a brokerage firm in Tacoma, Washington.

In 1958, Frank Russell brought his grandson, George Russell, into the firm after George had graduated from Harvard Business School. However, just a few months later, Frank Russell passed away and left George and one assistant to run the company.

As the second CEO, George grew the company and built up its money management business.

Then in 1969, George expanded the firm into institutional investment consulting, pitching the plan to JC Penney.

Northwest Mutual bought the Frank Russell Company in 1999 and renamed it Russell Investments, though keeping the Frank Russell Company name too.

The London Stock Exchange Group bought Russell Investments in 2014 and then sold the asset management arm of the company, giving up the name Russell Investments, and kept the name Frank Russell Company, which is the index part of the business, later merging it with FTSE in 2015.

Frank Russell Company expanded internationally in 1979 when they hired Jan Twardowski to open a London office. in 1986, they would open new offices in Tokyo and Sydney.

The company in 1980 began to manage money directly for institutions rather than just providing advice.

It was in 1984 that the research team at the firm created the Russell indexes, which are benchmarks used today more than all other institutional indexes combined.[1]

The firm expanded its offering in 1990 after the fall of the Berlin wall, as George Russell founded 20-20 to connect with countries in need of capital with influential money managers and financial experts.

George Russell was replaced as CEO in 1993 by Mike Phillips, who became only the third CEO of the company since it was formed in 1936. Phillips served until 2003 as CEO and as chairman from 2002 to 2008.[2][3]

Craig Ueland, who was appointed president in July 2003, became the fourth CEO in January of 2004.[4]

Key People

References

  1. Our History. Russell Investments.
  2. Michael John Phillips. Bloomberg.
  3. Federal Way Asset Management lands former Russell chairman and CEO for same roles. Pionline.
  4. History. Russell Investments.