Russell Investments
A global investment management and advisory firm offering active and index-oriented investment solutions, outsourced investment-office services, and institutional consulting.
Last updated August 25, 2026
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Overview
Russell Investments Group LLC is an American investment management and advisory firm headquartered in Seattle, Washington. Founded by Frank Russell in Tacoma in 1936, the business began as a stockbroker and investment consultant before expanding into institutional retirement and pension advice, investment implementation, multi-manager portfolio construction, and asset management. Its development was strongly associated with George Russell, Frank Russell's grandson, who helped broaden the company and is credited with securing J. C. Penney as an early pension-consulting client. The Russell name became particularly prominent through the firm's index activities. The Russell 2000 Index, which measures a segment of smaller publicly traded U.S. companies, became one of the most closely followed small-cap equity benchmarks in the United States. Russell's broader index family was adopted by asset owners, investment managers, consultants, and financial-product providers for benchmarking, portfolio construction, and passive investment. The index business was separated from the operating asset-management and consulting businesses after the London Stock Exchange Group acquired the broader firm in 2014. The retained index operation was subsequently developed under the FTSE Russell brand. Russell Investments' current business is centered on investment management, institutional consulting, outsourced chief investment officer services, implementation, retirement solutions, model portfolios, and access to public and private markets. Its investment approach combines internally managed strategies with external managers through an open-architecture model. This enables the firm to construct multi-manager portfolios, manage implementation, and provide governance and oversight for pension plans, endowments, foundations, insurers, wealth managers, and other institutional or intermediary clients. Clients cited in reference material have included AT&T, Boeing, and Union Pacific Railroad. The firm also distributes model portfolios through financial advisers and other intermediaries. In 2025, Cerulli Associates ranked Russell Investments among the leading third-party model-portfolio vendors. Its product development has included actively managed exchange-traded funds covering U.S. small-cap equities, developed international equities, global equities, emerging markets, global infrastructure, global real estate, and global bonds. The firm has also expanded private-market access, including a 2025 Australian wholesale partnership with Reach Alternative Investments involving infrastructure exposure. Russell Investments has operated internationally from offices including Seattle, London, New York, Sydney, Tokyo, and Toronto. The business was acquired by Northwestern Mutual in 1998–1999, moved its headquarters from Tacoma to Seattle in 2010, and was acquired by the London Stock Exchange Group in 2014. LSEG later sold the asset-management and consulting operations to TA Associates in 2015–2016 while retaining the index franchise. In July 2026, a consortium led by B Capital Group and the California Public Employees' Retirement System agreed to acquire the company in a transaction reported at approximately US$2.8 billion; the completion status of that transaction should be verified against current corporate disclosures.
History
Russell Investments traces its origins to 1936, when Frank Russell established a stockbroker and investment-consulting business in Tacoma, Washington. The company initially served investors through brokerage and advice, but its long-term identity developed around institutional investment research, pension consulting, and portfolio management. George Russell, Frank Russell's grandson, played an important role in expanding the firm and is credited with winning J. C. Penney as its first pension client. That relationship helped establish Russell as an early specialist in pension and retirement-plan consulting. Over time, Russell broadened from consulting into investment implementation and asset management. Its manager-research capabilities and multi-manager approach enabled institutional clients to combine different external and internal investment managers within coordinated portfolios. The company also developed a major index business. The Russell 2000 Index became a widely followed measure of U.S. small-cap equities, while the broader Russell index family became important to institutional benchmarking, passive investment, portfolio construction, and financial-product design. Northwestern Mutual acquired Russell Investments across 1998 and 1999 for a reported US$1.2 billion. Under Northwestern Mutual ownership, Russell continued to develop its asset-management, consulting, and retirement businesses. The headquarters were relocated from Tacoma to Seattle in 2010, consolidating the company's principal base in the Pacific Northwest while maintaining international offices and client activity. In 2014, the London Stock Exchange Group acquired Russell Investments for a reported US$2.7 billion. LSEG treated the index business differently from the operating asset-management and consulting businesses. It retained the index activities and separated them from the businesses that continued using the Russell Investments name. In May 2015, LSEG announced the FTSE Russell brand, which became the principal identity for the combined index operation. The asset-management and consulting businesses were subsequently sold to TA Associates during 2015–2016, returning Russell Investments to private-equity ownership. Russell Investments continued to focus on institutional advice, outsourced chief investment officer services, implementation, retirement solutions, manager selection, and global asset management. Its open-architecture model uses external asset managers alongside Russell capabilities to construct portfolios and provide governance for pension plans, endowments, foundations, insurers, wealth managers, and other clients. Model portfolios distributed through advisers and intermediaries became another important channel. In 2025, Cerulli Associates placed the firm among the leading third-party model-portfolio providers. The company has also expanded its product range through private-market access and exchange-traded funds. In 2025, it introduced five actively managed U.S. ETFs covering U.S. small-cap equities, international developed-market equities, global equities, emerging-market equities, and global infrastructure. In 2026, it added actively managed global real-estate and global-bond ETFs. A 2025 partnership with Reach Alternative Investments extended wholesale access to private infrastructure in Australia. Leadership has included Craig Ueland, Mike Phillips, John Schlifske, Andrew S. Doman, Len Brennan, Michelle Seitz, Zach Buchwald, and Kate El-Hillow. Michelle Seitz became the firm's first female chief executive in 2017 and also served as chairman until 2022. Zach Buchwald became chief executive in 2023, while Kate El-Hillow has served as president and chief investment officer since 2022. Reference material reports that a B Capital Group-led consortium including CalPERS agreed in July 2026 to acquire Russell Investments for approximately US$2.8 billion; the transaction's closing status should be checked against current disclosures.
- 2026
Reported proposed acquisition by a B Capital-led consortium
[1]A consortium led by B Capital Group and including CalPERS agreed to acquire Russell Investments in a reported transaction valued at approximately US$2.8 billion.
- 2025
Actively managed ETF expansion
[1]Russell Investments launched five actively managed ETFs covering several equity and infrastructure markets.
- 2023
Zach Buchwald became chief executive
[1]Zach Buchwald joined Russell Investments as chief executive after leading institutional business activities at BlackRock.
- 2022
Kate El-Hillow became president and chief investment officer
[1]Kate El-Hillow assumed the combined president and chief investment officer role.
- 2017
Michelle Seitz became chief executive
[1]Michelle Seitz became Russell Investments' first female chief executive and later also served as chairman.
- 2016
TA Associates acquired the operating businesses
[1]TA Associates purchased the asset-management and consulting operations from LSEG.
- 2015
FTSE Russell brand announced
[1]LSEG announced FTSE Russell as the brand for its retained index operations.
- 2014
LSEG acquired Russell Investments
[1]The London Stock Exchange Group acquired the company and later separated its index activities from its operating asset-management and consulting businesses.
- 2010
Headquarters moved to Seattle
[1]The company relocated its headquarters from Tacoma to Seattle, Washington.
- 1998
Northwestern Mutual acquisition began
[1]Northwestern Mutual acquired Russell Investments in a transaction spanning 1998 and 1999.
Products and positioning
A global, multi-asset investment partner combining asset management, institutional advice, implementation, manager research, and outsourced investment-office capabilities.
Asset management
Institutional investment management
Russell Investments manages portfolios for institutional and intermediary clients across public and private markets. Its offering can combine active strategies, index-oriented exposures, asset allocation, manager selection, and portfolio implementation. The firm uses both Russell capabilities and external managers, allowing clients to access diversified strategies through a coordinated investment architecture.
Institutional advisory
Outsourced chief investment officer services
The firm's OCIO business supports institutions that outsource some or all investment-office responsibilities. Services may include strategic asset allocation, manager research, portfolio construction, implementation, monitoring, governance support, and retirement-portfolio assistance. The model is intended for clients that need institutional investment capabilities without maintaining every function internally.
Wealth management
Model portfolios
Russell Investments provides model portfolios through financial advisers and other intermediaries. These models package asset-allocation and manager-selection decisions into portfolio frameworks that advisers can use for client accounts. The offering extends the firm's institutional asset-allocation and multi-manager research capabilities into intermediary-distributed wealth-management channels.
Alternative investments · 2025
Private-market investment solutions
Russell Investments offers access to private-market strategies, including unlisted infrastructure. In 2025, its partnership with Reach Alternative Investments supported wholesale private-market distribution in Australia and involved the Reach Global Private Infrastructure Fund investing through the Russell Investments Global Unlisted Infrastructure Fund.
Exchange-traded funds · 2025
Actively managed ETF range
The firm's actively managed ETF range was expanded in 2025 with products covering U.S. small-cap equities, developed international equities, global equities, emerging-market equities, and global infrastructure. In 2026, Russell Investments added global real-estate and global-bond ETFs, broadening the range beyond equity-focused strategies.
Market indexes
Russell index family
The Russell index family, including the influential Russell 2000 Index, became widely used as benchmarks for U.S. equities and other investment segments. The index activities were separated from Russell Investments after LSEG's acquisition and developed under the FTSE Russell brand. They are therefore historically associated with the Russell name but are not the same operating business as the current Russell Investments asset manager.
Brand decisions
2026
Agree to a proposed acquisition by a B Capital-led consortiumM&ABackground
Russell Investments remained a privately owned asset manager following its ownership by TA Associates.
Action taken
A consortium led by B Capital Group and including CalPERS agreed to acquire the company.
Aftermath
The reported transaction value was approximately US$2.8 billion. Whether the deal closed and the resulting ownership structure should be confirmed from current filings or company announcements.
Reported transaction value. Approximately US$2.8 billion (July 2026)
2025
Launch five actively managed U.S. ETFsProduct launchBackground
The firm sought to extend its investment-management capabilities into the exchange-traded-fund market.
Action taken
Russell Investments introduced actively managed ETFs covering U.S. small-cap, developed international, global, emerging-market, and global infrastructure strategies.
Aftermath
The launch broadened the firm's intermediary-accessible product range and was followed by additional global real-estate and global-bond ETFs in 2026.
2025
Partner with Reach Alternative Investments for Australian private-market distributionStrategyBackground
Wholesale investors in Australia were seeking access to private-market and infrastructure strategies.
Action taken
Russell Investments entered a partnership involving Reach's Global Private Infrastructure Fund and Russell Investments' Global Unlisted Infrastructure Fund.
Aftermath
The partnership expanded the firm's private-market distribution and infrastructure access in the Australian wholesale market.
2015
Sell the asset-management and consulting operations to TA AssociatesM&ABackground
After retaining the index activities, LSEG sought separate ownership for Russell Investments' asset-management and consulting businesses.
Action taken
The operating businesses were sold to TA Associates during the 2015–2016 period.
Aftermath
Russell Investments continued as a privately owned investment-management and advisory firm, separate from the FTSE Russell index franchise.
2014
Separate the index business from asset management and consultingM&ABackground
Following LSEG's acquisition of Russell Investments, the index operations and the asset-management and consulting businesses had different strategic roles and ownership prospects.
Action taken
LSEG retained the index activities and separated them from the operating businesses that continued under the Russell Investments name.
Aftermath
The retained index business was subsequently branded FTSE Russell, while the asset-management and consulting operations were sold to TA Associates.
Reported acquisition value. US$2.7 billion acquisition of the broader Russell Investments business (2014)
Recent events
- 2026
Russell Investments launched additional actively managed ETFs[1]
Product launch · Product generation
The firm added actively managed ETFs focused on global real estate and global bonds.
- 2026
Consortium agreed to acquire Russell Investments[1]
M&A
A consortium led by B Capital Group and CalPERS agreed to acquire Russell Investments in a reported transaction valued at approximately US$2.8 billion. Completion and final terms require verification from current company or transaction filings.
- 2025
Russell Investments expanded its actively managed ETF range[1]
Product launch · Product generation
The firm launched five actively managed U.S. ETFs spanning U.S. small-cap, developed international, global, emerging-market, and global infrastructure strategies.
- 2025
Reach Alternative Investments partnered with Russell Investments[1]
M&A · Product launch
The firms announced an Australian wholesale private-markets partnership involving Reach's global private infrastructure fund and Russell Investments' global unlisted infrastructure fund.
- 2023
Zach Buchwald appointed chief executive officer[1]
Leadership change
Russell Investments announced that Zach Buchwald, previously associated with BlackRock's institutional business, would become chief executive officer.
- 2019
Goldman Sachs assessed a possible Russell Investments sale[1]
M&A
TA Associates hired Goldman Sachs to evaluate strategic alternatives, including a possible sale of Russell Investments.
- 2016
TA Associates acquired Russell Investments operating businesses[1]
M&A
TA Associates purchased the asset-management and consulting operations from LSEG in a transaction completed during the 2015–2016 period.
- 2015
FTSE Russell brand announced after index-business separation[1]
Other
LSEG announced the FTSE Russell brand as it organized the retained index operations separately from the Russell Investments asset-management and consulting businesses.
- 2014
London Stock Exchange Group acquired Russell Investments[1]
M&A
LSEG acquired the broader Russell Investments business for a reported US$2.7 billion and subsequently separated the index activities from asset management and consulting.
Sources5 sources
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