Russell Investment has new CIO

Russell Investment has new CIO

Australasian head promoted to global role

AUCKLAND, 08 January, 2008 – The leader of Russell Investment Group’s Australasian investment research and portfolio management has been promoted to head the group’s gobal investment team.

Peter Gunning has been appointed Russell Investments global chief investment officer (CIO) and managing director of multi-manager investments, effective mid-February.

He succeeds Tom Hanly, who will move into the role of chief operating officer. Both positions report directly to Russell’s president and chief executive officer, Craig Ueland.

Ueland says Gunning not only developed a strong team, but also achieved a superior long-term investment performance track record during his time in the Asia-Pacific region.

“He also has earned his reputation for investment innovation,” Ueland says. “This innovative mindset, as well as his focus on leveraging our strong global relationships with investment managers, makes him very well-suited to drive Russell’s investment process going forward.”

In his new role, based in Russell’s headquarters in Tacoma, Washington, Gunning will assume responsibility for directing Russell’s investment management and research activities. He will also join Russell’s Executive Committee and will remain a member of the Investment Committee.

Gunning joined Russell in its Sydney office in 1996 and has served in a variety of roles within the investment management and research group in Australia and the Asia-Pacific region. Most recently, he was responsible for the oversight of investment research in that region as well as the management of the Australian, New Zealand, Japanese and Australasian equity and fixed income portfolios.

About Russell:

Russell is one of the world's leading investment services firms, providing investment management, advisory, and diversified funds to clients in 44 countries. Today, more than NZ$280 billion is invested in Russell funds globally.

Russell is also one of the world's largest retirement plan consultants, advising clients on the investment of more than NZ$3.5 trillion in assets. In New Zealand it advises on over NZ$13 billion for institutional investors including the National Provident Fund, Earthquake Commission and the ASB Community Trust.

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