Australasia CEO out in Russell Investments Asia-Pacific reorganization

Chris Corneil, Russell Investments’ Australasia CEO, left the company Thursday after his position was eliminated in a restructuring.

Mr. Corneil’s responsibilities leading Russell’s businesses in Australia and New Zealand will be assumed by Alan Schoenheimer, Russell’s Sydney-based Asia-Pacific CEO.

A Russell news release said Len Brennan, president and CEO of the Seattle-based investment management and consulting group, announced a “series of structural changes in the Asia-Pacific region” to staff and clients in Sydney on Thursday. The changes, Mr. Brennan said, are aimed at bolstering the Russell’s efforts to be an industry leader in “outcome-oriented multiasset solutions worldwide.”

Apart from noting that Russell’s leadership team in Australia and New Zealand will now report to Mr. Schoenheimer, the release provided no further details on the structural changes announced Thursday.

Neither Mr. Schoenheimer nor Mr. Corneil could immediately be reached for comment. A spokeswoman for the company in Australia couldn’t immediately provide further information on what changes had been announced.

In the Russell announcement, Mr. Brennan said: “We believe the next wave of assets in this region will be channeled into outcomes-based multiasset solutions — with a strong market opportunity specifically in retirement incomes. Our challenge is to capture this growth while controlling costs in this competitive environment.”