Frank Russell Co.'s sale to Northwestern Mutual Life will provide financial stability, not disruption, for Frank Russell Trust Co., said Chairman George Russell.
FRTC manages $19 billion in commingled separate accounts for pension funds through its manager-of-managers practice; the firm's consulting practice covers $1 trillion in total pension funds plan assets.
Russell's relationships with pension funds will continue as usual, Mr. Russell said. FRTC can use Northwestern's financial strength to push even deeper into the management of entire pension plans on an outsourced basis, he said.
The sale also will boost Frank Russell Investment Management Co., said President and CEO Michael Phillips.
The unit is adviser to the Frank Russell Mutual Funds family, which contains more than $14 billion in total assets.
Northwestern's 7,500 insurance agents will sell those mutual funds, as well as other Russell products, said Northwestern President and CEO James Ericson.