David Rothenberg joined Russell Investment Group as director, business growth and development, implementation services, effective June 27, said Bob Werner, managing director. Russell officials are also searching for executives to take on similar roles in the firm's London and Sydney offices, Mr. Werner said. Candidates should have derivatives or fund-of-funds asset management experience. Mr. Rothenberg and the new executives will report to Mr. Werner. Russell officials also expect to hire three executives that will report to Mr. Rothenberg. Russell is expanding its plan implementation services business, which will serve plans with more than $1 billion in assets, he said. "Large plans, those with more than $1 billion ... want to pick their managers, but when it comes to everything else in running an investment program, their staffs are leaner," and they are looking to outsource, he said. Russell will perform services such as assisting with rebalancing and advising on new investment strategies like futures that could reduce risk, he said. The firm's 100-person implementation team, which currently serves Russell's $135 billion fund-of-funds business, will support the new effort. Mr. Rothenberg was managing director, U.S. head of equity sales, marketing and strategic business development, at Nomura Securities International. Nomura spokesman Ralph Piscitelli could not provide further information by press time.
Griff Williams was named senior investment manager of Railpen Investments, London, which oversees external management of the U.K. rail industry's £15 billion ($27.32 billion) in pension assets. It is a new position. Mr. Williams will oversee selection and monitoring of managers, according to a news release. Mr. Williams was a senior investment consultant with Lane, Clark & Peacock. Mary McGrath, a partner in LCP's business development division, wasn't immediately available to discuss whether Mr. Williams would be replaced.
Michael Gallipo joined Citizens Advisers as a portfolio manager, according to Jan Hunter, a company spokeswoman. In a phone interview, Mr. Gallipo said he will be the lead manager for the firm's midcap growth strategies, working with Jonathan W. White, senior vice president; he also will assist Mr. White and Citizens President Sophia Collier in managing the firm's small-cap growth strategies. It is a new position. Mr. Gallipo was a portfolio manager and co-head of institutional strategy at TD Banknorth Wealth Management Group. Robert Esau, TD Banknorth Wealth CEO, wasn't available to comment on a replacement.