Mike Phillips, chairman of Russell Investments, will retire at the end of the year, confirmed spokeswoman Jennifer Tice.
Mr. Phillips joined Russell in 1981 in the firm’s London office, served as CEO from 1993 to 2003, and has been chairman since then.
“When I joined the firm in 1981, we had only just started to manage assets,” Mr. Phillips said in a news release issued today. “Today, we manage nearly $200 billion for clients and are recognized globally for our investment management pre-eminence and industry thought leadership. I have planned this transition since I became chairman in 2003, and I will leave feeling both proud of what we have accomplished and confident that Russell stands strong and is poised for continued success.”
Mr. Phillips will continue as chairman of Russell 20-20, a non-profit association of 20 retirement plans and 20 money managers that “explores the economic and investment environments in emerging markets around the world,” according to the news release. Mr. Phillips will also launch an investment advisory firm in Geneva, Switzerland, that will offer Russell products. Ms. Tice could not provide further details, and Mr. Phillips was not immediately available for comment.
“Mike has been a driving force behind Russell’s dramatic growth and success over the past three decades, and he truly embodies what it means to be part of the Russell team,” John Schlifske, Russell president and CEO, said in the release. “Mike’s legacy will be long felt among Russell’s associates and clients, and we are excited that he intends to continue to be involved with the company in a meaningful way going forward.”
The board will elect a new chairman, confirmed Ms. Tice.
