Richard Davies was named managing director for defined contribution at Russell Investments, effective June 1, the company announced Wednesday.
The position is new. Mr. Davies “is responsible for the leadership, overall business strategy and management of the DC business,” Kate Stouffer, a Russell spokeswoman, wrote in an e-mail.
Josh Cohen, DC practice leader, will report to Mr. Davies. Mr. Cohen “is responsible for providing thought leadership to Russell clients and for consulting to DC plans on fund selection, plan structure and participant support issues,” Ms. Stouffer wrote.
Mr. Davies, who could not be reached for comment, is senior managing director, defined contribution and subadvisory relationships, at AllianceBernstein. He will leave Friday and will not be replaced, said John Meyers, a spokesman for AllianceBernstein, in an interview.
“We will be bolstering the ranks of senior talent that could include people inside and outside the firm, “said Mr. Meyers, declining to provide details.
“We wish him the best,” Mr. Meyers added.
Mr. Davies will be based in Russell’s New York office and report to Greg Gilbert, CEO of Russell’s Americas Institutional unit.
"There is growing momentum around the open architecture and objective, institutional-quality solutions that Russell provides for plan participants, so we are excited to welcome a leader of Dick's caliber to help us maximize growth opportunities for our DC business," Mr. Gilbert said in a Russell news release.
Russell had more than $67 billion in assets under advisement and more than $20 billion in assets under management for DC clients as of Dec. 31, Ms. Stouffer said.
