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Marce Edwards is the business editor. She has been at The News Tribune for seven years and has written about technology and big businesses in the South Sound including Weyerhaeuser and Russell. Before moving to Tacoma, she worked at The Idaho Statesman in Boise. She is a Northwest native who likes to garden and refuses to use an umbrella. She lives in Tacoma with her husband and two kids.
C.R. Roberts is a Tacoma native. Before joining The News Tribune, he worked as a freelance writer and part-time cowhand on a cattle ranch in Northern Idaho. He writes about small business, personal finance and other business issues.
John Gillie writes about the aerospace and airline industries, commercial development and consumer issues. During his 30-year-tenure at The News Tribune he has covered issues as diverse as the Native American fishing rights disputes, crime and the courts, the wood products industry and energy. He lived in Tacoma with his family for 25 years, but now lives in Kent because his wife heads a five-state non-profit foundation headquartered in Ballard, and it only seemed a sensible compromise to make considering their workplaces are 40 miles apart.
Kelly Kearsley has been a business reporter at The News Tribune since 2005. She covers the Port of Tacoma and international trade. Being born and raised in Spokane she’s used to living in cities with inferiority complexes and, in fact, prefers it. Prior to working at The News Tribune, she spent three years as a reporter for The Bulletin in Bend, Oregon and another year working stints for The Associated Press and Seattle Times. She graduated from Pacific Lutheran University. She lives in Tacoma with her husband and miniature schnauzer.
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Pension & Investments magazine had a story today about Russell.
The story says that the Tacoma financial services company is facing increased competition from SEI Investments out of Pennsylvania, which has surpassed Russell as a manager of instutional tax-exempt assets.
Here's part of the story:
“SEI has out-Russelled Russell,” said Charles “Chip” Roame, managing partner of strategy consulting firm Tiburon Strategic Advisors LLC, Tiburon, Calif.
As of Dec. 31, SEI managed $156 billion in assets for U.S. institutional tax-exempt clients vs. Russell's $58 billion, according to data reported by the firms to Pensions & Investments. Russell hired Boston Consulting Group Inc., Boston, at the beginning of the year to help crystallize its business strategy, said sources familiar with the firm's operations. Eric Gregoire, spokesman at Boston Consulting, declined to comment.
Meanwhile, the surprise exit of President and CEO Craig Ueland on June 9 has left firm officials fielding questions from employees and industry observers.
Industry watchers are speculating that Russell's spectacular hedge fund blowup — the firm had to liquidate some $6 billion in two hedge funds of funds and is winding down its non-directional hedge fund offerings — could have hastened Mr. Ueland's departure.Russell's major lines of business are asset management, consulting and index construction, with asset management being the major revenue driver. The firm also offers transition management services. Assets under management doubled to $213 billion in the 4 years Mr. Ueland was CEO. Institutional assets grew to $52 billion as of March 2008, up from $28 billion five years earlier, according to data provided by Russell.
While growth has been strong, some changes need to be made so that Russell can again be the pre-eminent U.S. multimanager.
“Russell was the leader of the multimanager approach ... but SEI was quicker to commercialize it,” Mr. Roame said. SEI is considered to be Russell's leading competitor in the multimanager business.
