Russell Investments Named Implementation Manager for the Rhode Island State Investment Commission

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Russell Investments has been hired by the Rhode Island State Investment Commission to be the $8.4 billion pension fund’s new Aggregate Exposure Manager, responsible for improving the implementation of the plan’s investments.

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Given the complexities that today's defined benefit plans are facing, we applaud Rhode Island's approach of working with specialists to find the best solution in each area

Russell's appointment was one of three new relationships approved simultaneously by the Board of the Rhode Island State Investment Commission.

"Given the complexities that today's defined benefit plans are facing, we applaud Rhode Island's approach of working with specialists to find the best solution in each area," said Greg Gilbert, managing director, investment services, at Russell. "We look forward to bringing our deep implementation expertise and resources to this exceptional assignment."

"When the State Investment Commission began to evaluate its consultant relationships, we felt it was important to have a separate implementation manager to improve the fund's efficiency and reduce our costs of operation. We now have in place a flexible platform that allows us to respond quickly to changes in the plan's strategic asset allocation," said Rhode Island General Treasurer Frank Caprio. "Russell Investments stood out as an industry leader with a track record of consistently high performance and I look forward to working with them to deliver on those goals."

According to Caprio, Russell's implementation services impressed the Rhode Island State Investment Commission not only with its history of performance and top ranking assets under advisement, but also its industry thought leadership. In particular, the Board was influenced by a 2007 white paper from Russell titled "The Aggregate Exposure Manager."

Aggregate exposure management is a blueprint for what's possible in a state of the art implementation platform for large pension fund management. It aims to provide institutional investors with improved fiduciary oversight, a mechanism to earn administrative alpha through implementation efficiencies and a platform to capture the early-adopter's advantage associated with new investment strategies.

To read the white paper on aggregate exposure management authored by Michael Thomas, chief investment officer, investment services; Janine Baldridge, director, research & strategy; and George Oberhofer, senior practice consultant, please contact Russell.

About Russell

Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. With nearly $213 billion in assets under management as of March 31, 2008, Russell serves individual, institutional and advisor clients in more than 40 countries. Russell provides access to some of the world's best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors.

Founded in 1936, Russell is a subsidiary of Northwestern Mutual Life Insurance Company and headquartered in Tacoma, Wash. Russell has principal offices in Amsterdam, Auckland, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.

Russell Investment Group, a Washington, USA corporation, operates through subsidiaries worldwide including Russell Investments.

Russell Investments is the owner of the trademarks, service marks and copyrights related to its indexes.

Implementation Services are offered through Russell Implementation Services Inc., member FINRA, part of Russell Investments.

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