Russell Investments, like every other financial institution, is being hit by the global financial crisis. The firm released this statement this week:
“The global financial environment has affected nearly every economy and industry, and companies across the globe are adjusting their operational expenses in response to the market realities. Russell is not immune to the changed environment and is actively taking steps to reduce expenses. The expense reductions will come from a variety of sources and include the difficult step of reducing the size of our associate population globally by approximately 20 percent by year-end.
Russell's resolve is strong in the face of the current challenges and we remain confident in our future prospects. We are firmly committed to our strategy of providing superior investment management by identifying the world's best investment managers and bringing them to individual and institutional clients to achieve investment excellence.”