Russell Investments, the asset manager and creator of global indexes bearing its name, is reviewing its direct U.S. exchange-traded fund business and will scale back the team dedicated to those funds.
Russell will focus on its core role of providing multiasset solutions to investors and advisers, the firm said in a statement posted today on its website.
The firm, whose direct ETF team works mostly in San Francisco and New York, will cut about 30 jobs between the two offices, Steve Claiborne, a spokesman for Seattle-based Russell, said in a telephone interview. The ETFs provided by the firm have about $300 million in assets.
Russell manages about $152 billion in assets for 2,400 institutional investors and works with more than 500 financial advisers and distributors to sell investment products to individuals, according to its website.
The company, founded in 1936, is also the creator of the Russell global indexes. Russell will remain the underlying index provider for ETFs holding more than $80 billion in assets, the firm said.
To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com