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Monday, November 17, 2008

Four Head Out Russell's Door

by: Armie Margaret Lee

Four senior-level employees, including North America chief investment officer Noel Lamb, have recently left Russell Investments, according to published reports.

The departures came in the wake of a move by Russell's parent, Northwestern Mutual Life Insurance Co., in September to shore up two money market funds with exposure to Lehman Brothers Holdings (see The MFWire, September 17, 2008).

Erik Ristuben, CIO of multistrategy solutions, took over duties formerly held by Lamb, who left Russell last month to pursue other opportunities in the U.K., a Russell spokeswoman told Pensions & Investments.

Three others left two weeks ago, including senior portfolio manager Mark Amberson, who was also head of short-term investments; senior portfolio manager Philip Coates; and director of credit research Helen Stewart.

Kelly Mainelli replaced Amberson and Joe Glynn succeeded Coates. Russell is still searching for Stewart's replacement. 

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