A $299.2-billion-AUM (as of June 30) asset manager's chief is preparing to say goodbye, and the hunt is on for her successor. Meanwhile, another senior leadership there is already on the rise.

Kate El-Hillow Russell Investments Co-President, Global Chief Investment Officer

Yesterday, Todd Crockett, managing director of TA Associates, and Milton Berlinski, managing partner of Reverence Capital Partners, confirmed that Michelle Seitz, chairman and CEO of Russell Investments [profile], will leave the Seattle-based fund firm by the end of this year. (TA and Reverence bought Russell back in 2016, the year before Seitz took over.) The Russell team notes that they've hired a recruiting firm to help find Seitz's successsor and that she will help with the transition process.

Berlinski and Crockett also confirmed that Kate El-Hillow, Russell's global chief investment officer, has been promoted to co-president, effective immediately. Kevin Klingert, Russell's current president, will remain co-president alongside El-Hillow, who in turn will also remain global CIO.

El-Hillow's promotion comes a year after Seitz brought both El-Hillow and Klingert to Russell.

"The team is energized by recent investment innovations and partnerships that expand our platform and our capabilities," El-Hillow states.

"Kate and I look forward to continuing to work closely together to build on our recent success while adhering to our core value of exceeding client expectations," Klingert states.

Seitz describes Russell as "well positioned to deliver continued long-term growth in partnership with TA Associates and Reverence Capital Partners." The Russell team notes that the firm's operating margins have "significantly expanded ... over the past five years."

"It has been an honor to be the CEO of such an iconic company, leading a team of world-class professionals while serving our global clients," Seitz states.

"Michelle has made a substantial impact and we are grateful for her leadership," Crockett states. "We look forward to continuing to partner with Russell Investments' talented management team and maintaining momentum in the execution of its business strategy."

Berlinski also offers thanks for Seitz's "numerous contributions."

"The firm has built on its legacy of asset management innovation and recognized OCIO capabilities to further strengthen itself for the future and address the exacting demands of global investors," Berlinski states.

Before joining Russell, Seitz spent 21 years with William Blair, rising up from portfolio manager to lead William Blair Investment Management. Earlier, she worked with Concord Investment Company and Nationsbank. She is an alumna of Indiana University's Kelley School of Business.

El-Hillow previously spent more than 16 years with Goldman Sachs, most recently as deputy CIO of multi-asset solutions for GSAM. She also worked at J.P. Morgan, and she is an alumna of Boston College's Carroll School of Management. 

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