Russell appoints director of retirement income for institutional defined contribution plans
Seattle, WA — — Russell Investments has appointed Jeff Eng to the newly created position of director, retirement income, for the firm’s Americas Institutional business. Based in New York, Eng will oversee solutions for institutional DC plan sponsors, who are increasingly looking to provide in-plan options for participants who are currently at or in retirement. Eng reports to Dick Davies, managing director, defined contribution, Americas Institutional.
“Defined contribution plans have become a primary retirement savings vehicle, and we are now entering a period where a steadily growing percentage of soon-to-be and newly retired people need guidance so that they can convert the DC plan nest eggs that they have built up over time into income streams,” said Davies. “Plan sponsors, especially those at the progressive end of the spectrum, are recognizing that they must pivot from thinking not only about helping participants save and invest for retirement, but also about providing participants with the most optimal methods for asset withdrawal.”
In conjunction with Russell’s team of DC consultants and investment management experts, Eng will work with DC plan sponsors to help them incorporate distribution strategies into target date fund solutions and to manage operational and compliance-related implementation challenges. This includes working with institutional clients on custom target date fund solutions. He will be an active contributor to Russell’s growing body of retirement income-focused research – developed for the firm’s institutional and advisor clients – on the efficacy of various annuitization and managed distribution approaches.
Eng brings to Russell an in-depth understanding of annuity product design; expert knowledge of insurer investment preferences and risk management practices; and a strong background in navigating the operational issues and legal/regulatory requirements for in-plan guarantees. Most recently, Eng worked at AllianceBernstein, where he served as vice president and product director of defined contribution investments. Prior to that role, he was a principal consultant at Context Integration and a project manager and business analyst supporting J.P. Morgan’s credit derivatives trading desk.
About Russell Investments
Founded in 1936, Russell Investments is a global financial services firm that serves institutional investors, financial advisors and individuals in more than 40 countries.
Through a unique combination of interlinked businesses, Russell delivers financial products, services and advice. A pioneer, Russell began its strategic pension fund consulting business in 1969 and today is trusted by many well-known worldwide institutions for investment advice. Headquartered in Seattle, Washington, USA and with offices in major financial centers worldwide, Russell has $163 billion in assets under management (as of 6/30/2011) in its mutual funds, retirement products, and institutional funds, and is well recognized for its depth of research and quality of manager selection.
Russell offers a comprehensive range of implementation services that help institutional clients maximize their assets. The Russell Indexes calculate over 50,000 benchmarks daily covering 85 countries and more than 10,000 securities.
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