Russell Hires Pacific Investment Management Company within its Multi-manager Funds Complex NEW YORK, Dec. 20 /PRNewswire Asia-AsiaNet/ -- Frank Russell Company has selected Pacific Investment Management Company LLC (PIMCO) to manage a portion of the global bond funds within its multi-manager investment complex. This assignment of $600 million was completed as part of Russell's multiple-manager process, which is designed to help investors reach their goals amid an unpredictable variety of economic and market conditions. PIMCO-hired by Frank Russell Investment Company plc-joins two other managers who manage Russell's Global Bond Fund. "The addition of this highly regarded manager to Russell's Global Bond Fund provides our investors with very skilled talent in managing global bonds" said James Duberly, Russell portfolio manager, based in London. "We believe strongly that PIMCO has the skills that will benefit our portfolios in the rapidly changing arena of the world's bond markets." He added that PIMCO is considered especially strong in its knowledge and coverage of U.S. fixed income investments, particularly the U.S. mortgage sector. PIMCO's performance will be measured against the Salomon Smith Barney WGBI. Russell evaluates more than 1,500 outside investment managers globally as part of a continual research process. Approximately 100 managers are selected for specific assignments within more than 100 Russell multiple-manager funds. Through its investment management subsidiaries, Russell blends these fund assignments to create diversified portfolios of managers, investment styles and assets designed to manage risk. Prior to this assignment, PIMCO already managed close to $3 billion in other fixed income assignments within Russell's multi-manager complex. PIMCO is a leading fixed income fund management company that was founded in 1971. Based in Newport Beach, California, the company is majority owned by Allianz, the German insurance group. The company has more than $210 billion of fixed income assets under management, including $8 billion in specialist global fixed income assignments. Frank Russell Company, a global investment services firm, provides manager-of-manager investment products and services in more than 35 countries. Russell manages $65 billion in assets and advises clients representing more than US$1 trillion worldwide. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland, Tokyo and Johannesburg. Contact: Sarah Hodges Frank Russell Company Tel: 44-20-7647-4653 Chris Phillips or Steve Claiborne Frank Russell Company Tel: 1-253-594-1858 Singapore Contact: Janice Quah, on behalf of PIMCO Asia Tel: 65-433-0866 SOURCE Frank Russell Company