Russell Investments is on the hunt for a leader for its institutional business as part of its newly unveiled Australian restructure.
Russell has said that demand for outcome-orientated, multi-asset investment solutions has resulted in the realignment of its Australian business, including a global search for a new institutional managing director.
"The industry has evolved, and Russell has evolved its structure and service proposition as a result," Russell Asia-Pacific chief executive Alan Schoenheimer said.
"Today, Russell is first and foremost an asset management firm. We have taken the decision to remove the 'barriers' between our consulting [advice] and institutional [asset management] teams, as we no longer believe this old world structure best serves our clients."
The company is conducting a global search for a new institutional head after former managing director Michael Clarke took up a new role at Challenger.
As part of its restructure, Russell will now comprise three divisions: institutional, private client services and investment.
The institutional business will incorporate Russell's consulting and actuarial businesses and will actively seek new alliances to build on multi-asset solutions.
Private client services will aim to drive Russell's expansion in the advice market, and will build on the company's February announcement of an alliance with Matrix Planning Solutions.
The sector will be led by managing director, private client services, Siva Sivakumaran.
The investment division will now incorporate Russell Implementation Services and will be led by chief investment officer Symon Parish.
Next month, Russell plans to launch the first of a series of multi-asset solutions.
"Very few asset managers have the depth and breadth of capabilities to build and actively manage outcome-orientated multi-asset portfolios in the way that Russell can," Mr Schoenheimer said.