Frank Russell Company of Tacoma, Wa. is hoping to boost its defined contribution business by offering plan sponsors other retirement services. These additional services include defined benefit, deferred compensation and profit-sharing plans, along with investment education programs for plan participants. Russell is offering these services packaged with corporate cash management and strategic consulting services. Russell calls this its retirement savings strategic partnership program.
Although Russell has offered various bundled services since 1980, its strategic partnership program has taken off in the past three years, attracting $7 billion between 1997 and 1999, said Lou Rowan, national director of sales for Frank Russell. This represents about 13 percent of Russell's $54 billion in total assets worldwide, Rowan said.