This is not the first time the company has announced a restructuring this year. In April, the firm shifted its business focus on three core client-facing units: institutional, private client services and investment. Then-CEO Schoenheimer said that cementing Russell's role as an asset management firm means removing the "barriers" between its advice and asset management teams. 

Russell Investments has some $237 billion in assets under management as at 30 June 2013.