This will follow the restructure of its Australian business, according to managing director Alan Schoenheimer.
Schoenheimer said: "There’s no doubt that going through the GFC has brought dramatic changes in a number of different dimensions. Clients now have different demands to the ones they had prior to the crash, we face massive regulatory imposition and there’s pressure on the fundamental profitability of the investment management industry."
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The firm has lost high profile contracts in recently. It has been noted that US$6 billion Qantas Superannuation Plan had dropped Russell as its administration provider in favour of rival firm Mercer.
Schoenheimer said: "Demand for traditional consulting as it existed 20 years ago is evaporating. Big funds are insourcing. It’s hard to build a business out of fringe activity. We still get asked to do traditional consulting but unless the funds are very sizeable we’re probably going to pass up the chance."
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