Russell Investments has appointed Peter Gunning as its new global CIO, succeeding Jeff Hussey who left the firm last October.

Based in Seattle, Gunning is now responsible for managing various aspects of the company’s investment arm such as asset management, implementation and research.

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Gunning has been working at Russell Investments since 1996. He previously served in the global CIO position between 2008 and 2013.

After the exit of Hussey, Gunning took on his responsibility of global CIO on an interim basis.

In 2013, Gunning joined as the CEO of the Asia-Pacific business. He will retain this role in addition to the new responsibility.

He also has a seat on the firm’s executive committee. He reports to chairman and CEO Michelle Seitz.

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Commenting on the new appointment, Seitz said: “Pete has been a trusted partner to our clients over many years and has a thorough understanding of the investment solutions that institutions and advisers need to create financial security for individual investors.

“Our clients’ needs have become more complex and challenging and they are increasingly looking to partner with us on investment solutions and services that extend well beyond traditional asset management.

“With his deep experience in both investment management and client-facing roles, Pete is the perfect person to lead our investment division during this period of industry evolution and change.”