GLOBAL – Multi-management specialist Frank Russell says chief operating officer Craig Ueland is to take over as global chief executive at the beginning of next year.

Ueland will become a member of the board of directors and president of the company on July 1 this year. He will replace Mike Philips as CEO on January 1 2004. Philips, 55, joined Russell’s London office in 1981 where he became managing director before moving to the Tacoma office in Washington. He will remain chairman.

Previously Frank Russell’s chief financial officer, Ueland has been chief operating officer since 1999, overseeing the day-to-day business operations and responsible for the company’s institutional business. He also headed up Russell’s international operations in London. It is yet to be confirmed who will replace Ueland as chief operating officer.

Said Edward Zore, chief executive of Northwestern Mutual, parent company of Russell: “As CEO since 1993, Mike Phillips has led the company to become the global leader in multi-manager investment services and, at the same time, one of the nation’s best places to work.

“Craig Ueland continues the line of exceptional executives at the helm of this great company.”

Frederic Jolly, chief executive officer for Europe, Asia and the Middle East will be reporting to Ueland when he takes over in January.

Russell manages more than 70 billion dollars in assets under management, and advises clients representing more than 1.6 trillion dollars.