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Success By Ten
The father of pension fund management shares essential lessons to building a business As the world's leading pension fund consultant, George Russell's advice has been sought by many of America's largest corporations. A pioneer in this business since the late 1960s, Russell has seen a lot. Now, he shares his experiences in this field with you, and provides valuable insights into what it takes to succeed in business today. Broken down into ten chapters, Success by Ten describes significant moments in the origins and development of pension fund consulting and the institutional investment industry. This history is intertwined with Russell's own personal story and the innovations that his company introduced to the industry. Taken together, the innovations outlined throughout these pages spurred the professionalization of pension fund management, with the potential benefit of improving financial security for everyone who is investing for retirement. In Success By Ten , Russell discusses the development of these innovations and reveals how you can apply them to build a better business.
209 pages, Hardcover
First published January 1, 2009
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Displaying 1 - 2 of 2 reviews
June 25, 2017
Have good ethics. Work hard. Grow slowly. And other solid rules to follow when growing a business.
April 10, 2016
In 1969, 11 years after graduating from Harvard Business School, George Russell started the manager research and pension fund consulting business, with JCPenney as their first client. Once they figured out the basic model for pension fund consulting, he decided to attract a group of 40 corporate clients, which would become the core of a new business.
After passage of the Employee Income Retirement Security Act of 1974 (ERISA), pension funds were required to have documentation that they had made prudent, responsible decisions based on professional expertise. It’s the legislation that established the basics of fiduciary responsibility, and it meant that retirement plans had to either have trained professionals on staff or else hire consultants.
Once they’ve developed Russell’s core competence – researching US equity and fixed-income managers – they looked for ways to continue to add value for the customers. In the bear market of 1973, they started investing into real estate and international equities.
In the early 1980, Russell went into fund management business, which today is by far the single biggest part of the company.
To manage fund complexities, Russell developed its signature process known as M-cubed (three levels of diversification that are optimal for managing market risk). 1) Multi-asset class diversification (US stocks, bonds, real estate, international equities); 2) Multi-style (classify managers as growth or value); 3) Multi-manager diversification (diversify managers to avoid depending on one firm).
After passage of the Employee Income Retirement Security Act of 1974 (ERISA), pension funds were required to have documentation that they had made prudent, responsible decisions based on professional expertise. It’s the legislation that established the basics of fiduciary responsibility, and it meant that retirement plans had to either have trained professionals on staff or else hire consultants.
Once they’ve developed Russell’s core competence – researching US equity and fixed-income managers – they looked for ways to continue to add value for the customers. In the bear market of 1973, they started investing into real estate and international equities.
In the early 1980, Russell went into fund management business, which today is by far the single biggest part of the company.
To manage fund complexities, Russell developed its signature process known as M-cubed (three levels of diversification that are optimal for managing market risk). 1) Multi-asset class diversification (US stocks, bonds, real estate, international equities); 2) Multi-style (classify managers as growth or value); 3) Multi-manager diversification (diversify managers to avoid depending on one firm).
Displaying 1 - 2 of 2 reviews