Russell Investments took a pasting when Lehman Brothers collapsed five years ago. One of its money market funds was a holder of Lehman bonds and resulted in Russell’s parent Northwestern Mutual paying $764 million to make good the losses.

The business also had to sell its fund of private equity funds arm, close its fund of hedge funds business and begin the hunt for a new president and chief executive following the resignation of Craig Ueland who held both positions and had been with the business for 25 years.