Invesco, Russell Investments Name New CEOs

Two major asset management companies announced CEO changes on Wednesday, and they took divergent approaches to filling their respective roles.

While investment and OCIO firm Russell Investments Group LLC hired Zach Buchwald away from BlackRock to be its new CEO and chairman of the board of directors, effective May 1, Invesco Ltd. promoted Andrew Schlossberg to president and CEO, as of June 30, from his current post as managing director and head of the Americas.

Go West, Mr. Buchwald

Buchwald has worked at BlackRock since 2008 and is currently head of U.S. and Canadian institutional business. He also led BlackRock’s financial institutions group and helped establish the firm’s retirement solutions group and financial markets advisory platform.

At Seattle-based Russell Investments, purchased by TA Associates Inc. and Reverence Capital Partners LP in 2016, Buchwald replaces Michelle Seitz, who took over as CEO in 2018, announced her pending departure in August 2022 and founded MeydenVest Partners in September 2022.

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“We believe Zach is the ideal leader to further Russell Investments’ legacy of innovation in asset management,” Todd R. Crockett, a managing director at TA Associates, said in a statement. “We are excited to welcome Zach and fully expect his leadership, along with President and CIO Kate El-Hillow and others on the leadership team, will help propel the firm through the next phase of growth, with a focus on delivering a superior client experience.”

According to the firm’s announcement, Buchwald has spent much of his career trying to improve financial security for retirees. His experience prior to BlackRock included working as a managing director at Morgan Stanley in its fixed income division.

Buchwald earned a B.A. in English from Harvard, serves on the board of directors of the nonprofit Jericho Project serving the homeless and is a trustee of the Public Theater.

“I’ve long admired Russell Investments’ unique legacy as a pioneer in investment consulting, OCIO, portfolio implementation, and much more,” Buchwald said in a statement. “Today’s Russell is differentiated by its commitment to a total portfolio approach, which is critical in our inter-connected investment universe. I am excited to work with this innovative team to help clients achieve their investment goals with the best possible toolkit.”

Rewarding an ‘Exceptional Leader’

By contrast, Schlossberg has been at Atlanta-based Invesco since 2001, rising through the firm’s North American institutional and retirement divisions to become U.S. chief marketing officer and head of global corporate development, then senior managing director and head of Invesco’s presence in Europe, the Middle East and Africa.

Current Invesco president and CEO Marty Flanagan, in both roles since 2005, announced his retirement effective June 30, though he will continue as chairman emeritus through 2024.

“I’ve worked side-by-side with Andrew throughout my career at Invesco and have found him an exceptional leader who is highly focused on delivering the best possible experience for our clients,” Flanagan said in a firm statement. “I have every confidence that Andrew and the leadership team will build on our strong momentum to take the business forward.”

Schlossberg earned his B.S. in finance and international business from the University of Delaware and an MBA from Northwestern University’s Kellogg School of Management. He worked at Citigroup prior to joining Invesco and has served on the board of the Investment Company Institute, the U.K. Investment Association and the Diversity Project. He is also the executive sponsor of ¡HOLA!, Invesco’s resource group for Hispanic employees.

“Invesco has an exceptional foundation to provide investment excellence for our clients, innovate in our delivery and enhance the growth of our business,” Schlossberg said in the announcement. “We have a comprehensive range of in-demand investment capabilities, a strong global footprint and outstanding talent throughout the firm. I look forward to working with the Invesco Ltd. board, our team worldwide and Marty to ensure continued strong outcomes for our clients, employees and shareholders.”

In related personnel moves at Invesco, Doug Sharp will take on some of Schlossberg’s responsibilities as head of the Americas and EMEA, directly responsible for ETFs, SMAs and digital capabilities. Stephanie Butcher and Tony Wong were named senior managing directors and co-heads of investments.