NU Online News Service, Aug. 31, 2004, 3:48 p.m. EDT
Frank Russell Company, Tacoma, Wash., has acquired a large human resources services operation in Australia from a unit of Towers Perrin L.P., New York.[@@]
Frank Russell, a subsidiary of Northwestern Mutual Life Insurance Company, Milwaukee, has been teaming up with Towers Perrin to run superannuation funds, or funds that manage government-mandated employer retirement savings contributions, for 3 years.
Frank Russell has about 70 employees in Sydney, Australia, and Towers Perrin has about 270 employees in Australia, Frank Russell says.
Frank Russell notes that the Towers Perrin HR services deal will have no effect on Towers Perrin's HR services operations outside Australia or its Tillinghast actuarial business in Australia.
Frank Russell plans to rename the Towers Perrin Australia operations "Russell Employee Benefits."
Alan Schoenheimer will continue to run Frank Russell's Australian operations, and David Solomon, managing director of the Towers Perrin HR services business in Australia, will be managing director of Russell Employee Benefits, Frank Russell says.
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