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Work experience

Apr 2013Present

Director, Client Communications EMEA

Russell Investments

Focusing Russell's resources to generate client communications that drive gross cashflow and maximise client retention.

Also, through 2013/2014, working as Head of UK Marketing, principally focused on Fiduciary Management campaign strategies and multi-asset asset growth and client retention.

Oct 1999Apr 2013

Director, Relationship Management

Russell Investments

Managing Russell's business relationships with some of our largest institutional pension fund and other investors, including multinationals such as IBM, DHL and Rexam.  These mandates are principally multi-asset AUM in Russell's pooled multi-strategy multi-manager funds, extending across equities, bonds and alternatives.  Also acted as relationship manager for Russell consulting clients in asset strategy and manager selection assignments, and for implementation services assignments in transition management and derivative overlays.

Overseeing Russell's UK Defined Contribution (DC) Clients and particpating in strategy work to develop our DC business.


  • successfully defended Russell's largest pension client accounts in the face of persistent performance issues
    • maintained fees on key accounts despite underperformance and price pressures
  • cross-sold new products and achieved premium prices on e.g. global equity
    • 6 bps increase on USD 1.2 bn for one large client alone
  • successfully closed over USD 2.5 bn of  additional business from existing and new clients
  • rationalised product lines with closure of smaller fund-of-funds and termination of chronically unprofitable clients
  • negotiated minimum fee for marginal clients
    • imposed a 90% increase for a USD 10m account
  • managed and overcame internal conflicts to launch a new tax-efficient CCF product for Russell's equity investors, safeguarding overall client AUM of over $500m
  • hired and onboarded staff during Russell's multi-manager growth phase

    • $4.5bn EMEA AUM in 1999 grew to over $60bn in institutional assets 8 years later
    • managed team of seven across DB and DC at the peak
    • managed redundancies and Fund closures during Russell's subsequent rationalisation period, minimising reputational damage for Russell and client impact generally
  • managed team of three overseeing DCIO assets of approximately £500
  • led development of three risk-graduated Diversified Growth Funds (DG 50, DG 75, DG 100) comprising global equities, bonds, and alternative assets, designed primarily for DC clients
  • oversaw negotiation of partnership agreement with Zurich Insurance to promote the Diversified Growth Funds as part of Zurich's 'Horizon' lifestyling programme
  • led new business pitches for the Diversified Growth Funds for new DCIO assets
  • negotiated and oversaw platform relationships with Merrill Lynch/BlackRock and Fidelity
  • selected as the UK delegate for DC Global Strategic Review team.  With input from McKinsey & Co, this team analysed Russell's strategic options in DC in three key markets (US, Australia and UK) and proposed strategic planning options for each one. 
    • key project collaborating with US and Australian colleagues
    • publically commended for my input by Chief of Staff and Strategy Director
    • outlined new strategy for Russell business line with AUM of over $20bn
  • collaborated with research boutique Spence Johnson to prepare subsequent strategic research material for the UK market and to clarify Russell's strategic options in this market
  • raised Russell's DC profile e.g. at NAPF specialist group meetings. Have spoken at NAPF DC conference, regularly attend the NAPF DC Connections seminars, and contribute DC content to Russell's Funds and Consulting newsletter, Communique.
  • elected as member of the Russell Pension Plan trustee board
    • streamlined governance by creation of investment and communications committees
    • chaired investment committee
    • oversaw design of new Russell lifestyle default offer combining Russell Multi-Asset Funds and Russell glide-path design
    • wrote investment guide used by over 600 members
    • organised and rehearsed member seminars
    • currently elected to serve my third three-year term
May 1997Oct 1999

Director, Investment Management

Barclays Private Bank

Developed specialist expertise in charity and personal pensions management




Associate of the CFA Society of the UK


Associate member of the Chartered Institute of Secretaries and Administrators


Mark Mayhew former member of Russell's UK institutional sales team

"As a long standing sales professional 30 years plus I have to say I am a big fan of David Millen. He is a stand out professional because he understands very clearly the need for sales and marketing to work closely together. David is passionate to know /hear always what the customers say about the collateral we produce, events we hold, our presentation materials, our RFP materials, our blogs etc etc. He puts the customer at the centre of the universe/everything we do. David is able to take the customer feedback whether it is bad, good or indifferent with always the aim of continuous improvement for the next time around. He has been particularly helpful to me in ensuring I am up to speed/fully educated on the various research activities we have committed to ,where in turn we have them turned them into meaningful campaigns. I find David a great guy to work closely with." August 2014

Roger Whittaker former head of UK institutional sales at Russell

"I have had the privilege of working with David since he joined Russell Investments in 1999. He has been personally responsible for managing the firm’s relationships with many of our major UK institutional clients. I have always felt extremely comfortable passing clients to David, confident that they will be attentively cared for and their needs anticipated and effectively addressed. He has been extremely pro-active in developing important relationships as circumstances within individual clients have evolved, or as additional opportunities have arisen. David has also played a significant role in the development of Russell’s reputation in the UK bringing both experience and imagination to each opportunity. I have always found him to be diligent, hard working, loyal and dedicated to maintaining Russell Investments’ standing in the Institutional market place."

September 30, 2010

Tom Goodwin Capital Markets Research Director at Russell

"I worked with David for six years in the London office. He worked diligently and often brilliantly in crafting ways to present research results to clients. He made sure we presented difficult concepts in a clear, comprehensible manner with great visual impact. These qualities were crucial in retaining clients during difficult patches of fund performance. He always challenged me with the hardest questions a client was likely to ask, which is great to get BEFORE you walk into a client meeting. I always looked forward to working with him."  August 2010

Helen Frazer former Client Service Manager at Russell

“Having worked with David for over 5 years at Russell, he served as my role model both internally and externally. In internal meetings, he had the uncanny knack of asking the one question that everyone else in the room wished they had thought of. In meetings with clients, he would frequently address the issues he instinctively knew would be of concern to them before they had to ask the question. I have the utmost respect for his intelligence, his insights and his relationships with his clients. One of his clients has stated that he is the main reason why they remain a client. He quickly earns the respect of colleagues and clients alike and even though I no longer work at Russell, I still regard him as my role model.” August,  2010

Jon Bailie former MD of Russell's Institutional Business in EMEA

“I hired David and I worked with him for a number of years while I was at Russell Investments. Initially he worked for me directly and later on he was a senior member of the team servicing the institutional relationships for which I was ultimately responsible. I always found David to be diligent and hard working and I always appreciated his attention to detail, the care with which he treated clients and his willingness to deal with difficult or sensitive client situations. Additionally, I valued David's knowledge of investments and his good business sense.” August  2010


London Business School Investment Management Program 1991/92
Evening Programme in Investment Management Theory at the London Business School.   Subsequently updated by Russell, CFA and EDHEC research and presentations.  

FD campaign

Promotional material for Russell's Fiduciary Management proposition, specificall targeting FD's as key decision-makers

What clients say about me

DC Project


A business manager with an effective focus on asset retention and revenue growth


Member-nominated trustee of the Russell Pension Plan and Chairman of the Plan Investment Committee


View my LinkedIn Profile including recommendations from former colleagues (also shown below under References)