David Millen

David Millen

Work History

Work History
Apr 2013 - Present

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 1999 - Apr 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.

Specifically

  • 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 1997 - Oct 1999

Director, Investment Management

Barclays Private Bank

Developed specialist expertise in charity and personal pensions management

Education

Education

Certifications

Certifications

ASIP

Associate of the CFA Society of the UK

ACIS

Associate member of the Chartered Institute of Secretaries and Administrators

Skills

Skills

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.