Russell Investments has begun the search for a new president and chief executive and appointed a member of its board to the role on an interim basis, following the resignation of Craig Ueland after 25 years at the $200bn (€128.7bn) US multi-manager.

Ueland, who has been chief executive since 2004, was yesterday replaced by John Schlifske, executive vice-president at Russell parent company Northwestern Mutual Life Insurance and a member of Russell’s board of directors since 1999.