Russell Investment Group, the multi-manager which runs £46bn (€65.5bn) in assets, has reshuffled its senior management and appointed Tom Hanly as chief investment officer to replace Randy Lert, who has decided to step down after 14 years.

Hanly has been with Russell since 1997 and for the past three years has been the firm's chief financial officer, based in its headquarters in Tacoma in the US.