US-based Russell Investments has appointed Pascal Duval as chief executive of its Europe, Middle East and Africa business.

Duval succeeds Len Brennan, who rejoined the firm as global president and CEO in July last year. Duval will report to Brennan, and maintains his role on the firm’s global executive committee, which he joined in September 2011.

Duval first joined Russell in 1994 to establish its office in Paris and has subsequently held various European leadership positions throughout the duration of his 17 years at the firm. Between 2003 and 2005 he was head of partnerships and distribution alliances, going on to become head of institutional investor services until 2008.

Since working at Russell, Duval has overseen services for pension funds, insurance companies, government entities and other institutions within EMEA, as well as having acquired responsibility for the development of strategic relationships, such as the firm’s multi-manager fund programmes across a number of European markets.

2012 business outlook 

Overall, Russell's EMEA business saw $5 billion in gross sales of fiduciary management, multi-asset and manager of manager funds and mandates in the last year, the firm said. 

In addition, the firm's agency services in interim and transition management, currency exchange and overlay solutions have had a "record year" in assets under management.

Duval singles out the firm's fiduciary and multi-asset investment solutions amid the "growing demand for Russell's investment solutions in all its core businesses," and will concentrate on this sector throughout 2012. 

“The current environment puts all investors – institutional and retail – under almost unprecedented concerns regarding solvency, income and returns,” Duval said.

“Now more than ever investors realise the importance of seeing their portfolios as a whole rather than the individual parts. In many ways, investors are tested in their ability to achieve their objectives within very challenging risk constraints, whether due to solvency issues or new regulatory environments in many markets,” he continued.

In other recent news, Russell swapped the places of two of its fixed income team members based in London and Seattle in October last year.

Albert Jalso relocated from the firm’s Seattle office to London, while previously London-based Gerard Fitzpatrick, who was in charge of the firm’s global bond funds, transferred to Seattle to manage the RIC Strategic Bond Fund.

Additionally, Russell added a new vehicle to its OpenWorld single manager range last month, which is run by German boutique managers Mack & Weise Vermögensverwaltung.