5% of Russell Going to Japan
The News Tribune is reporting that Northwestern Mutual has sold a 5% stake of Russell Investments to Nippon Life Insurance. As with all things Russell … what does it mean? Craig Ueland resigns. Northwestern Mutual sells off a slice of the pie. What’s the future of Russell in Tacoma? Sigh… so much uncertainty.
Link to The News Tribune
Filed under: tacoma-business
10 comments
S Squid July 23, 2008
It means Kenji Johjima is the new CEO.
C CA July 23, 2008
Ive also noticed a whole new line of Russell Investments commercials on cnbc.
M M July 23, 2008
I think Tacoma might be getting some sort of mania – being a one company town. It’s certainly news – but this kind of stuff happens with corporations all the time. It’s news…but not really. And probably doesn’t mean anything at all for Tacoma.
E Erik S July 23, 2008
M –
Downtown has barely managed to claw its way out of “ghost town” territory. Losing Russell would be a real blow to the area and would help cement Tacoma’s bedroom community status.
Yes, Tacoma would survive the loss of Russell, but the loss would be real.
-E.
B broadweezy July 23, 2008
Whoa, I don’t think the sky is falling just yet. Is a 5% sale even anything significant enough to freek out about? Aren’t investment companies in the business of buying and selling large amounts of shares anyway?
E Erik S July 23, 2008
Whoa – good point, Broadweezy. I misinterpreted M’s comment to mean that losing Russell wouldn’t be a big deal. You (both) are quite right that the sale of 5% of the company won’t necessarily impact decisions about its future location. Well said.
-E
A altered chords July 23, 2008
Probably means more guys in suits from Japan walking around here. Better figure out what we’re doing w/ Tollefson plaza.
Hate to see them showing pictures of it in a board room back in Tokyo with all 30 of them at a conference table laughing hysterically.
P phil b. July 24, 2008
The US is currently up for sale on the cheap. On average & over the long run, having overseas ownership isn’t the most positive of developments, but the universe may have different plans for the city named after the most popular & reliable light truck.
They love our name more than us?!
M Michael July 24, 2008
named AFTER a truck? Its the other way around. and they did name the truck after the city. or the mountain. or something around here.
A A-Dub July 24, 2008
Having a large Japanese Insurance company own part of Russell is great news for the company and Tacoma (if they stay). This will provide Russell a larger competitive advantage in the 2nd largest economy in the world, not to mention the rest of Asia. For Tacoma, any positive exposure from foreign companies is good news for all of us.