George F. Russell, Jr.

George F. Russell, Jr., an innovator, a renowned investment pioneer who transformed many aspects of the financial services industry, and a beloved family man, died peacefully at home on December 18, 2025. He was surrounded by family in the place he loved most near his hometown of Tacoma, Washington. He was 93. "I started with nothing. I still have most of it left," read a quote in his office. It captured his belief that success was measured by purpose, relationships, and perspective — not accumulation. Those who knew him remember the "twinkle in his eye" that reflected his quiet confidence and playful humor. Born in 1932 to George & Mary Russell, George left home at age 14 to attend Phillips Exeter Academy where he became a champion wrestler. There he met his mentor Bob Bates, who instilled in him a love of mountaineering. He attended Stanford University and graduated with an MBA from Harvard Business School before being drafted into the Army. He spent two years in Fort Sill, Oklahoma then returned to Tacoma. As founder and longtime chairman of the Tacoma-based Frank Russell Company (later Russell Investments), he helped introduce a research-driven, objective approach to investing that challenged conventional thinking and expanded opportunity for pension funds, advisors, and generations of individual investors alike. What began in 1958 with a desk, a vision, and a part-time secretary grew over decades into a global enterprise rooted in a simple mission: creating financial security for people. George built a company grounded in intellectual honesty, disciplined thinking, and an enduring belief that financial stewardship carried responsibility beyond returns. His path was marked by hard work and uncommon courage. George cold-called corporate treasurers and CFOs of Fortune 100 companies with ideas that were, at the time, considered radical — independent manager research, global diversification, and transparent performance measurement. These ideas eventually became foundational to the industry. Under George's leadership, the firm attracted exceptional talent and grew into a global enterprise. George's vision extended beyond corporate borders. In 1990, after the fall of the Berlin Wall, he founded the Russell 20-20, leading delegations to Eastern Europe, Russia, and China to channel Western capital to transitioning economies. As Chairman of the EastWest Institute, he facilitated dialogue on German reunification, economic reform in the former Soviet Union, and U.S.-Russian relations. He served thirteen years as Chairman of the National Bureau of Asian Research. By the late 1990s, the company employed more than 1,400 people, managed more than $42 billion in assets, and advised clients representing more than $1 trillion. In 1993, Pensions & Investments named George, alongside Warren Buffett, as one of the top four influencers in institutional investing. He remained chairman until 1999, when the company was sold to Northwestern Mutual Life. George never believed success was a solo endeavor. The true "heart and soul" of George's life was his late wife, Jane T. Russell. George often remarked that his best business decisions were inspired by Jane's wisdom. Together, they built a company culture that treated employees like family, famously introducing sabbaticals and family-friendly policies long before they were industry standard, reflecting their shared belief that people matter more than process. George and Jane were also the driving force behind the creation of Tacoma's Museum of Glass, a lasting cultural gift reflecting their belief in creativity, beauty, and place. Jane's death in 2002 was a profound loss that George carried with grace for the rest of his life. In 2003, George married Dion Peterson, a lifelong friend — and Jane's former Stanford roommate — whose companionship was a meaningful part of his later years. Dion passed away in March 2025. Later that same year, the family also mourned the loss of George's eldest son, Richard Russell, who died in September. He is further preceded in death by his sisters, Mary B. Dodd and Millie Jensen. George is survived by his children and their families: Jileen Russell, widow of his son Richard; Dion and Greg Rurik; Eric and Marcee Russell; Sarah and Tim Cavanaugh; eleven grandchildren; ten great-grandchildren and counting. His family brought him immense pride and joy. After his self-declared "graduation" from the investment industry, George turned to his lifelong passion for global peace through prosperity. A deep believer in second-track diplomacy and the principle that peace comes from raising everyone's standard of living, he pursued economic development endeavors both globally and in the local Tacoma/Puget Sound community. He co-founded The Russell Family Foundation with his wife Jane, a philanthropic enterprise that supports and partners with non-profit organizations focused on environmental sustainability. He practiced using patient capital — deployed with care and collaboration — to impact lives and strengthen communities. George's contributions earned numerous honors, including the Fred Hutchinson Cancer Research Center's E. Donnell Thomas Medal of Achievement, the CFA Institute's Thomas L. Hansberger Leadership in Global Investing Award, and the Woodrow Wilson Award for Public Service. In quieter moments, George found joy in simple pleasures. He loved the mountains and was an avid climber in his younger years. He had a lifelong passion for being on the water, which he shared enthusiastically with family and friends. Alaska, with its mountains and open waters, became a cherished destination, where he spent summers navigating northern seas aboard his boat Shadowfax. He also treasured time at his family farm on the Puget Sound — enjoying summer corn, fall apples, and hours spent woodworking — always learning, always building, and reflecting the same curiosity, patience, and hands-on spirit that guided his life. In his 2009 book, Success by Ten: George Russell's Top Ten Elements to Building a Billion Dollar Business, George outlined the principles he lived by: non-negotiable integrity, doing the right thing, creativity, hiring people smarter than yourself, hard work, sharing credit, planning for transition, recognizing luck, taking risks, and having fun. George lived these values daily. Those who lived and worked with him remain deeply grateful for the lessons he shared and the generosity he extended. Through his mentorship, he shaped generations of leaders — many who devoted long careers to the Russell company and others who went on to build successful businesses of their own — often crediting George's belief in them as central to their success. A private celebration of life will be held. In lieu of flowers, the family invites gifts in his honor to one of the following nonprofit organizations: Splash - Communities in Schools of Peninsula - habitat.org/">Tacoma/Pierce County Habitat for Humanity - Northwest Furniture Bank Remembrances can be sent to:

Russell Family c/o Aerie Advisory Group PO Box 2358 Gig Harbor, WA 98335