Pioneering investor and Tacoma legend remembered for ‘extraordinary impact’
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- George F. Russell Jr. built Russell Investments into a global financial force.
- He and Jane established Russell Family Foundation funding local sustainability.
- Community leaders cite his philanthropy, institutions and civic mentorship.
Tacoma investment pioneer George F. Russell Jr. died Dec. 18 at his home near Tacoma.
Russell, 93, was the longtime leader and visionary for Tacoma-based Frank Russell Company (later Russell Investments), and co-founded The Russell Family Foundation with his wife, Jane. The foundation supports nonprofit organizations focused on environmental sustainability.
The family’s local roots were planted amid the Great Depression, when his grandfather Frank Russell moved to Tacoma and started a small investment firm.
George F. Russell Jr.’s parents, George Ford Russell and Mary Baker, were deeply tied to the community. Baker was daughter of Tacoma News Tribune publisher and co-owner Frank Baker, while Russell Sr. worked as president of a number of companies, including the Frank Russell Co. and The News Tribune.
George F. Russell Jr. turned his grandfather’s firm into a financial powerhouse, innovating the business of pension-fund consulting with Jane by his side.
By the late 1990s, Russell Investments employed more than 1,400 people, managed more than $42 billion in assets, and advised clients representing more than $1 trillion, according to the family. He remained chairman until 1999, when the company was sold to Northwestern Mutual Life.
The company relocated its headquarters from Tacoma to Seattle in 2010.
In retirement, Russell dedicated his time to various international peace endeavors. His work with the EastWest Institute, for example, aimed to promote democracy, government transparency and related peace issues in the reunified Germany and the former Soviet Union.
Jane Russell died in 2002, but the couple’s legacy of philanthropy lives on through their ties with local institutions: the Jane Thompson Russell Cancer Care Center at St. Anthony Hospital in Gig Harbor, the Russell Family Foundation, the University of Washington Tacoma, the Tacoma School of the Arts, the Museum of Glass and LeMay America’s Car Museum, among other projects.
In 2003, he married lifelong friend Dion Peterson, who passed away earlier this year. His eldest son, Richard Russell, died in September.
George F. Russell Jr. 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; 11 grandchildren and 10 great-grandchildren.
Tom Pierson is interim president and CEO of the Tacoma-Pierce County Chamber. Reached via email Tuesday, Pierson said in a statement, “We are deeply grateful for George F. Russell Jr.’s extraordinary impact on our South Sound region and the world. His unwavering generosity and commitment to giving back have enriched our community in countless ways. With admiration, we recognize that his legacy will continue to inspire and positively shape future generations.
“Tacoma and the South Sound (are) better because of George,” he added.
Tacoma Mayor Victoria Woodards told The News Tribune in a statement, “We extend our condolences to the family and friends of George F. Russell, Jr., the community he loved so dearly. George was a visionary leader whose roots in Tacoma shaped a global legacy. From founding what became Russell Investments to helping establish the Museum of Glass, he believed deeply that business and community carry a responsibility to people and place. His impact on Tacoma and on generations of leaders he mentored will endure far beyond his remarkable lifetime.”
In lieu of flowers, the family invites gifts in his honor to one of the following nonprofit organizations: Splash, Communities in Schools of Peninsula, Tacoma/Pierce County Habitat for Humanity or Northwest Furniture Bank.
More information on Russell’s life and memorial details are available on the family’s legacy.com page.
Information from The News Tribune archives contributed to this report.
