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Full Description
The father of pension fund management shares essential lessons to building a business
As the world's leading pension fund consultant, George Russell's advice has been sought by many of America's largest corporations. A pioneer in this business since the late 1960s, Russell has seen a lot. Now, he shares his experiences in this field with you, and provides valuable insights into what it takes to succeed in business today.
Broken down into ten chapters, Success by Ten describes significant moments in the origins and development of pension fund consulting and the institutional investment industry. This history is intertwined with Russell's own personal story and the innovations that his company introduced to the industry.
Author George Russell is well known to many throughout the investment industry as the first pension fund consultant
Each chapter represents a business lesson that Russell has learned during his career
Outlines a people-centric approach to building a successful corporate culture
Taken together, the innovations outlined throughout these pages spurred the professionalization of pension fund management, with the potential benefit of improving financial security for everyone who is investing for retirement. In Success By Ten, Russell discusses the development of these innovations and reveals how you can apply them to build a better business.
Contents
Acknowledgment xi
Introduction xiii
Chapter 1 Non-Negotiable Integrity 1
Building Character 2
Reach for the Summit 4
Our Business is Based on Trust 6
Integrity is More Important than the Bottom Line 9
Do the Right Thing 9
Integrity Cannot Be Negotiable 11
Chapter 2 Persistence, Patience, and Cold Calls 13
Early Days at Frank Russell Company 14
Building a Retail Sales Operation 15
Harvard to the Rescue 17
The Cold Call 20
Paul Kaltinick's Perspective 22
A Unique Selling Proposition 23
Evolving the Business Model 24
Compensation 25
Top 40 Hits: 1970-1974 27
Minimal Debt; Reinvest 28
Notes 29
Chapter 3 Hire People Smarter Than You Are 31
The Need for Innovation in Pension Fund Management 32
Peter Dietz and His Method of Performance Measurement 33
Helane Grill, Madelyn Smith, and Joan Sobba—The Three Musketeers of Manager Research 36
Creating a Universe 39
A New Process for a New Industry 40
Madelyn Smith Shows Her Style 42
Russ Fogler—Pioneer of Asset Allocation 43
Duncan Smith Asks the Tough Questions—and Answers Them 46
Don Ezra Defines the Right Way to Be a Fiduciary 49
The Best Investment I Ever Made 52
Notes 53
Chapter 4 Be Creative 55
The Treasurer's Club: They're Not Laughing Anymore 55
Blake Eagle Puts Real Estate on the Map 57
London Calling 60
Our Battle to Exceed Client Expectations 62
A Funny Thing Happened on May 1, 1980 63
The Only Difference is the Zeros 64
Making It Fly 65
FRTC's All-Stars 67
From Wall Street to Main Street 70
Concentric Circles 73
Chapter 5 Work Hard 77
Setting the Tone 78
The 120 Percent People 81
Work is Only a Means to an End 83
Incentives that Worked 85
Growth and Change 88
Chapter 6 Share Credit 93
Getting Rid of Titles 93
Stars of the Investment Industry 94
The A Team 95
Our Biggest Mistake 98
Plenty to Celebrate 100
Sharing Credit—Globally 104
Sharing Ownership 105
Chapter 7 Recognize Luck 109
Are You a Decision Maker? 111
The Decision Factory 112
Decision Triggers 114
Kelly Haughton Builds a Better Benchmark 116
GM Starts with a Clean Slate 118
Crossing the Threshold 118
Testing the Concept 120
How Much is Luck and How Much is Skill? 122
A Grammatical Postscript 124
Note 125
Chapter 8 Plan Transitions 127
Hire and Train Your Replacement 128
The Apprenticeship of Michael Phillips 131
Mike Takes the Helm 133
Continuity of Culture 135
Selling the Company 137
Closing the Deal—Complementary Skills 139
Moving Forward 140
Chapter 9 Take Risks 143
New Opportunities 143
The Inspiration of John Mroz 145
The Opportunity of a Lifetime 146
Access Matters 148
Russell's Venture in Alternative Investing 150
Asset Allocation is Rocket Science 152
The Final Frontier? 154
Chapter 10 Have Fun 159
Fun in the Himalayas 160
The Russell Sabbatical Program 161
Fun at Work 163
Transition to Philanthropy 166
New Adventures: Russian Puppets and Nuclear Waste 167
EastWest Institute 169
The National Bureau of Asian Research 170
The Pacific Health Summit 171
The Business Humanitarian Forum 173
One Nation Brings Together Americans of Different Faiths 175
A Child's Right 176
Note 177
About the Authors 179
Index 181
