Peter Gunning is transferring from Sydney to Tacoma, Washington to become the new global CIO and managing director of multi-manager investments at Russell Investment Group.

He has served as Asia-Pacific CIO for the past five years. The firm is now searching for his replacement among internal and external candidates. Gunning will now oversee $200 billion worth of multi-manager portfolios run by a team of around 300 professionals, as well as bring Asian expertise to the top role.

He succeeds Tom Hanly, who has been moved to the role of chief operating officer. Both Gunning and Hanly report to Craig Ueland, president and CEO. Ueland says GunningÆs record of investment innovation and ability to leverage RussellÆs global relationship with investment managers made him the most suitable person to take responsibility for the entire investment process.

Gunning, who will begin his new role in mid-February, will oversee RussellÆs investment management and research activities. He will also join its executive committee as well as remain a member of its investment committee.

He joined RussellÆs Sydney office in 1996 and served in a number of roles within investment management and manager research for Australia and Asia Pacific, including responsibility for equity and fixed-income portfolios for Japan and Australasia.

The Asia-Pacific investment teamÆs other members, including Symon Parish, James McSkimming, Kathy Cave and Clive Smith, will maintain day-to-day operations. Until a full-time replacement is found, Gunning will retain his role running Asia-Pacific, with the team members reporting to him.