TACOMA, Wash. - Frank Russell Co. has agreed to become a major provider of investment services to the high-net-worth clients of Riggs & Co. of Washington, D.C., which is the trust, private banking, and investment management division of $7 billion-asset Riggs Bank, also of Washington.
Frank Russell, a Tacoma investment adviser, will offer a proprietary asset-allocation model as well as its mutual funds to Riggs' clients, said Henry Dudley, senior executive director of Riggs & Co.
Riggs clients are also to be given access to Russell's other services, including its ratings of U.S. investment managers. Riggs would be hard-pressed to supply such ratings, Mr. Dudley said.
Frank Russell is owned by Northwestern Mutual, a life insuance company.