(Pictured: Pete Gunning)

Pete Gunning, the global CIO for Russell Investments based in Seattle, is to return to Sydney to take over as the firm’s new CEO for Asia Pacific. Alan Schoenheimer, the current regional CEO, will transition to a non-executive advisory role.

Schoenheimer has had various senior management positions at Russell in his 22 years with the firm, including heading up regional responsibilities from Hong Kong, London and, most recently, Sydney. He replaced Chris Corneil, also a Russell veteran, early this year when the country and regional responsibilities were combined.

This is Gunning’s first role as a businessman rather than investor. He joined Russell in 1996, from the Commonwealth Bank, as an asset consultant and was promoted to global CIO in 2008. He will now have responsibility for the firm’s business activities in Japan, Korea, China, Taiwan, Singapore, Australia and New Zealand. He will continue to serve as a member of Russell’s executive committee and report to global CEO Len Brennan.

“The appointment of our former global chief investment officer, an extraordinary investment professional, to lead the Asia-Pacific business demonstrates Russell’s commitment to this region,” said Brennan. “Pete’s knowledge of Asia-Pacific markets and experience as a global CIO will prove valuable as Russell pursues its growth strategy in the region to deliver customized multi-asset solutions to investors.”

The new global CIO is Jeff Hussey, another 20-year Russell veteran who heads up Russell’s global fixed interest capabilities from Seattle. He will be succeeded in that role by Gerard Fitzpatrick, who is a senior portfolio manager for fixed interest, also based in Seattle.

The changes take effect from October 1.