Buckwald, who will be will be based in the firm’s global headquarters in Seattle, is succeeding Michelle Seitz who departed late last year. He will be Russell Investments’ eighth CEO in 87 years, the firm said in a statement.

Buchwald’s remit will include focusing on driving the global investment solutions firm’s next phase of growth and the quality of client experience.

“We believe Zach is the ideal leader to further Russell Investments’ legacy of innovation in asset management,” said Todd R Crockett, a managing director at TA, which, along with Reverence Capital Partners, acquired Russell Investments in 2016. “We are excited to welcome Zach and fully expect his leadership, along with president and chief investment officer Kate El-Hillow and others on the leadership team, will help propel the firm through the next phase of growth, with a focus on delivering a superior client experience.”

“I am deeply honored to join Russell Investments,” said Buchwald. “I’ve long admired Russell Investments’ unique legacy as a pioneer in investment consulting, OCIO, portfolio implementation, and much more. Today’s Russell is differentiated by its commitment to a total portfolio approach, which is critical in our inter-connected investment universe. I am excited to work with this innovative team to help clients achieve their investment goals with the best possible toolkit.”

Buchwald, formerly a managing director at BlackRock, was the head of its institutional business in North America, responsible for delivering BlackRock’s investment capabilities to the firm’s institutional clients. Prior to that, he led BlackRock’s Financial Institutions Group and earlier he helped establish its Retirement Solutions and Financial Markets Advisory platforms. Buchwald has focused much of his career on improving financial security for retirees, which is also central to Russell Investments’ stated mission. At BlackRock, he also served on the firm’s Global Operating Committee, the US/Canada Executive Committee and as sponsor of its LGBT employee network.

Prior to joining BlackRock in 2008, Buchwald served as a managing director at Morgan Stanley, where he held positions of increasing responsibility within the firm’s fixed income division, with leadership responsibility for the bank’s collateralized loan obligation platform by the end of his tenure.

“This is great news for Russell Investments’ clients. I look forward to working with Zach, especially benefiting from his stellar record of innovating client solutions to deliver on their desired investment outcomes,” Kate El-Hillow, president and chief investment officer at Russell Investments, said. “Zach is expertly prepared to further the firm’s innovation success – from cutting-edge asset allocation and unparalleled money manager insights to some of the earliest forays into factor exposures and a competitively recognised implementation capability – to address the exacting demands of investors globally.”