Steven Murray

Director of Asset Allocation Strategies
Russell Investments


B.A., Mathematics, Whitman College; M.S., Operations Research, Stanford University; Ph.D., Operations Research, Stanford University; CFA Charterholder, CFA Institute.


Dr. Murray is Director of Asset Allocation Strategies for Russell Investments where he is responsible for portfolio construction research as well as the development and maintenance of model portfolios. Model portfolio research informs the management of multi-asset, balanced portfolios and supports client service and sales activities across regional institutional and retail business units. Dr. Murray also serves on Russell’s endowment and foundation practice group. Murray joined Russell’s investment research and development group in 1992, when his initial responsibilities were as a team member and project technical manager of customized asset/liability management models. These models were developed for large financial institutions, including banks and insurance companies. Dr. Murray’s role included both developing theoretical algorithms and implementing large-scale stochastic programming models. Murray has led Russell’s strategic forecasting group as well as the asset/liability analysis group, and his recent Russell research commentaries include an update to “Endowments, Foundations and the Inflation Challenge”, “Are 5% Distributions an Achievable Hurdle for Foundations? Were They Ever?” and “Rebalancing and Enhanced Asset Allocation.” He is a member of the CFA Institute and the Seattle Society of Financial Analysts and INFORMS (formerly the Operations Research Society of America). Dr. Murray is a recipient of 1999, 2001 and 2008 Russell Team Excellence Awards and a 2004 Russell Leadership Award.