Richard Davies is leaving AllianceBernstein to join Russell Investments as the head of its defined contribution business.

A 21-year veteran of the financial services industry, Davies will be responsible for the leadership, strategic direction and growth of Russell’s DC business. He will report to Russell CEO Americas Institutional Greg Gilbert and join the firm on June 1.

“There is growing momentum around the open architecture and objective, institutional-quality solutions that Russell provides for plan participants, so we are excited to welcome a leader of Dick’s caliber to help us maximize growth opportunities for our DC business,” Gilbert said. “Dick comes to us with a demonstrated track record of building client-focused businesses and is a perfect complement to our existing strong team of DC experts and our robust set of DC solutions.”

Andrew Doman, president and CEO of Russell Investments, added: “The global retirement landscape is undergoing a dramatic transformation with the continued, rapid shift from DB to DC. Russell’s investment value proposition is uniquely suited to the needs of DC participants, and Dick’s appointment further bolsters our long-term commitment to meeting the growing needs of the DC market.”