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Russell Stock Indexes to Add IPOs Quarterly

September 01, 2004|From Bloomberg News

Russell Investment Group will add initial public offerings to its stock indexes every quarter beginning Sept. 30 to more accurately reflect the U.S. market, Russell, a unit of Northwestern Mutual Life Insurance Co., said Tuesday.

IPOs had been added once a year as part of Russell's annual index reconstitution. The new plan means about 40 IPOs -- including Google Inc. -- will join the indexes at the end of the third quarter this year, said Russell, which manages more than $110 billion in assets.

Companies will not be deleted as new ones are added and indexes will continue to be rebalanced on June 30 of each year. Russell said it would announce next month's changes Sept. 15.

Russell has 21 U.S. equity indexes, including the Russell 2000 index of small companies.

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