Steven M. Murray, Ph.D., CFA

Steve Murray

Director, Asset Allocation and Investment Solutions

B.A., Mathematics, Whitman College, 1987
M.S., Operations Research, Stanford University, 1989
Ph.D., Operations Research, Stanford University, 1992
CFA Charterholder, CFA Institute, 2005


Steve Murray is director of asset allocation and investment solutions for Russell Investments. In this role, his primary responsibilities are leading the global development of defined contribution asset allocation policy and investment strategies and coordinating with client service and sales teams to provide multi-asset solutions for plans and participants.

Steve is the author of numerous papers. Some of his recent Russell Investments Research Commentaries include “Review of Russell Investments’ Target Date Fund Methodology,” “The Role of Downside Protection Strategies in a Total Portfolio,” and “Optimizing Retirement Income: An Adaptive Approach Based on Assets and Liabilities” (published in the Journal of Retirement), which was designated one of the top ten must-read income research articles of 2013 by Retirement Income Journal.

Steve joined the firm’s investment research and development group in 1992, where he was tasked with developing asset/liability management models for large financial institutions and implementing large-scale stochastic programming models.

Steve is an Affiliated Instructor in the University of Washington’s Computational Finance and Risk Management Program. He has a long history of participation with non-profit organizations and is currently a member of the Impact Investing Committee for the Greater Tacoma Community Foundation. Steve is a member of the CFA Institute and the Seattle Society of Financial Analysts.


Robust Target Date Fund Glide Path

August 2022
We've updated our target date fund glide path. See the summary of our updated research and impact on our target date funds.

What are reasonable outcomes to expect from a target date glide path?

February 2019
Participants in 401(k) plans and plan sponsors may be challenged to understand whether their future savings and investment plans are consistent with their planned retirement income. In this article, we investigate a simple approach to compare the ambitiousness of the participant’s plan with the reality of growth available from existing target date solutions.