Ellie Mae Inc., a provider of software and automation solutions for mortgage bankers, community banks, credit unions and other mortgage lenders, has announced that it has been included in the preliminary list of additions to the Russell Global Index when Russell Investments reconstitutes its comprehensive set of global equity indexes on June 24, 2011. Membership in the Russell Global Index, which remains in place for one year, means automatic inclusion in the appropriate large-cap, small-cap, all-cap indexes as well as the applicable style, sector and country indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
“We see the addition to the Russell Global Index as a reflection of Ellie Mae’s positive momentum, while the inclusion in the index marks yet another milestone for the company,” said Sig Anderman, president and chief executive officer of Ellie Mae Inc.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading US$3.9 trillion in institutional assets are currently benchmarked to them.
The Russell Global Index, which captures 98 percent of investable securities globally, is reconstituted annually and all sub-indexes are recalibrated simultaneously to accurately measure current market realities for each market segment. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers. Russell launched the Russell Global Index in 2007, leveraging the popular methodology from its U.S. indexes. The broad-market Russell 3000 Index serves as the U.S. component to the Russell Global Index.