A $250,000 gift made by Tacoma-based Russell Investment Group and its chairman, Michael J. Phillips, to the University of Washington Tacoma will create an endowed professorship in the university’s Milgard School of Business, according to a statement released today by the university.

The corporate gift of $200,000, enhanced by a personal contribution from Phillips, will be used by UW Tacoma to attract and retain distinguished faculty in the Milgard School of Business.

“We are deeply appreciative of this continued investment in UW Tacoma by Russell Investment Group and Michael Phillips,” said Patricia Spakes, chancellor of UW Tacoma. “Russell has been an important supporter of UW Tacoma’s campus development. This ongoing partnership will continue to strengthen the faculty of our Milgard School, building on the investment the Milgard family made, and ensuring that students in the South Sound region will continue to have rich opportunities for a world-class education close to home.”

Russell Investment Group has previously supported the Founders Endowment, the Next Step Scholarship Fund, and the Institute of Technology at UW Tacoma. Phillips currently chairs the UWT Advisory Board.

“We recognize the increasingly important role that UW Tacoma plays in the South Sound region in supplying the job market with top-notch graduates and are happy to support the university in its expansion of the business program,” said Phillips.

Russell already partners with the Milgard School, particularly as a participant in the school’s annual Financial Reporting Conference and in its Chartered Financial Analyst (CFA) track.

“Endowed partnerships and chairs enhance our ability to attract and retain top quality faculty,” said Shahrokh Saudagaran, dean of the Milgard School of Business. “We thank Russell Investment Group and Michael Phillips for their foresight in endowing a professorship at UW Tacoma’s Milgard School of Business. This gift builds on our partnership with Russell.”