GP Strategies Corporation (NYSE: GPX), the parent company of global performance improvement solutions provider General Physics Corporation (GP), announced that it will join the Russell 3000® Index when Russell Investments reconstitutes its family of US indexes on 26 June, according to a preliminary list of additions posted 12 June on www.russell.com.
"We are excited to be joining the Russell 3000 Index, one of the most widely known broad-market indices," said Scott N Greenberg, CEO of GP Strategies. "We believe that inclusion in the Russell 3000 should result in increased visibility for GP Strategies within the investment community."
Annual reconstitution of Russell's US indices captures the largest US stocks as of the end of May, ranking them by total market capitalisation. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indices.
Russell determines membership for its equity indices primarily by objective, market-capitalisation rankings and style attributes. The Russell 3000 also serves as the US component to the Russell Global Index, which Russell launched in 2007.
Russell indices 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 $4 trillion in assets are currently benchmarked to them. 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.
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