SUGAR LAND, Tex., June 13, 2012 /PRNewswire/ -- Arabian American Development Co. (NYSE:ARSD) announced today that according to a preliminary list of additions posted June 8th on www.russell.com, it is set to join the Russell Global Index, as well as, the Russell 3000 according to a preliminary list of additions posted June 8th on www.russell.com. Index when Russell Investments (Russell) reconstitutes its comprehensive set of global equity indices on June 25th. Russell determines membership for its equity indices primarily by objective market-capitalization rankings and style attributes. Russell launched the Russell Global Index in 2007 leveraging the popular methodology from its U.S. indices. The broad-market Russell 3000® Index serves as the U.S. component to the Russell Global Index. Inclusion in the Russell Global Index and Russell 3000® Index will become effective after the close of market trading on Friday, June 22, 2012.
Membership in the Russell Global Index, which remains in place for one year, means automatic inclusion in the appropriate large-cap, small-cap, and all-cap indices, as well as, the applicable style, sector and country indices. Annual reconstitution of Russell's U.S. indices captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000®, which also 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.
Nick Carter, President and Chief Executive Officer, commented, "Our addition to these indices creates greater visibility for the Company with the U.S. and global investment communities. Our international customer base is expanding rapidly, our mining operation in Saudi Arabia has recently passed its six-month milestone of operation, and we have substantial U.S. market share in our core products. Our inclusion in the Russell Global index and the Russell 3000® reflects and marks another important milestone in our Company's development."
Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. In the institutional marketplace an industry-leading $3.9 trillion in assets are currently benchmarked to them.
The Russell Global Index which captures approximately 98% of investable securities globally is reconstituted annually and all sub-indices 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 1980's when the company saw the need for a more objective market-driven set of benchmarks in order to evaluate outside investment managers.
Total returns data for the Russell Global Index and other Russell indices is available at http://www.russell.com/indexes/data/Global_Equity/russell_global_returns.asp.
Russell Investments (Russell) is a global asset manager and one of only a few firms that offers actively managed, multi-asset portfolios and services that include advice, investments and implementation. Working with institutional investors, financial advisors and individuals, Russell's core capabilities extend across capital markets insights, manager research, indices, portfolio implementation and portfolio construction.
Russell has approximately $155 billion in assets under management (as of 3/31/2012) and works with 2,400 institutional clients, more than 580 independent distribution partners and advisors, and individual investors globally. Founded in 1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance Company.
About Arabian American Development Company (ARSD)
ARSD owns and operates a petrochemical facility located in southeast Texas just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and now a 37% owner of AMAK, a Saudi Arabian joint stock mining company.
SOURCE Arabian American Development Co.