Russell & Company was registered as a Partnership under the Partnership Law of 1928 on 10 May 1937 under registration number 151. It was the first professional accountancy firm in Cyprus and its first partners were a cosmopolitan group of businessmen from Cairo, Alexandria and Jerusalem. The Partnership was later joined by Cypriots and in 1962 it became a representative firm of Arthur Young.

Ninos Hadjirousos joined Russell & Company in 1971 and took over the management of the firm in 1976. In 1989, as a result of the international mega merger between Arthur Young and Ernst & Whinney and the formation of Ernst & Young, all the business of Russell & Company was transferred to Ernst & Young Cyprus and Ninos Hadjirousos became Senior Partner in Ernst & Young Cyprus. The partnership of Russell & Company remained dormant.

In 2013 Ninos Hadjirousos registered Russell & Company as a limited liability company under registration number HE 317837 in order to continue providing high quality services in audit, accounting, tax, restructuring, insolvency and business advisory.