The London Stock Exchange (LSE) is reportedly seeking to sell Russell Investments’ asset management and consulting businesses for a deal worth between $700 million and $1 billion.
LSE spokesman Tom Gilbert told Investment News that the group will also perform a review of Russell’s US$256 billion investment management and consulting divisions.
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Recently, LSE agreed to buy Russell Investments from Northwestern Mutual for US$2.7 billion. The review is expected to take place following the completion of this deal at the end of 2014 or beginning of 2015.
Following the deal, Russell Investments president and CEO Len Brennan will join the exchange’s executive committee.
State Street Corp, Vanguard Group, Legal & General Group, and SEI Investments are believed to be among the possible bidders, according to Investment News.
Media reports suggest that LSE will keep Russell Investments indexing unit.
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