Northwestern Mutual has confirmed that it is exploring strategic alternatives, including a possible sale, for its majority ownership in Russell Investments.
Northwestern Mutual added that it is at an early stage of evaluation, and expects the process of looking at alternatives could take months.
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"We do not expect to have any additional information to share until after a decision has been made," the firm said in a statement.
According to analysts, Russell could fetch US$2 billion or more.
Russell had nearly US$257 billion in assets under management at the end of 2013, a US$52?billion bump from the end of 2011.
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