American private equity firm Carlyle Group is reportedly seeking to acquire a traditional money manager to widen its own investment platform.
The firm recently considered acquiring asset manager Russell Investments, a subsidiary of Northwestern Mutual Life Insurance, using its own rather than investors’ money, Reuters reported quoting undisclosed sources.
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However, eventually Carlyle decided to pursue the business through its private equity division, the sources told Reuters.
According to the publication, Carlyle had considered adding bond fund manager TCW Group to its investment capabilities in 2012, but it also ended up buying that business through its buyout funds.
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