Canadian Imperial Bank of Commerce (CIBC) is reportedly mulling a bid for Frank Russell Co’s asset-management unit, a business which London Stock Exchange Group (LSE) is planning to sell in early 2015.

Last week, LSE has completed the acquisition of Russell Investments also called Frank Russell Co from Northwestern Mutual for $2.7bn.

The sale is expected to yield LSE $1.3bn to $1.5bn for the investment-management business, reported Bloomberg.

Sources said that LSE is in talks with Barclays (BARC) and Greenhill & Co on the sale process and has received interest from more than 30 potential buyers including banks, asset managers, and private-equity firms over the sale.

LSE is planning to start an auction for the business after 1 January next year but may decide not to sell the unit.

Currently, CIBC has been seeking to boost its wealth-management division through wealth management acquisitions of asset managers’ worth up C$2bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.