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.
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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.
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