The London Stock Exchange Group (LSE) has agreed to buy Russell Investments from Northwestern Mutual for $2.7 billion.
The acquisition is expected to be completed later this year.
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The transaction is subject to approval from regulators and shareholders as well as satisfaction of other closing conditions.
Following the deal, Len Brennan – the chief executive of Russell – will join the executive committee of LSE.
John Schlifske, chairman and CEO of Northwestern Mutual, said: "The proceeds from the sale will cap off what has proven to be a good investment for Northwestern Mutual. When you look at the income it produced over all that time and this sale price you see a great example of how we build value for policyowners of our mutual company."
Russell has about $260 billion in assets under management, while Northwestern Mutual manages more than $184 billion in invested assets.
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