The London Stock Exchange Group (LSE) has completed the acquisition of Russell Investments from Northwestern Mutual for $2.7bn.
Northwestern Mutual said that the proceeded from the sale will further increase its 2014 financial results.
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Meantime, Russell continues to conduct a comprehensive review of its investment management business, which is expected to complete early next year.
Xavier Rolet, CEO of LSE, said: "Today marks a significant step for the Group. Russell significantly enhances LSEG’s presence in the US, the world’s largest global financial services market, further expanding our global footprint and diversifying our customer and product base."
John Schlifske, chairman and CEO of Northwestern Mutual, said: "When you look at this sale price and the income produced for us since we bought Russell in 1999, you get a rate of return well in excess of equity indices over that period."
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