The London Stock Exchange Group (LSE) is reportedly planning to put Russell Investments up for sale in mid-February.
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The sale is expected to yield LSE around $1.4bn for the unit, reported Reuters.
LSE was previously in talks with Barclays on the sale process.
Sources said that LSE has decided to operate a formal sales process after having informal talks with at least three interested buyers, including the Canadian Imperial Bank of Commerce.
In December last year, LSE has completed the acquisition of Russell Investments also called Frank Russell Co from Northwestern Mutual for $2.7bn.
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By GlobalDataIn June last year, Russell was conducting a comprehensive review of its asset management business, which is expected to complete early this year.
