US-based Russell Investments has agreed to buy UK-based IFA network On-line Partnership Group (OLPG) for undisclosed sum.

On-Line Partnership is the parent company of networks In-Partnership and The Whitechurch Network.

Russell said that it intends to expand the services provided by the OLPG’s members, bringing new resources to bolster its existing investment research, technology and administration capabilities.

Greg Stark, managing director of retail and partnerships for the UK at Russell Investments, said: "When we were looking to expand our existing relationships with UK advisers, On-Line Partnership stood out because of the strength of its business model, the quality of the member base, and its robust compliance culture."

The acquisition of OLPG, which is a 600-strong adviser network, has been approved by the regulator but is subject to the completion of transaction documentation and agreement by minority shareholders in the network.

With £152 billion of AUM, Russell provides advice, investment solutions and implementation services to thousands of corporate retirement plans, professional investors and financial advisors worldwide.