Private equity firm TA Associates has reportedly appointed Goldman Sachs to explore the divestment of its subsidiary Russell Investments.
The move was reported by the Financial Times citing sources familiar with the matter.
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However, Russell Investments and TA Associates did not respond to the publication queries. Goldman Sachs too refused to comment.
The FT report did not clarify how much money TA Associates is planning to seek through this divestment.
In 2016, TA Associated acquired Russell Investments from London Stock Exchange Group in a $1.15bn deal.
With nearly $293bn of assets under management, Russell Investments offers multi-asset investing solutions to institutional investors and financial professionals.
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By GlobalDataThe company has 22 offices globally and serves its clientele across 32 countries.
Earlier this year, the company appointed Peter Gunning as its new global CIO.
Lately, several fund managers have merged operations due to fee pressure from increasing passive investing, FT noted.
It includes the mega-merger between Aberdeen Asset Management and Standard Life as well as the combination of Janus Capital and Henderson Group.
Based in the US, TA Associates has been associated with more than 20 deals for asset managers.
In July this year, the company signed an agreement to acquire a majority stake in Wealth Enhancement Group from Lightyear Capital.
