The London Stock Exchange Group will put Russell Investments on the selling block next month with hopes of earning $1.4 billion for the buyside firm, according to media reports.
Reuters reports that Barclays will manage the Russell Investments sale.
According to Reuters, “The exchange operator has decided to run a formal sales process after having informal conversations with at least three interested buyers, including the Canadian Imperial Bank of Commerce, the sources said.”
The LSE has not owned the Frank Russell-owned firm for very long. It purchased the hedge fund from insurance firm Northwestern Mutual for $2.7 billion in 2014.
In June, LSE officials said they were conducting a “comprehensive review” of its asset management business, which had $275 billion under management as of Sept. 30th.
