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Friday, February 6, 2015

The Russell Investment Management Sale Officially Begins

News summary by MFWire's editors

Seven months after beginning a strategic review of what to do with the investment management side of Russell Investments [profile], the London Stock Exchange Group is officially putting the unit up for sale, as expected.

Yesterday the exchange unveiled the conclusion of that review and confirmed that it "has already received a number of expressions of interest in a potential acquisition," though the LSE gives no hints as to the asking price or the identity of any of the bidders. Last week Reuters reported that the price tag is $1.4 billion for the $275-billion manager of managers, and that at least three bidders, including Canadian bank CIBC, are in the running.

"The comprehensive review focused principally on assessing the strategic fit of Russell Investment Management with the Group's long-term strategy," the LSE wrote yesterday. "After careful consideration the conclusion of the comprehensive review is to explore a sale of this business in its entirety."

The Financial Times, Pensions & Investments, and Reuters all reported on the LSE's move.

MFWire continues to see private equity, or possibly a competing manager of managers (Callan or Wilshire?) as strong potential acquirers for Russell Investment Management.

From the contacts listed at the bottom of the LSE's statement, it looks like Barclays, Goldman Sachs, and J.P. Morgan are all involved in the deal. 

Edited by: Neil Anderson, Managing Editor

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