The London Stock Exchange Group (LSE), the owner of Russell Investments, has announced it would look to sell Russell’s investment management business.
According to a joint message of LSE’s CEO Xavier Rolet and Russell’s President and CEO Len Brennan, the company came to the conclusion after conducting a comprehensive review over the last six months.
“The review focused principally on assessing the strategic fit of Russell’s investment management business with the Group’s long-term strategy,” they said. “After careful consideration, the conclusion of the comprehensive review is to explore a sale of the investment management business.”
LSE said it has already received much interest in the potential acquisition, “reflecting the high quality of its business and market leading positions.”
The company will only sell Russell’s investment management business “in its entirety,” Rolet and Brennan said, and the sale process will begin immediately.
LSE said it would continue to be committed to maintaining Russell’s client service and products, but will also focus on “successfully integrating Russell Indexes with FTSE.”
In a November in-depth analysis of LSE’s $2.7 billion purchase, CIO wrote it was likely Russell’s asset management division would be sold separately.
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