The London Stock Exchange Group said it has received several approaches to buy the asset-management arm of Frank Russell Co., which it bought in June.
The London Stock Exchange Group has received several approaches to buy the asset-management arm of Frank Russell Co., according to the exchange operator.
LSE said in a statement that it would put the business up for sale. When it bought Seattle-based Frank Russell for $2.7 billion in June, LSE announced that it would conduct a comprehensive review of the unit, which manages about $275 billion in assets. LSE bought Frank Russell primarily for its index business, which manages benchmark equity gauges including the Russell 2000 Index.
“LSEG has already received a number of expressions of interest in a potential acquisition of Russell Investment Management,” the company said Thursday. “A sale process of the business will now commence.”
LSE may get $1.3 billion to $1.5 billion for the investment-management business, people with knowledge of the matter said in December. Canadian Imperial Bank of Commerce was considering a bid, said the people, who asked not to be identified because the information is private.
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