London Stock Exchange Group will sell the investment management business of Russell Investments “in its entirety,” said a statement from the business.
The announcement follows a comprehensive review of the $275.1 billion money manager. LSEG completed a deal to acquire Russell Investments in December, which also includes a $5.2 trillion index business, following an announcement of its intention to purchase the firm last June.
The comprehensive review focused on the strategic fit of Russell's investment business with LSEG's long-term strategy. “After careful consideration, the conclusion of the comprehensive review is to explore a sale of this business in its entirety,” said an announcement on LSEG's website.
LSEG said it has already received “a number of expressions of interest in a potential acquisition of Russell Investment Management reflecting the high quality of its business and market leading positions.” A sale process will now begin, the statement said.
The index business is being integrated with LSEG's own index provider, FTSE.
Spokesmen for the LSE could not be reached for comment by press time.