Russell Investments’ assets under management fell 5% to $266 billion for the year ended June 30, said parent firm London Stock Exchange Group’s half-year financial update.
Assets also fell 2.2% for the three months ended June 30.
Russell Investments was acquired by the LSE in December. While the LSE is integrating Russell’s index business with its own FTSE unit, it decided in February to sell the investment management division “after careful consideration” and a comprehensive review on assessing the strategic fit of the business with its own long-term strategy.
The LSE said n a statement accompanying the update that it had received “a number of expressions of interest in a potential acquisition of the investment management business, and we continue to make good progress with the sale process.” It said more information would be provided in due course.
“In the meantime, Russell Investment Management will continue its focus on client service, growth and innovation,” the statement said.
The update showed that Russell Investments contributed £498.2 million ($772.3 million) of a total £1.1 billion in revenue.
Spokesmen for the LSE could not be reached for comment by press time.