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Rating:Mellon Buys Other Half of Russell Joint Venture Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 09, 2005

Mellon Buys Other Half of Russell Joint Venture

by: Theresa Sim

Mellon Financial has bought the other half of Russell/Mellon , the investment analytics joint venture that it started with Russell Investment Group.

The terms of the deal were not disclosed.

According to a Mellon statement, Russell/Mellon has more than 650 employees and $6 trillion in assets under management. The deal will split out the sales, servicing, calculation and distribution of the famed Russell indexes back into Russell Investment Group, along with approximately 30 employees of the joint venture.

"As Russell does in many aspects of our business, we will focus on our core strengths while relying on third-party experts like Mellon for important services that are not entirely central to our investment services offerings," said Craig Ueland, president and CEO, Russell Investment Group, in a statement.

Mellon will rename the rest of the company Mellon Analytical Solutions and house the unit within its Asset Servicing group. MAS will continue to provide measurement and analytics to Russell Investment Group under a new multi-year servicing contract, along with other institutional clients.

"MAS will be a critical component to Mellon's success in the traditional custody and tax-exempt/pension fund markets, and a key driver to our continued expansion of solutions for financial institutions," said Martin McGuinn, Mellon chairman and chief executive officer, in a statement.  

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