Seven months after beginning a strategic review of what to do with the investment management side of Russell Investments
], the London Stock Exchange Group
is officially putting the unit up for sale, as expected.
Yesterday the exchange unveiled
the conclusion of that review and confirmed that it "has already received a number of expressions of interest in a potential acquisition," though the LSE gives no hints as to the asking price or the identity of any of the bidders. Last week Reuters reported
that the price tag is $1.4 billion for the $275-billion manager of managers, and that at least three bidders, including Canadian bank CIBC
, are in the running.
"The comprehensive review focused principally on assessing the strategic fit of Russell Investment Management with the Group's long-term strategy," the LSE wrote yesterday. "After careful consideration the conclusion of the comprehensive review is to explore a sale of this business in its entirety."
The Financial Times
, Pensions & Investments
, and Reuters
all reported on the LSE's move.
continues to see private equity, or possibly a competing manager of managers (Callan or Wilshire?) as strong potential acquirers for Russell Investment Management.
From the contacts listed at the bottom of the LSE's statement, it looks like Barclays
, Goldman Sachs
, and J.P. Morgan
are all involved in the deal.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now