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Thursday, October 08, 2015

Russell Finds a Buyer

News summary by MFWire's editors

It's official: private equity firm TA Associates is buying Russell [profile] for $1.15 billion, or approximately .42 percent of Russell's $252 billion AUM. Additioanlly, Reverence Capital Partners partnered with TA on this deal and the folks there will make a "significant" minority investment in Russell.

Todd Crockett
TA Associates
Managing Director
Todd Crockett, a managing director at TA, says that "We are delighted to partner with such an established and highly respected market leader in the investment management industry."

This development comes a few weeks after news broke that the leading bidder for Russell, Citic Securities, was being investigated by the Chinese government for insider trading. That firm's $1.8 billion offer was significantly higher than the amount announced today.

Citic was one of three bidders, along with another Chinese firm, Shanda, and Towers Watson. TA was not known to be among the bidders for Russell.

Earlier this year, TA bought North Star, the parent company of the mutual fund back office firm Gemini, and sold off its stake in First Eagle [profile] to Blackstone and Corsair.

According to the press release, the deal is expected to close in the first half of next year.  

Edited by: Max Viscio


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