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Tuesday, November 19, 2019 Has PE Put a $293B-AUM Shop On the Block? A private equity-backed, 83-year-old, multi-manager mutual fund firm may be on the block soon.
The sale rumors come three and a half years after TA and Reverence Capital Partners bought Russell as planned in a $1.15-billion deal (with TA as the majority owner and Reverence taking a significant minority stake). A year later, Michelle Seitz joined Russell and took over as CEO.
Russell is a manager of managers, so perhaps another manager of managers or multiboutique asset manager would be interested to gain scale. Or perhaps other TA- or Reverence-backed firms might make moves. Reverence also backs Victory Capital, a now publicly traded multiboutique asset manager that's about half Russell's AUM (though Victory may be too busy digesting its biggest ever acquisition, which closed over the summer). Reverence also backs Advisor Group, a big network of B-Ds that's about to make a big acquisition of its own. As for TA, they back a smaller mutual fund shop, Stadion, that specializes in 401(k) managed accounts. Printed from: MFWire.com/story.asp?s=60527 Copyright 2019, InvestmentWires, Inc. All Rights Reserved |