London Stock Exchange has sold Russell Investments for $1.15bn (£750m) to private equity firm TA Associates.
Reverence Capital Partners has partnered with TA Associates in the deal and will take a minority stake in Russell, which has $266bn in assets under management in its multi-asset products.
“We are delighted to partner with such an established and highly respected market leader in the investment management industry,” said Todd Crockett, a managing director at TA Associates.
“We believe that the breadth of Russell Investments’ investment and implementation operations, as well as its orientation to multi-asset and solutions investing, will continue to be a differentiator and driver of growth in the marketplace going forward.”
“Until completion, LSEG remains firmly committed to Russell Investments, its global customer base, its exemplary client service and its innovative product offering,” Xavier Rolet, chief executive of London Stock Exchange Group.
LSE put the Russell Investments unit up for sale in February this year. The deal is expected to close in the first quarter of the year.