(Bloomberg) — London Stock Exchange Group Plc has received several approaches to buy the asset-management arm of Frank Russell Co., according to the exchange operator.
LSE said in a statement that it would put the business up for sale. When it bought Frank Russell for $2.7 billion in June, LSE announced that it would conduct a comprehensive review of the unit, which manages about $275 billion in assets. LSE bought Frank Russell primarily for its index business, which manages benchmark equity gauges including the Russell 2000 Index.
LSEG has already received a number of expressions of interest in a potential acquisition of Russell Investment Management, the company said Thursday. A sale process of the business will now commence.
LSE may get $1.3 billion to $1.5 billion for the investment-management business, people with knowledge of the matter said in December. Canadian Imperial Bank of Commerce was considering a bid, said the people, who asked not to be identified because the information is private.
