TA Associates and Reverence Capital to buy Russell Investments for $1.15 bln

TA Associates and Reverence Capital Partners have agreed to acquire Seattle-based investment manager Russell Investments from London Stock Exchange for $1.15 billion. The deal is expected to close in the first half of 2016. As a result of the transaction, Milton Berlinski, a managing partner at Reverence Capital will join Russell Investment’s board of directors as will TA Associates’ Managing Directors Todd Crockett and Roger Kafker. J.P. Morgan and Goldman Sachs are advising LSEG and Russell Investments while Broadhaven Capital Partners is doing likewise for TA Associates and Reverence Capital.


LSE in talks with six bidders for Russell Investment-FT

London Stock Exchange Group Plc is in talks with at least six parties interested in buying Russell Investment Management, the investment arm of LSE-owned Frank Russell Co, the Financial Times reported, citing people close to the process.

Sony Pictures Entertainment Co-Chairman Amy Pascal poses during the premiere of "The Interview" in Los Angeles

peHUB Second Opinion

In Second Opinion, Sony Studio head Amy Pascal is leaving her post in wake of hacking attack, London Stock Exchange puts Russell Investments on the block and The Swatch Group announces plans to launch its own smart watch. Take that Apple Watch!


NextCapital scores $6 mln

NextCapital has received $6 million in funding. The investors included Russell Investments. Based in Chicago, NextCapital is a provider of portfolio dashboards and wealth-forecasting software for 401(k) managed accounts.

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Trending on peHUB this week: CalPERS, OMERS, JP Morgan Chase, Russell Investments, HGGC, MassPRIM, Cambridge, TPG Capital, dry powder, VC returns, PE jobs and direct investing.


PE likely to bid for Russell Investments

Northwestern Mutual Life has hired Goldman Sachs to run the auction of Russell Investments, sources told peHUB. Russell, which runs the Russell Indices, could sell for $2 billion to $2.5 billion.

Russell, Expected To Be Sold, Hires Key Execs

Russell Investments, which is expected to go up for sale, has recently filled three senior posts.

In May, Russell tapped David Tenney to be managing director of business growth and development, a spokeswoman says. Tenney is the former co-head of America’s research at Goldman Sachs & Co. He was COO of global investment research at Goldman before he retired in December 2007, an official says.

Last month Russell announced that John McMurray had been hired as chief risk officer to lead the global risk management department within Russell’s office of the Chief Legal Officer. McMurray was previously chief risk officer for the Federal Home Loan Bank of Seattle. Russell also hired Erik Strom as director of government & community relations. Strom was in a similar role at the Federal Home Loan Bank of Seattle.


Sale of Russell Investments Could Be A Whopper: UPDATED

While many people may still be talking about the BK sale, there is another deal that has the potential to be a whopper. Northwestern Mutual Life Insurance is thinking about selling Russell Investments.

Before you laugh, a Russell sale would be a big deal in the asset management space. Anyone who has invested in the stock market knows Russell, which is best known as the index provider behind many biggest mutual funds.

Northwestern Mutual has decided that Russell Investments isn’t a core asset anymore and is seriously considering putting the $140 billion asset manager up for sale, according to Investment News. Northwestern Mutual bought Russell in 1998 in a deal that was estimated at $1.2 billion. Earlier this year, Russell sold Pantheon Ventures, its PE firm, to Affiliated Managers Group for $775 million.

AMG Closes Pantheon Buy

Affiliated Managers Group (NYSE: AMG) said Wednesday that it has completed its buy of Pantheon from Russell Investments (a subsidiary of Northwestern Mutual Life). The deal was valued at roughly $775 million. Pantheon is a fund-of-funds and secondary fund manager. AMG is an asset manager.

Andrew Doman Names CEO of Russell Investments

Andrew Doman has been named CEO of Russell Investments. He previously was a founding director of McKinsey & Co.’s UK-based European Asset Management practice. He succeeds John Schlifske, who will continue to serve as Russell’s president.

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