US insurance group Northwestern Mutual has attracted buyout interest from private equity firms Blackstone Group and Bain Capital for its multi-asset management division Russell Investments, Bloomberg has reported.
Northwestern Mutual has hired Goldman Sachs Group to explore sales options for the unit, with a potential deal thought to be worth around $3bn.
Seattle-headquartered Russell serves institutional investors as well as retail clients, with $257 of assets under management. It operates a number of indexes, including the Russell 2000 Index, with 350 investment products in all.
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