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Private equity consortia go head to head for Russell Investments

23 Apr 2014

dollar 20_sqTwo consortia of private equity firms are reportedly set to go head to head against Canada’s fifth-largest bank to buy global asset manager Russell Investments.

Warburg Pincus and TPG Capital have teamed up for a bid, as have CVC Capital Partners and Silver Lake, with the deal potentially hitting $3bn according to Reuters, which cited people familiar with the matter.

It said owner Northwestern Mutual Life Insurance was hoping to find a buyer for both the company’s investment management and indexes businesses.

The Canadian Imperial Bank of Commerce is also interested in the business.

The company provides pension consulting, indexes such as the Russell 1000 Global and transition management services according to its website, and has more than $259m of assets under management.

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