PE and Bank Bid For US Money Manager


April 24, 2014

One of Canada’s largest banks is competing with PE firms to acquire Russell Investment for USD 3 billion, according to the Globe & Mail. The size of the deal makes it this week’s buyout of the week. Russell is a US money manager running about USD 250-million of assets and has other businesses, such as index management and pension consulting. The potential buyers expect the business to generate 15 per cent of earnings or more for the acquirer. The area of asset management has a seen a lot of M&A as both that largest PE firms and banks look to add assets under management.

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