Private equity firm TA Associates has completed the acquisition of Frank Russell Company’s asset management business (Russell Investments) from London Stock Exchange Group (LSEG) in a transaction valued at USD1,150 million.
Reverence Capital Partners, a financial services-focused investment firm, partnered with TA Associates and has made a significant minority investment in Russell Investments. Russell Investments’ management invested alongside TA Associates and Reverence Capital to acquire a meaningful equity stake. The transaction closed on 1 June.
Russell Investments is a global investment manager, with an 80-year heritage of delivering innovative solutions, strong investment results and high quality client service to institutional and retail investors globally. The firm has more than USD2471 billion of assets under management and is focused on delivering an outcome-oriented, multi-asset solutions approach to clients worldwide. Integral to its delivery of multi-asset solutions, Russell Investments provides implementation capabilities that include transition management, currency management, overlay services, commission management and agency trading. Russell Investments also offers consulting services with USS2.21 trillion of assets under advisement.
“We are very pleased to complete the acquisition of Russell Investments and, together with Reverence Capital, begin our new relationship with this established and highly respected market leader,” says Todd Crockett (pictured), a Managing Director at TA Associates. “We will utilise our industry knowledge, experience and global resources to help accelerate Russell Investments’ growth.” Added Milton Berlinski, Managing Partner of Reverence Capital, “We look forward to a close collaboration with TA Associates and the leadership team at Russell Investments, helping to drive the firm’s continued long-term success.”
“Russell Investments is excited to move forward with TA Associates and Reverence Capital, both of which have extensive experience investing in the asset management industry,” says Len Brennan, CEO of Russell Investments. “We see tremendous opportunities ahead as investors continue to shift toward a focus on achieving outcomes, and in turn look to Russell Investments to offer our multi-asset capabilities and solutions. With the support of our new investors, we will leverage the strength of our investment proposition and caliber of our service offering to position our business for continued growth. Management has demonstrated its commitment to the business by investing alongside TA Associates and Reverence Capital, further aligning Russell Investments with its long-standing clients.”
