Thu, 26/06/2014 - 16:06
Northwestern Mutual is to sell the company's subsidiary, Russell Investments, to the London Stock Exchange Group (LSEG) for USD2.7 billion.
The sale will be finalised later this year, pending regulatory and LSEG shareholder approvals and satisfaction of other closing conditions.
Russell is a global investment services firm that oversees almost USD260 billion in assets, primarily for large, institutional investors such as pension funds. The firm also maintains stock indices such as the Russell 2000. Russell mutual funds are available to retail investors.
"The proceeds from the sale will cap off what has proven to be a good investment for Northwestern Mutual," says John Schlifske, chairman and CEO of Northwestern Mutual. "When you look at the income it produced over all that time and this sale price you see a great example of how we build value for policyowners of our mutual company."
Northwestern Mutual manages more than USD184 billion in invested assets as part of its general account investment portfolio, which backs its insurance and annuity products.
Goldman, Sachs & Co and JP Morgan Securities acted as financial advisors to Northwestern Mutual on the transaction.
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