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Friday, March 04, 2011

Russell Wraps Up an Acquisition

Reported by Armie Margaret Lee

Russell Investments has completed its acquisition of ETF provider U.S. One, company spokesman Steve Clairborne confirmed to The MFWire.com.

Seattle-headquartered Russell in January unveiled its deal to buy U.S. One, the Reno, Nevada-based investment adviser to the One Fund, an ETF of ETFs.

On February 18, shareholders of the One Fund approved the investment adviser change from U.S. One to Russell Investment Management Company. The change took effect February 23. [SEC filing]

The acquisition of U.S. One marks the latest step in Russell's ETF push. In January of last year, Russell hired two ex-Barclays Global Investors executives, James Polisson and Andy Arenberg, for key posts in its ETF business. Polisson serves as managing director of the global ETF business, while Arenberg is managing director of global ETF distribution.

Then in April, it filed papers with the SEC to launch 11 ETFs and in June, filed to launch another 17. 

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