It's official: private equity firm TA Associates
is buying Russell
] for $1.15 billion, or approximately .42 percent of Russell's $252 billion AUM. Additioanlly, Reverence Capital Partners
partnered with TA on this deal and the folks there will make a "significant" minority investment in Russell.
| Todd Crockett|
, a managing director at TA, says that "We are delighted to partner with such an established and highly respected market leader in the investment management industry."
This development comes a few weeks after news broke that the leading bidder for Russell, Citic Securities
, was being investigated
by the Chinese government for insider trading. That firm's $1.8 billion offer was significantly higher than the amount announced today.
Citic was one of three
bidders, along with another Chinese firm, Shanda
, and Towers Watson
. TA was not known to be among the bidders for Russell.
Earlier this year, TA bought North Star
, the parent company of the mutual fund back office firm Gemini
, and sold off its stake in First Eagle
] to Blackstone
According to the press release
, the deal is expected to close in the first half of next year.
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