Northwestern Mutual Life Insurance bought Russell in 1999 for a variety of reasons. Now there are rumors that the mega life insurance company might be selling it to raise cash and focus on their core business.
This was the strategy of the firm, early on in the 2000′s, to be the go-to for institutional investors.
Now that times are difficult for many investment management service firms, industry sources say the divestiture of Russell could occur, gfinancenews.com reports.
Russell recently sold Pantheon Ventures, to Affiliated Managers Group for $775 million.
Both, spokespeople for Russell and Northwestern will not comment, with Northwestern spokesman, Darryll Fortune saying Russell is not for sale.
Russell’s recent setbacks
- CEO, Craig Ueland resigns with a large number of executives
- CFO, Frank Ryan announces departure
- 2008, Shut down Fund of Funds business
- Business affected from financial crisis from 2007-2009, continues today
Russell would be an attractive company for potential suitors.
Many pension funds and other investors heavily use their products and services.
Select Your Language:
- Russell employees: We want to hear from you (thenewstribune.com)
- Seattle move the latest shift for Russell (seattletimes.nwsource.com)
- Kennedy Wilson Joining Russell 2000 Index (eon.businesswire.com)
- Russell Launches Expanded Investment Manager Due Diligence Service (eon.businesswire.com)