Russell Investments has been put up for sale by its private equity owner TA Associates, according to reports.
TA has hired banking group Goldman Sachs to handle the sale and find potential buyers for the Seattle-based firm, the Financial Times reported.
Russell, which was bought by TA in 2016 for $1.15bn from the London Stock Exchange Group, has just shy of $300bn of assets under management. The FT said it was unclear how much TA was seeking for Russell.
The move comes amid increasing consolidation in the asset management industry, with large-scale mergers like the £11bn combination of Standard Life Investments and Aberdeen Asset Management; and the $6bn merger of Janus Capital and Henderson Global Investors.
In the UK, Russell runs money for both institutions and financial professionals, offering fiduciary management, customised portfolio services and funds and strategies.
For financial advisers, the firm runs a suite of multi-asset funds and risk-rated model portfolios.
The firm hired Michelle Seitz as CEO two years ago, from rival William Blair Investment Management.
This article was first published on sister website www.investmentweek.co.uk