Russell Investments has been sold to a consortium led by B Capital. The California Public Employees’ Retirement System is among the investors.
“[W]e firmly believe the future of asset management lies at the intersection of investment expertise, personalized client service and innovation,” said Eduardo Saverin and Raj Ganguly, co-founders and co-CEOs of B Capital, in a media release.
“We look forward to partnering with Zach [Buchwald] and the entire team to bring even more advanced technology and relationship-focused investing to people around the world.”
The firm has been acquired from TA Associates and Reverence Capital Partners. The two bought Russell Investments from the London Stock Exchange Group (LSEG) for US$1.15 billion — that deal closed June 1, 2016. LSEG held onto the index business which operates as FTSE Russell.
Russell Investments will continue to operate independently, according to the release. Buchwald remains as chairman and CEO. Kate El-Hillow continues in her role as president and chief investment officer.
“We’re excited to partner with these world-class investors,” Buchwald said.
In an emailed statement, John Needham, president of Russell Investments Canada, described the consortium as “long-term owners.”
“[W]e’re well positioned to continue investing in the capabilities, solutions and service that help advisors deliver better outcomes for their clients for years to come,” Needham said.
B Capital is a global multi-stage investment firm that invests across venture capital, growth equity and private equity. Its website lists “technology, health care, energy & resilience” as its primary areas of focus.
The deal is expected to close in the first quarter of 2027.