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Towers Watson and Threadneedle parent circle Russell Investments

Towers Watson and Threadneedle Investments’ parent company are among the bidders circling Russell Investments, the US asset manager being sold by the London Stock Exchange Group.

The FT reports an auction process for the business is now in the second round. Russell Investments has $273bn (£177bn) in funds under management and is expected to be sold for as much as $1.5bn (£975m).

In February LSE confirmed it would sell Russell Investments, which it acquired as part of last year’s $2.7bn (£1.77bn) purchase of the Frank Russell Company.

Russell Investments owns the On-line Partnership, the parent company of adviser networks In-Partnership and Whitechurch.

At least six bidders are circling the business, according to people close to the process.

The bidders include Towers Watson and financial services group Ameriprise, which owns Threadneedle Investments.

Other bidders are believed to include at least one China-based group and private equity firms.

Goldman Sachs and JPMorgan Chase are running the sale process for the LSE. All parties declined to comment.

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