Russell Investments is a global investment management firm that provides investment services and products to institutional and individual investors worldwide. Russell Investments was founded in 1936 and has grown to manage over $300 billion in assets. The company has gone through several ownership changes since it was founded. Here is an overview of the key events in Russell Investment’s ownership history and who owns the company as of 2020.
Russell Investments was founded in 1936 by Frank Russell
Russell Investments has its origins dating back to 1936 when it was founded by Frank Russell in Tacoma, Washington. Frank Russell was a successful businessman who created an innovative new approach to managing institutional investment portfolios. His key insight was focusing on asset allocation rather than individual security selection. This approach formed the genesis of what became Russell’s innovative investment management practices and methodologies.
Northwestern Mutual Life Insurance acquired majority ownership in 1969
In 1969, Northwestern Mutual Life Insurance Company acquired majority ownership of Russell Investments. Northwestern Mutual is a leading life insurance company based in Milwaukee, Wisconsin. Northwestern Mutual gained an 80% ownership stake in Russell Investments in 1969. This provided Russell Investments with additional capital and resources to continue expanding its investment management services and reach new clients.
Russell Investments became a wholly owned subsidiary of Northwestern Mutual in 1985
In 1985, Northwestern Mutual acquired 100% ownership of Russell Investments, making Russell a wholly owned subsidiary. Under Northwestern Mutual’s ownership, Russell Investments continued to grow its assets under management and expand its investment products and services. Northwestern Mutual helped provide Russell Investments with the financial resources and backing to significantly grow its business over the coming decades.
London Stock Exchange Group acquired majority stake in 2014
In October 2014, the London Stock Exchange Group announced it was acquiring a majority stake in Russell Investments from Northwestern Mutual. The London Stock Exchange Group acquired Frank Russell Company, the primary operating subsidiary of Russell Investments. This deal valued Russell Investments at $2.7 billion. Under this deal, Northwestern Mutual retained a minority ownership position. This ownership change opened up Russell Investments to new global growth opportunities as part of London Stock Exchange Group.
TA Associates and Reverence Capital Partners took Russell private in 2015
In 2015, the private equity firms TA Associates and Reverence Capital Partners acquired Russell Investments from the London Stock Exchange Group for $1.15 billion. This deal took Russell Investments private after being part of public companies for decades. Under TA Associates and Reverence Capital Partners ownership, Russell Investments continues to operate as an independent firm focused on providing outcome-oriented investment solutions to clients globally.
In summary, Russell Investments has changed ownership several times since it was founded in 1936. After being majority owned by Northwestern Mutual for decades, Russell was sold to London Stock Exchange Group in 2014 before being taken private by TA Associates and Reverence Capital Partners in 2015.