It was announced that Russell is being sold by the London Stock Exchange to TA Associates and Reverence Capital for US$1.15 billion.

The deal is set to be concluded next year.

LSE had been looking for a buyer for Russell since February.

Managing director of Russell Investments NZ Alister van der Maas said the deal was a positive move for the Russell business but he had not yet had any contact with the purchasers.

Russell deals with the adviser market through the joint venture Implemented Investment Solutions, headed by Anthony Edmonds.

Van der Maas said that would not be affected.

He said approval from 30 regulators around the world was needed before the sale could go through, which would take up to six months.

Russell Investments provides a KiwiSaver scheme run through Aon and is the investment manager for BNZ’s KiwiSaver scheme.

It has $3 billion under management in New Zealand and $40 billion in assets under advice.

Len Brennan, president and chief executive of Russell Investments, said in a statement: “This transaction brings together a global asset manager with two of the most experienced private equity firms with significant asset management expertise. Russell Investments will maintain its operational independence, and TA Associates and Reverence Capital will provide us with strong financial backing, new strategic insights, and a commitment to help us continue to deliver innovative investment solutions to our global client base.”

LSE retains Russell's index business.