CIBC is teaming up with private equity firms, including CVC Capital Partners Ltd., for a potential purchase of Russell Investments, according to Reuters.
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Northwestern Mutual Life Insurance Co. owns Russell, and reportedly wants $3 billion.
“For CIBC, an acquisition of Russell Investments would boost its asset management business and its global presence. The Toronto-based bank, like many of its Canadian peers, has stated that it plans to actively build scale in its asset management business via acquisitions,” the report notes.
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