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CIBC is teaming up with private equity firms, including CVC Capital Partners Ltd., for a potential purchase of Russell Investments, according to Reuters.

Read: CIBC’s CEO to retire

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.

Read the rest here.

Also read:

Russell Investments strengthens institutional team

Russell Investments introduces inflation linked bond

Originally published on Advisor.ca

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