Milwaukee-based Northwestern Mutual Life Insurance Co. Inc. is exploring a possible sale of its Russell Investments asset management business, according to a report by Reuters.
Seattle-based Russell has $247 billion in assets under management. The company provides pension consulting, investment management, transition management services and indexes such as the Russell 1000 Global Index.
Reuters cited four people familiar with the situation. The news service its sources needed to remain anonymous.
Northwestern Mutual is discussing selling the Russell subsidiary because the company has decided the investment group is not a core part of its business, Reuters reported.
A spokesman for Northwestern Mutual told BizTimes the company does not respond to market speculation.