London Stock Exchange to purchase Frank Russell

Associated Press |

LONDON (AP) — The London Stock Exchange Group has announced plans to purchase financial services firm Frank Russell Company for $2.7 billion.

The LSE group said Thursday the purchase would provide "a high quality U.S. business" with index and investment management services as part of a diversification strategy.

LSE Chief Executive Xavier Rolet said the acquisition would boost the group's presence in the U.S. financial services market.

He added the company comes with "a world-class client and employee base."

It will buy the company from Northwestern Mutual and minority stockholders.

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