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(Bloomberg) -- Russell Investments is being acquired by a group of investors led by the venture firm B Capital Group and California Public Employees' Retirement System in a bid to ready the 90-year-old ***** et manager for the AI era.
The consortium was organized by B Capital, which was co-founded by billionaire Eduardo Saverin and former Bain Capital investor Raj Ganguly. The deal for the $416 billion ***** et manager is valued at $2.8 billion, according to a person with the knowledge of the matter, who asked not to be named discussing non-public information.
"We've always believed that the way that people save and invest for retirement can be improved by leveraging AI," Ganguly said in an interview, declining to comment on the transaction's details. "But you can't remove the human element from it."
The acquisition comes at a moment of considerable change in the ***** et management industry, with firms rushing to combine for scale, expanding into new types of private and alternative ***** ets and investing in technology to reach more clients.
(Bloomberg) -- Russell Investments is being acquired by a group of investors led by the venture firm B Capital Group and California Public Employees' Retirement System in a bid to ready the 90-year-old ***** et manager for the AI era.
The consortium was organized by B Capital, which was co-founded by billionaire Eduardo Saverin and former Bain Capital investor Raj Ganguly. The deal for the $416 billion ***** et manager is valued at $2.8 billion, according to a person with the knowledge of the matter, who asked not to be named discussing non-public information.
"We've always believed that the way that people save and invest for retirement can be improved by leveraging AI," Ganguly said in an interview, declining to comment on the transaction's details. "But you can't remove the human element from it."
The acquisition comes at a moment of considerable change in the ***** et management industry, with firms rushing to combine for scale, expanding into new types of private and alternative ***** ets and investing in technology to reach more clients.
22 days ago
