By Jessica Toonkel
(Reuters) - The London Stock Exchange Group Plc (L:LSE) plans to put Russell Investments up for sale in mid-February and hopes to fetch around $1.4 billion (923 million pounds) for the unit, two sources told Reuters Wednesday.
The exchange operator has tapped Barclays (L:BARC) to sell the business, according to the sources, who wished to remain anonymous because they are unauthorised to speak to the media.
The exchange operator has decided to run a formal sales process after having informal conversations with at least three interested buyers, including the Canadian Imperial Bank of Commerce (TO:CM), the sources said.
Spokesmen for LSE, CIBC and Barclays declined to comment.
The London Stock Exchange bought Frank Russell from insurer Northwestern Mutual last year for $2.7 billion primarily for its large index business. The exchange beat out a number of interested buyers, including CIBC and a handful of private equity firms, sources said.
In June, the exchange operator said it was conducting a "comprehensive review" of the asset management business, which had $275 billion under management as of Sept. 30. In December, LSE said it expected the review to be completed in early 2015.