Russell Investments is acquiring Zurich Australia’s asset management arm, a move that the US firm anticipates will boost its retail and wealth funds managed in Australia to approximately US$11 billion.
Zurich Australia is a unit of Swiss insurer Zurich Group.
The acquisition of the asset management arm, Zurich Investment Management, will add nearly $2 billion to funds under management by Russell Investments, the Seattle-based firm says in a statement on January 29. It did not disclose the price paid for the asset manager.
“This acquisition adds to the strong growth and momentum in our Australia wealth business,” according to Jason Edgar, head of Asia Pacific at Russell Investments, which had around $398 billion of assets under management as of end-December.
Zurich Investment Management’s staff will join Russell Investments Australia when the deal is completed, expected by the end of March.
