Former Tacoma investment giant announces new owners
An investment giant that started in Tacoma has announced plans for new ownership, 10 years after its last sale.
Russell Investments, founded in Tacoma in 1936, on Thursday announced in a news release that “an investor consortium led by B Capital, a global multi-stage investment firm, and including California Public Employees’ Retirement System (CalPERS), has agreed to acquire the firm from TA Associates and Reverence Capital Partners.”
TA Associates and Reverence Capital acquired Russell from the London Stock Exchange in 2016 for $1.15 billion. LSEG retained the index business — FTSE Russell.
While Russell did not disclose terms of the deal, Bloomberg News and other financial media reported the sale was valued at $2.8 billion.
Thursday’s announcement stated that the move would enable Russell to “extend its open architecture approach to more investors through technology, greater customization, analytics and increased access.”
Industry analysts on Thursday speculated that the move likely was to help accelerate Russell’s asset management work in the age of AI.
The loss of Russell headquarters in its move to Seattle, completed in 2010, was a shock to Tacoma’s central business district. The former Frank Russell Building, now known as 909 A Street Building, remains a Class-A office tower and is referred to in real estate marketing as “the diamond of Tacoma.”
The firm’s longtime leader and visionary, George F. Russell Jr., 93, died in December at his home near Tacoma.
Thursday’s release stated, “Following the transaction close, Russell Investments will continue to operate independently under its existing leadership team, led by Chairman and CEO Zach Buchwald, and President and Chief Investment Officer Kate El-Hillow.”
The deal is expected to close in the first quarter of 2027, following regulatory approvals and other closing conditions.
