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Thursday, February 5, 2015

LSE puts Russell Investments up for sale, (NYSE: CM), (TSE: CM.TO)

The London Stock Exchange Group said on Thursday it would sell Russell Investments, the asset management arm of the Frank Russell Co business which it acquired for $2.7 billion last year.LSE said in a statement it was launching a sale process, having already received a number of expressions of interest in the unit.Reuters reported last week that LSE was planning to sell the investment management unit for about $1.4 billion.LSE bought Frank Russell from insurer Northwestern Mutual, primarily for its large index business. The exchange beat a number of interested buyers, including the Canadian Imperial Bank of Commerce (CIBC) and a handful of private equity firms, sources told Reuters last week.

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. Shares of CM traded higher by 2.75% or $2.0/share to $74.65. In the past year, the shares have traded as low as $69.16 and as high as $97.97. On average, 316342 shares of CM exchange hands on a given day and today's volume is recorded at 224854.

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. Shares of CM traded higher by 1.57% or $1.43/share to $92.77. In the past year, the shares have traded as low as $86.49 and as high as $107.37. On average, 1280120 shares of CM.TO exchange hands on a given day and today's volume is recorded at 651919.



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