The London Stock Exchange group has agreed to sell Russell Investments, an asset management business it acquired in December 2014, to private equity investors TA Associates for $1.15 billion.

The LSE announced the sale agreement after the UK market closed on Thursday October 8. TA is to acquire the majority of the Russell business, and is partnering with fellow private equity investor Reverence Capital Partners, which is to make a "significant minority investment", according to the LSE's statement.