Russell Investments’ ownership changes hands

Yasmine Raso

Senior Journalist

13 July 2026

Russell Investments’ owners, TA Associates and Reverence Capital Partners, have offloaded their stakes in the $416 billion global fund manager to an “investor consortium” headed up by a global investment firm and California’s public pension fund.

The transaction sees ownership of Russell Investments transfer over to B Capital, spearheaded by Brazilian billionaire and Facebook co-founder Eduardo Saverin alongside co-founder Raj Ganguly, and California Public Employees’ Retirement System (CalPERS) among other consortium members.

A statement from the fund manager confirmed that the acquisition is intended to provide “long-term capital, advanced technology expertise, and experience scaling next-generation businesses in transforming industries”, while remaining independent and under the existing leadership of Chairman and CEO Zach Buchwald, and President and Chief Investment Officer Kate El-Hillow.

“Helping people build long-term financial security is one of the defining challenges of our time,” Buchwald said.

“We’re excited to partner with these world-class investors because we share a long-term view of investing and the belief that it can meaningfully improve people’s lives.

“Together, alongside our clients, we’ll build a future where more people have access to the expertise and investment solutions they need to achieve their goals.”

The acquisition marks the completion of the “successful” partnership between Russell, TA and RCP first established in 2016, following a period of significant growth that saw increased product innovation and assets under management (AUM).

“Russell Investments is an exceptional company with world-class talent and outstanding business performance. We’re proud of what this team has built, and we’re excited for its future,” Todd Crockett, Managing Director of TA, and Milton Berlinski, Co-Founder and Managing Partner of RCP, said.

Russell Investments also made clear its intentions once the support of the investor consortium is finalised, including:

• “Extending its open architecture approach to more investors through technology, greater customisation, analytics and increased access,
• Investing in the expertise and capabilities that seek to deliver best-in-breed portfolios at scale, and
• [Continuing the growth of] its key businesses: institutional outsourcing, portfolio implementation, personalised solutions and model portfolios, tax-managed investing, and self-directed investing through a multi-manager framework”.

“As global investors in transformative technologies, we firmly believe the future of asset management lies at the intersection of investment expertise, personalized client service, and innovation,” Saverin and Ganguly said.

“From OCIO and pension consulting to innovative indexes and smart beta, Russell Investments has always been a trailblazing firm built on client trust. We look forward to partnering with Zach and the entire team to bring even more advanced technology and relationship-focused investing to people around the world.”

“Russell Investments has built a trusted global franchise grounded in investment excellence and client service,” CalPERS’ Deputy Chief Investment Officer, Anton Orlich, said.

“We believe the partnership and shared vision of Russell Investments and the Investor Consortium creates a compelling opportunity to build a next-generation asset manager. We look forward to supporting the business as it expands access to innovative investment solutions, accelerates growth, and helps shape the future of investing.”