Russell to buy First Asset

Frank Russell Canada, a unit of U.S.-based Russell Investment Group, has announced it has reached a deal to purchase First Asset Advisory Services from AMG Canada. Financial details were not released.

“Being part of Russell will allow us to continue to provide our clients with the excellent service to which they are accustomed,” said Lisa Langley, president and COO of First Asset. “Our industry-leading, independent separately managed account platform coupled with Russell’s experience and expertise in the areas of manager research and managed money solutions will serve our clients well and help us to expand further.”

First Asset was founded in 2002 and offers separately managed accounts under the Legacy brand. The deal is expected to close in January 2006 pending regulatory approval. Russell says it does not anticipate that FAAS will undergo any significant organizational changes.

Russell offers the Sovereign Separate Accounts Program and will continue to offer the Legacy Wealth Management Program, as well as several other national white labelled programs.

“As a recognized global leader in multi-manager investing, no other firm in the country offers the depth and breadth of our manager research capabilities or the level of third-party objectivity that we can bring to bear in delivering managed money programs for advisors,” says Joe Perrin, President and Managing Director of Russell Canada.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com