The London Stock Exchange Group (LSEG) has confirmed its willingness to sell the investment management arm of Russell Investments, after its $2.7bn (€2.4bn) takeover last year.

In June, the London indices and stock exchange group launched a formal takeover bid of the company to pair its indices business with that of Russell Investments.

LSEG is the parent company to FTSE – the London-based indices firm.

However, expectations that it would dispose of the investment management surrounded the takeover and has now been confirmed in a letter to clients.

In a joint statement, Xavier Rolet, chief executive of LSEG, and Len Brennan, president of Russell Investments, said after a comprehensive review the sale of the investment business would be explored.

The pair said expressions of interest had already been received and confirmed the asset management business would only be sold in its entirety.

“LSEG remains highly focused on management and employee continuity, enabling strong support for growth and innovation across the business and ensuring that Russell’s strong heritage and business values continue to be reflected,” they said.

LSEG also said that, while selling the investment arm, it would continue integrating Russell Indexes into the FTSE business.

In May last year, LSEG expressed interest in purchasing Russell Investments from then-owner Northwestern Mutual, a US insurance firm, which would only sell Russell Investments as whole.

The merging of the FTSE and Russell Indexes would give the UK company a stronger foothold in the US indices market, one currently dominated by rival S&P.

However, the asset management, investment consultancy and fiduciary management business never fit in with LSEG’s long-term business strategy.

LSEG launched a firm $2.7bn bid in June, announcing an immediate review of the investment business.