The London Stock Exchange Group, which today announced a $2.7 billion all-cash deal to acquire Frank Russell & Co, will undertake a ground-up review to determine what it does with the firm's investment management business.

The LSE Wednesday confirmed a $2.7 billion deal to acquire the Seattle-based group, funded in part through a $1.6 billion rights issue, and the rest from existing and new debt facilities. The deal is subject to shareholder and regulatory approval, and is expected to complete by the first quarter of next year.