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Report: Carlyle Looks to Buy Money Manager

Carlyle Group LP is considering buying a traditional money manager to broaden its own investment platform, as the private equity firm tries to attract more retail investors and achieve the higher stock market valuation commanded by such managers, according to sources familiar with the situation.In a sign of this interest, Carlyle recently considered buying Northwestern Mutual Life Insurance's Russell Investments fund managing unit using its own rather than investors' money, the sources said.But Washington, D.C.-based Carlyle eventually decided to pursue the business through its private equity division, where it buys and sells companies using money primarily from institutional investors, they said. The auction for Russell Investments is ongoing.In 2012, Carlyle had considered adding bond fund manager TCW Group Inc to its investment capabilities, but it also ended up buying that business through its buyout funds, the sources added.Despite those decisions, Carlyle is still in the market f...

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