Russell Said to Lure Blackstone to Bain for $3 Billion Sale

Russell Investments, the indexing and fund-management unit of Northwestern Mutual Life Insurance Co., is drawing takeover interest from suitors including Blackstone Group LP and Bain Capital LLC as Goldman Sachs Group Inc. solicits bids for the firm, people with knowledge of the matter said.

Russell may fetch about $3 billion in a sale, which Northwestern Mutual said it was considering in January, according to two of the people, who asked to not be named because the talks aren’t public. While Russell is made up of two businesses, the Milwaukee-based insurer wants to keep it whole rather than splitting it up, two of the people said.