Russell Investments contributes to LSE Group's strong third quarter results

The London Stock Exchange Group has seen an 85% jump in revenue for the third quarter, driven by income from Russell Investment Management.

The FTSE 100 listed company announced its results for the three months to 30 September on Thursday.

Headline third quarter revenue was up to £589.3m from £318.0m in 2014, with nearly half of that made up of contributions from Russell Investment Management of £237.4m.

Russell Investments was bought by the LSE Group in December 2014, with the asset management side of the business due to be sold to TA Associates in the first half of 2016.

Income excluding Russell and other businesses not owned by LSEG in 2014 grew 2% overall, also taking into account the company’s foreign exchange variance.

Information Services revenues were also up 44% to £133.7m, reflecting good growth at FTSE and a contribution from Russell Indexes which is now integrated into the division.

Technology Services revenues rose 20% to £19.8m, driven by growth from MillenniumIT.

However, revenue for the quarter from LCH.Clearnet dropped 8% compared to 2014 to £75.8m.

Chief executive Xavier Rolet said it was a good set of results.

"The group has delivered further revenue growth in the third quarter, with good performance in particular from our Information Services division, including FTSE Russell, and from LCH.Clearnet with another strong result from the OTC clearing services.

"The group also continues to innovate, partnering with customers to deliver open access solutions, such as the launch of CurveGlobal, part of our effort to further develop a comprehensive rates offering to our customers.”

Rolet noted that the fourth quarter has had a positive start after the IPOs of Worldpay, the largest new issue of the year, and the expected listing of Poste Italiane, which will be the largest in Europe this year.

“We remain focused on executing on a wide range of attractive growth opportunities and continuing to deliver on our strategy to be a leading globally diversified open access market infrastructure business."