In an effort to develop jumpstart its exchange-traded fund business, Russell Investments announced Wednesday it plans to buy U.S. One Inc., a registered investment advisor and ETF provider.

U.S. One is the investment advisor to the One Fund, an ETF traded on the New York Stock Exchange that provides exposure to 95% of the world’s stock markets with the objective of long-term investment growth.

A preliminary proxy statement was filed with the Securities and Exchange Commission on Wednesday by Seattle-based Russell related to the replacement of U.S. One with Russell Investment Management Co. as the investment adviser to the One Fund. A shareholder vote to approve this change is scheduled for mid-February and the acquisition is expected to close shortly thereafter.

“Russell continues to build the infrastructure for viable and comprehensive ETF offerings,” said Jim Polisson, a managing director of Russell’s global ETF business. “The acquisition of U.S. One provides Russell with a platform to play a unique role in this dynamic and fast moving growth arena. By acquiring U.S. One, we can more immediately leverage our proprietary research to extend the options available to investors and include ETFs in our suite of products that we deliver to the marketplace.”

The deal for U.S. One follows the launch of Russell’s ETF business in Australia last year. The Russell High Dividend Australian Shares ETF had $106 million in assets under management as of Dec. 31.

Paul Hrabal, U.S. One’s president, will work with Russell Investments as a consultant to the ETF business.

Russell had a total of $155.4 billion in assets under management as of Dec. 31.