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.

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