Investors in the London Stock Exchange will have to wait until March to see what will happen to the cash piling up there, but the likelihood is that, unless Xavier Rolet, the deal-hungry chief executive, finds something else to buy, much of it will be going back to them.
Much of this bounty will come from the sale in the first half of next year of the investment management division of Frank Russell, the US business bought at the turn of the year for its indices arm. Investors will be aware that that bounty may be a little less than it might have been. The business was reported to be worth $1.8 billion in the summer to Citic Securities, of China; the collapse of the