Firm’s exemptive filing covers actively and passively managed funds.

Another big name is targeting the ETF industry: Russell Investments has filed for sweeping exemptions with the Securities and Exchange Commission that would allow it to create actively managed as well as index-based ETFs.

The July 2 filing designates Russell Investment Management Company as the adviser to the funds and Russell Financial Services as the distributor. It makes several requests, beyond the basic operation of ETFs, such as allowing funds of funds operated by Russell to buy shares of the ETFs in amounts beyond what is normally allowed under SEC guidelines and allowing ETFs launched by Russell to use the firm’s own indexes.

The filing specifies that the funds could cover domestic stocks, international stocks or fixed income. It also says that the holdings of each fund for the prior day, whether passive or actively managed, will be made available on a daily basis.

Reports are listing a San Francisco-based private equity firm as the leading candidate in the bidding war over ETF leader BGI.

That shouldn't come as a big surprise to those following the next evolution of a changing iShares brand.

In case you missed it, weekend stories in papers ranging from the Wall Street Journal to the Sunday Times reported that a list of finalists has emerged in the auction of Barclays Global Investors by its parent London bank. Insiders are indicating that Hellman & Friedman LLC could wind up as the leading candidate to assume control of BGI.

As pointed out in the WSJ, that's a private equity firm also based in San Francisco with a history of past relations with the asset manager. Other possibilities, according to the paper, are Bain Capital and other private equity rivals such as TPG and Apax Partners LLP.

Although we've heard some industry