Invesco will purchase rival US asset manager OppenheimerFunds from MassMutual, adding $246bn in assets to the firm.
Invesco will pay MassMutual $4bn in preferred shares and 81.9 million of common stock, which is valued at around $1.7bn based on Invesco's closing price on Wednesday. The deal will bring Invesco's assets under management (AUM) to $1.2trn, making it the 13th largest global investment manager. Subject to regulatory approval, the $5.7bn deal is expected to complete in Q2 2019. OppenheimerFunds is primarily an actively-manager mutual fund group but also runs a small ETF business. Talking with … OppenheimerFunds' Heidi Heikenfeld Invesco chief executive Martin Flanagan (pictured) s...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes