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...
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