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Invesco seals merger with OppenheimerFunds to break $1trn mark

Invesco has sealed a deal to acquire OppenheimerFunds as the firrm looks to break into the top 10 global investment managers.

The deal will see OppenheimerFunds parent Massachusetts Mutual Life Insurance Company sell the asset manager to Invesco, with MassMutual taking a 15.5 per cent stake in Invesco in return.

Invesco will manage $1.2trn (£920bn) after the deal, according to Morningstar data, taking it to sixth position in the US retail investment space and the 13th largest investment manager globally.

Invesco says its expansion plans are not limited to the US.

Chief executive Martin Flanagan says: “This is a compelling, highly strategic and accretive transaction for Invesco that will help us achieve a number of objectives: enhance our leadership in the US and global markets, deliver the outcomes clients seek, broaden our relevance among top clients, deliver strong financial results and continue attracting the best talent in the industry.”

Invesco will be starting a share buyback programme once the deal completes worth around $1.2bn.

It has already scooped up deals for European firms like ETF firm Source in April 2017.

In the UK, it recently acquired back-office provider Intelliflo in a deal which sources close to the deal tell Money Marketing was worth in excess of £200m.


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