Dow Today – UPDATE 2-Invesco in talks to merge with State Street’s asset-management business
(Changes sourcing, adds background)
By David French
Sept 16 (Reuters) – Investment management firm Invesco Ltd is in talks to merge with State Street Corp’s asset-management business, a source familiar with the matter told Reuters on Thursday.
The discussions between both the companies are at an early stage, the source added.
It isn’t clear what the terms of a potential deal would look like, but it would be one of the industry’s biggest in recent memory, given that State Street’s asset-management unit manages nearly $4 trillion in assets, according to the Wall Street Journal that first reported https://on.Fintech Zoom.com/3Ak1uv5 the development.
Invesco declined to comment, while State Street did not immediately respond to a Reuters request for comment.
The news follows State Street’s deal announcement last week to buy investment bank Brown Brothers Harriman & Co’s (BBH) investor services business for $3.5 billion.
Shares of Invesco, which has $1.5 trillion in assets under management, rose 6.5% in extended trade, while State Street was up 2%. (Reporting by David French in New York and Sanjana Shivdas in Bengaluru, additional reporting by Aishwarya Nair in Bengaluru; Editing by Anil D’Silva and Uttaresh.V)