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Invesco To Acquire Morgan Stanley’s Retail Asset Management Business

The acquisition, including Van Kampen Investments, is expected to expand Invesco's ability to provide meaningful investment solutions to retail and institutional clients worldwide

Invesco, an independent global investment management company, has entered into a definitive agreement to acquire Morgan Stanley’s retail asset management business, including Van Kampen Investments. Through this transaction, Invesco acquires a diversified business with $119 billion in assets under management across equity, fixed income, alternatives and unit investment trusts.

Reportedly, consistent with Invesco’s strategic priorities, this combination will benefit clients and fund shareholders of both organizations by: Expanding the depth and breadth of our investment strategies, which will enable Invesco to offer an even more comprehensive range of investment capabilities and vehicles to our clients around the world; Enhancing our ability to serve US clients by positioning Invesco among the leading US asset managers by AUM, diversity of investment teams and client profile; Deepening Invesco’s relationships with clients and strengthening our overall distribution capabilities; and Further strengthening our position in the Japanese investment management market.

Martin Flanagan, president and CEO of Invesco, said: “We are excited to expand the depth and breadth of our investment strategies, which will enable us to offer our clients a truly comprehensive range of investment capabilities through an expanded set of investment vehicles. This combination of talented teams from both organizations will enhance Invesco’s ability to deliver meaningful solutions to our retail and institutional clients around the world, and better position Invesco for long-term success.”

Loren Starr, chief financial officer of Invesco, said: “This complementary combination fully meets Invesco’s previously stated acquisition criteria, and we believe strongly benefits our clients and shareholders. We expect that this transaction will be approximately 11% accretive in the first 12 months after close and have an IRR of approximately 30%.”

The transaction, which has been approved by the boards of directors of both companies, is expected to close in mid-2010, subject to customary regulatory, client and fund shareholder approvals.