Invesco To Shell Out $1.5B For Morgan Stanley Unit

Law360, New York (October 20, 2009, 2:48 PM EDT) -- Investment management company Invesco Ltd. has reached an agreement with Morgan Stanley to purchase the bank's retail asset management business for $1.5 billion in cash and stock.

The unit for sale includes Van Kampen Investments, a major mutual fund subsidiary, and currently has $119 billion in assets under management across equity, fixed income, unit investment and alternatives trusts.

Invesco said Monday it had agreed to pay $500 million in cash and 44.1 million Invesco shares, worth $1 billion, in the deal, giving Morgan Stanley a 9.4...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.