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...
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