The Invesco logo seen displayed on a smartphone.
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Investment management firm Invesco is in merger talks with State Street
‘s asset management business, The Wall Street Journal reported.
Invesco (ticker: IVZ) has $1.5 trillion of assets under management and the asset management division of State Street (STT) oversees $4 trillion.
The Journal report indicated that no deal was imminent, and that people familiar with the discussions cautioned the companies might not end in an agreement.
Invesco shares were rising nearly 8% on the news in premarket trading Friday, with State Street’s stock gaining 0.5%.
What’s Next: Pressure to lower costs has forced the asset management industry to consolidate in the last years. Industry leader BlackRock (BLK) has more than $9 trillion of assets under management.
