Morgan Stanley Plans To Sell Its Stake In Invesco

Date : 11/09/2010 @ 5:25PM
Source : Dow Jones News
Stock : Invesco Ltd (IVZ)
Quote : 32.94  -0.18 (-0.54%) @ 4:02PM

Morgan Stanley Plans To Sell Its Stake In Invesco

Invesco Ltd (NYSE:IVZ)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more Invesco Ltd Charts.
   DOW JONES NEWSWIRES 
 

Invesco Ltd. (IVZ) said Morgan Stanley (MS) plans to sell its stake in the money manager, a sale Morgan Stanley President and Chief Executive James Gorman said will allow the investment bank "to reallocate capital into the firm's client-driven, flow businesses."

Invesco's stock slid 5.1% to $22.01 in after-hours trading. It has about 460 million shares.

Gorman said, "Invesco has become one of our key global partners across retail, asset management and institutional securities and we look forward to continuing to work closely together."

Invesco completed its acquisition of Morgan Stanley's retail asset-management business earlier this year, a deal that included the Van Kampen fund unit. The deal provided to Morgan Stanley $800 million in cash and 30.9 million shares of Invesco.

Last month, Invesco reported that its third-quarter earnings grew 47%, beating analysts' views, as the company's results were aided by the acquisition. Revenue jumped 35%, although operating margin fell.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

 
 



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.