Morgan Stanley to Sell Its Invesco Stake
Back in June, Morgan Stanley sold its Van Kampen mutual funds to Invesco for a total of $800 million in cash and those 30.9 million Invesco shares. The sale added $114 billion to Invesco's assets under management, and since then, Invesco shares have rallied about 27%.
The companies will continue to work together, and Morgan Stanley will maintain its distribution arrangement with Invesco for its retail-brokerage unit.
"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," Gorman added. Shares of Invesco dropped more than 5% in premarket trading.