Invesco Ltd. is in talks with State Street about a merger with State Street Global Advisors, the Boston-based bank’s asset management business, according to a source quoted by Reuters.
The Wall Street Journal broke the news of a possible transaction, which would involve the State Street unit managing $4 trillion in assets, much of which is invested in its SPDR series of exchange-traded funds.
Last week, State Street said it is buying the investor services business of Brown Brothers Harriman for $3.5 billion.
In 2017, Invesco Ltd. agreed to purchase Guggenheim Partners’ ETF business in a $1.2 billion deal. And in 2018, it agreed to pay Massachusetts Mutual Life Insurance Co. about $5.7 billion to acquire its OppenheimerFunds, which specialized in picking stocks and bonds, particularly in the international arena.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
