Investment Management Company
is in merger talks with
asset management activities, The Wall Street Journal reports.
Invesco (ticker: IVZ) has $1.5 trillion in assets under management and the asset management division of
(STT) oversees $4 trillion.
The Journal report indicated that no deal was imminent and that people familiar with the discussions warned that the companies might not lead to an agreement.
Invesco shares rose nearly 8% on the news in Friday’s premarket trading, while State Street’s share gained 0.5%.
What’s next: Pressure to cut costs has forced the asset management industry to consolidate in recent years. Market leader
(BLK) has over $9 trillion in assets under management.