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Invesco Ltd. is in talks to buy Massachusetts Mutual Life Insurance Co.'s OppenheimerFunds unit, which has more than $248 billion in assets under management, according to a person familiar with the matter.
A deal could be announced later this month or in October, the person said, asking not to be identified because the talks are private. MassMutual had been weighing a potential sale that could fetch at least $5 billion, people familiar with the matter said last month.
Invesco has been pursuing acquisitions to bolster its businesses, agreeing last year to buy an exchange-trade fund operation run by Guggenheim Partners for $1.2 billion. Atlanta-based Invesco manages almost $1 trillion, and has both active and passive assets. Invesco's PowerShares unit is the fourth-largest U.S. provider of exchange-traded funds, with nearly $200 billion under management, according to ETF.com.
