Invesco, MassMutual Announce Strategic Partnership of Invesco, OppenheimerFunds
SPRINGFIELD — Invesco Ltd. and MassMutual announced that they have entered into a definitive agreement, whereby Invesco will acquire MassMutual asset-management affiliate OppenheimerFunds Inc. In turn, MassMutual and OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management to more than $1.2 trillion, making it the 13th-largest global investment manager and sixth- largest U.S. retail investment manager, further enhancing the company’s ability to meet client needs through its comprehensive range of high-conviction active, passive, and alternative capabilities. “The combination with OppenheimerFunds and the strategic partnership with MassMutual will meaningfully enhance our ability to meet client needs, accelerate growth, and strengthen our business over the long term,” said Martin Flanagan, president and CEO of Invesco. “This is a compelling, highly strategic and accretive transaction for Invesco that will help us achieve a number of objectives: enhance our leadership in the U.S. and global markets, deliver the outcomes clients seek, broaden our relevance among top clients, deliver strong financial results, and continue attracting the best talent in the industry.” “We have long held OppenheimerFunds’ people and strong investment performance track record in high regard,” Flanagan continued. “OppenheimerFunds’ culture and commitment to high-conviction investing complement our own, and the combination will create significant opportunities for the talented professionals of both companies.” MassMutual Chairman, President, and CEO Roger Crandall added that “MassMutual is excited for the next chapter in our successful asset-management strategy. Invesco is a highly regarded asset manager, and OppenheimerFunds has been an incredibly successful affiliate of MassMutual for the past 28 years. We look forward to participating in the future growth of the combined entity as a long-term partner and shareholder. This strategic combination positions us well to continue to benefit from a strong, diversified, global asset-management business, which will further strengthen our financial position and support our ability to invest in the long term, provide increased value to our policy owners and customers, and help us deliver on our purpose to help people secure their future and protect the ones they love.”
Report Evaluates Potential of New Water Technologies to Boost Jobs, Environment
AMHERST — The Massachusetts Clean Energy Center (MassCEC) has released a comprehensive study that evaluates the potential of developing a network of water-testing demonstration centers in the Commonwealth, including one at UMass Amherst. The centers would pilot new water technologies to position Massachusetts as a global leader in the water-innovation and energy-efficiency sector, providing significant business and employment opportunities. The report was released at the Innovations and Opportunities in Water Technologies Conference held at the Life Sciences Laboratories at UMass Amherst. The conference was sponsored by MassCEC and the Economic Development Council (EDC) of Western Massachusetts. Speakers included Martin Suuberg, commissioner of the state Department of Environmental Protection; Stephen Pike, CEO of MassCEC; Rick Sullivan, president and CEO of the Western Mass. EDC; and Kumble Subbaswamy, chancellor of UMass Amherst. The report calls for creating a network of three demonstration centers around the state. They would be located at the Wastewater Pilot Plant at UMass Amherst, the Massachusetts Alternative Septic System Test Center in Barnstable, and a pilot plant located at the Massachusetts Water Resources Authority’s Deer Island Treatment Plant in Boston Harbor. Establishing this network of water-technology demonstration centers could create jobs, lower energy costs, and optimize municipal operations in addition to supporting water-technology research, the study says. A successfully established test-bed network could serve existing Massachusetts-based water-technology companies, help attract new companies to the Commonwealth, advance new solutions to both local and global water challenges, and provide a strong foundation for innovation. The Amherst site is ideal for this work, Sullivan said. “UMass Amherst is already a leader in this sector. The campus is positioned to undertake further research and development that will support industry growth and help grow a talented workforce for related industries.” Authorization for an investment in water technologies was approved as part of the state’s 2014 environmental bond bill. Release of state capital funds for such an investment must be evaluated and approved by the administration of Gov. Charlie Baker.