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Invesco, MassMutual Announce Strategic Combination of Invesco and 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.”

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