Morgan to sell retail asset management biz for $1.5 b

 
Both companies have entered into an agreement for the deal, which is expected to close in mid-2010. Invesco said on Monday, that it would acquire Morgan Stanley’s retail asset management business, including Van Kampen Investments for US$.5 billion. The transaction would comprise US$500 million in cash and 44.1 million shares representing US$1 billion in Invesco equity. It would also give Morgan a 9.4 per cent equity interest in Invesco.