Apr. 14, 2014, 11:12 AM
- A check of some mutual fund managers after TIAA-CREF agrees to buy Nuveen for $6.5B find Janus (JNS +2.9%), Invesco (IVZ +1.2%), Affiliated Managers (AMG +1.4%), and Federated Investors all posting gains. Acquisitions in this industry don't happen too often as key assets - star fund managers - can pick up and leave pretty much when they choose.
- Top tick? Nuveen's P-E owner Madison Dearborn purchased the company for $6.3B in June 2007. TIAA-CREF chief Roger Ferguson's purchase today takes Madison out at near breakeven.
Apr. 11, 2013, 4:28 PM
CIBC (CM) is buying Atlantic Trust Private Management from Invesco (IVZ) for $210M in cash. Atlantic Trust, which manages ~$20B in assets, allows CIBC to expand into the U.S. private wealth management market. The deal is expected to close in 2H13, be accretive to CIBC's FY14 EPS, and lower the bank's Basel III Tier 1 ratio by 20 bps. Invesco is holding a CC at 4:30PM ET (webcast). (PR)| Apr. 11, 2013, 4:28 PM
Mar. 25, 2012, 4:36 AM
New U.K. banking firm NBNK will tomorrow make a sweetened £1.5B bid for 632 branches being sold by Lloyds (LYG), The Daily Telegraph reports. The new offer will come amid worries that the proposed £1.4B sale of the outlets to Co-op has hit regulatory problems. NBNK's investors include Blackrock (BLK), Invesco (IVZ) and Aviva (AV).| Mar. 25, 2012, 4:36 AM