- Jimmy Dean parent Tyson Foods has held talks to buy Foster Farms for $2 billion
- Justice Department reportedly close to approving CVS-Aetna, Cigna-Express Scripts deals
- Fred's shares surge more than 80 percent after announcing $165 million deal to sell some pharmacy files to Walgreens
- Salesforce Founder Marc Benioff makes deal to buy Time Magazine for $190 million
- DOJ clears Cigna's acquisition of Express Scripts
- Oppenheimer Funds has been a holding of MassMutual for nearly two decades.
- The asset manager handled about $250 billion of investments as of the end of last month, according to its website.
Invesco is going to buy OppenheimerFunds, a subsidiary of Massachusetts Mutual Life Insurance, in a more than $5 billion deal, according to a report Friday by Financial Times service Ignites.
The asset manager has been a holding of MassMutual for nearly two decades, but OppenheimerFunds has become steadily less valuable due to pressure from passive trading strategies, such as index funds.
Shares of Invesco fell 1.1 percent in trading.
OppenheimerFunds managed about $250 billion in assets as of the end of last month, according to its website. The asset manager has holdings across a broad range, stretching from global stocks to municipal bonds and more.
MassMutual acquired OppenheimerFunds in 1990 for about $150 million.