Rumors About Invesco Buying Oppenheimer Fits Our Long-Term Thesis on Scale-Driven Consolidation
We're not sure what to make of the rumor that emerged late this week that narrow-moat Invesco is looking to buy OppenheimerFunds. On the one hand, it fits with our long-term consolidation thesis for the U.S.-based asset managers, which sees mid-tier asset managers (those with $250 billion-$750 billion in AUM) acquiring small- to mid-size firms (those with $25 billion-$250 billion in AUM) in order to increase their scale and offset the fee compression and expense pressures we see impacting the in...
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