Invesco and Morgan Stanley on Tuesday announced a secondary offering of the approximately 30.9 million shares of Invesco's common stock Morgan Stanley received on June 1 in exchange for Morgan Stanley's retail asset management business.
Morgan Stanley spokeswoman Erica Platt declined to say when the offering would be completed.
In a news release, James P. Gorman, president and CEO of Morgan Stanley, called the share sale “part of Morgan Stanley's strategy to reallocate capital into the firm's client driven, flow businesses.”
The share sale won't affect the distribution relationships between the two firms, Mr. Gorman said in the release.
