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Rating:Morgan Stanley Bids Farewell to its Invesco Stake Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 10, 2010

Morgan Stanley Bids Farewell to its Invesco Stake

Reported by Armie Margaret Lee

James Gorman
Morgan Stanley
President and CEO
Morgan Stanley is selling its Invesco [see profile] stake. The news comes five months after Morgan Stanley acquired a 6.7 percent stake in Invesco as part of a deal that sent its retail asset management business, including Van Kampen Investments, to Invesco. Click here to view the prospectus supplement.

Morgan Stanley is selling 30.8 million shares at a price of $21.48 per share, which would yield $664 million of proceeds.

Marty Flanagan
Invesco
President and CEO
"This share sale is part of Morgan Stanley's strategy to reallocate capital into the firm's clientdriven, flow businesses," said Morgan Stanley president and CEO James Gorman in a press release on Tuesday afternoon. "Invesco has become one of our key global partners across retail, asset management and institutional securities and we look forward to continuing to work closely together."

Invesco president and CEO Marty Flanagan called Morgan Stanley "an important strategic partner to Invesco," adding: "We look forward to continuing to grow our productive relationship by drawing on the resources and skills of our organizations to provide meaningful solutions for clients.

Morgan Stanley is the sole book-running manager and underwriter for the offering. Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as co-managers for the offering.

Morgan Stanley's move was picked up by media outlets including The Wall Street Journal, Bloomerg and Reuters.
Press Release

Invesco and Morgan Stanley Announce Commencement of Secondary Offering of Common Stock of Invesco by Morgan Stanley

ATLANTA and NEW YORK, November 9, 2010 Invesco Ltd. (NYSE: IVZ) and Morgan Stanley (NYSE: MS) today announced the underwritten public offering of 30,891,439 shares of Invesco's common stock held by an affiliate of Morgan Stanley pursuant to Invesco's shelf registration statement filed with the Securities and Exchange Commission. Invesco will not receive any proceeds from the offering.

"This share sale is part of Morgan Stanley's strategy to reallocate capital into the firm's clientdriven, flow businesses," said James P. Gorman, President and CEO of Morgan Stanley. "Invesco has become one of our key global partners across retail, asset management and institutional securities and we look forward to continuing to work closely together."

"Morgan Stanley is an important strategic partner to Invesco, and we look forward to continuing to grow our productive relationship by drawing on the resources and skills of our organizations to provide meaningful solutions for clients, said Martin L. Flanagan, Invesco President and CEO. Morgan Stanley & Co. Incorporated is acting as sole book-running manager and underwriter for the offering.

Invesco has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that Invesco has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Commission's web site at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying base prospectus relating to the offering may be obtained by mail from Morgan Stanley Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by phone at 866-718-1649.

About Invesco

Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries.

Press Release

Invesco and Morgan Stanley Announce Pricing of Secondary Common Stock Offering

ATLANTA and NEW YORK, November 10, 2010 Invesco Ltd. (NYSE: IVZ) and Morgan Stanley (NYSE: MS) today announced the pricing of 30,891,439 shares of Invesco's common stock held by an affiliate of Morgan Stanley. The underwriter has agreed to purchase the Invesco common stock from the selling stockholder at a price of $21.48 per share, which will result in $664 million of proceeds to the selling stockholder. The underwriter may offer the common stock from time to time in one or more transactions in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. Invesco will not receive any proceeds from the offering.

Morgan Stanley & Co. Incorporated is acting as sole book-running manager and underwriter for the offering. Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement (including a prospectus) on file with the Securities and Exchange Commission, and a prospectus supplement relating to the offering will be filed by Invesco with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying base prospectus relating to the offering may be obtained by mail from Morgan Stanley Prospectus Department, 180 Varick Street, 2 nd Floor, New York, NY 10014 or by phone at 866-718-1649. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Invesco
Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries.
 

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