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Invesco (NYSE: IVZ) agreed to buy OppenheimerFunds from Mass Mutual for $5.7 billion in stock.
"Active management is losing out to passive, low-fee indexing products, and the remaining stock and bond pickers need to consolidate to stay afloat."— Brian Chappatta, Bloomberg
Why it matters: Invesco will now manage over $1 trillion in total assets, making it one of the world's largest money managers.