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Invesco to buy OppenheimerFunds for $5.7 billion in stock.

Invesco glass windowed building. Invesco is an American investment management company.
Photo: Roberto Machado Noa / LightRocket via Getty Images

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."

Why it matters: Invesco will now manage over $1 trillion in total assets, making it one of the world's largest money managers.

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