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Invesco to buy AIM?
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September 26, 1996: 11:48 a.m. ET
Report: British money manager could pay $1.8B for hot U.S. fund firm
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NEW YORK (CNNfn) - British money manager Invesco PLC is reportedly in preliminary talks to acquire AIM Management Group, one of the hottest-selling U.S. mutual-fund companies.
The Wall Street Journal said Thursday that analysts estimate closely held AIM -- whose $58 billion in assets make it the nation's 11th-largest fund company -- could fetch at least $1.8 billion in such a deal.
AIM and Invesco declined comment.
However, the Journal said Invesco wants to buy AIM to bolster the British firm's presence in the U.S. market.
Currently, Invesco operates a group of no-load funds based in Denver, managing $14 billion in assets.
The Journal said analysts believe acquiring AIM could give Invesco's U.S. funds better distribution through brokers in the crowded mutual-fund field. Like AIM, Invesco funds rely mainly on purchases made through brokers.
At the same time, AIM already has its own tremendously popular group of funds.
The company's flagship Constellation Fund had average annual gains of nearly 20 percent for the five years ending Sept. 19.
Other AIM funds have also turned in strong results and lured new investors.
In 1996's first seven months, the entire group attracted $7.4 billion in new cash.
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