8-24-17 4:17 AM EDT | Email Article

By Justin Baer

Invesco Ltd. is nearing an agreement to buy Guggenheim Partners's exchange-traded-funds business for more than $1 billion, people familiar with the matter said.

The proposed deal would swap the ETF platform for cash, a portion of which would be deferred until performance targets are met, one person said. The Guggenheim ETF business manages $36 billion in assets, the person said.

The two asset managers had discussed several options, including one in which Invesco would add Guggenheim's entire retail-investment-funds arm, The Wall Street Journal reported (https://www.wsj.com/articles/guggenheim-partners-in-talks-to-sell-retail-funds-business-to-invesco-1501725563) earlier this month. In recent weeks, though, Invesco and Guggenheim zeroed in on the ETF platform, people familiar with the matter said.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/invesco-close-to-deal-for-guggenheim-etf-business-1503526071?mod=mktw).

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-Justin Baer; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

08-24-17 0417ET

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