MassMutual to sell asset management unit to Invesco for $5.7B

Ahead of a major expansion in Boston, a city known for its asset management giants, Massachusetts Mutual Life Insurance Co. is significantly cutting down on its presence in the asset management field.

MassMutual said Thursday that it was selling its New York-based asset management affiliate OppenheimerFunds Inc. to Invesco Ltd. (NYSE: IVZ) in a deal valued at $5.7 billion. The announcement confirmed September media reports of the sale.

Oppenheimer, which MassMutual has owned for 28 years, manages…

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