Could Invesco [profile] be turning into a seller? That is the take away from a Reuters report that the Atlanta-based mutual fund firm is eyeing the sale of its $18 billion wealth management business.

Reuters Jessica Toonkel based her report on five sources. Three of whom told her Invesco executives are looking into selling Atlantic Trust Private Wealth Management because it is not the core to Invesco's business.

Jim Campbell, director at Riotto-Jones Company and one of the sources, said Atlantic Trust's 11 offices spread across the US manages at least $5 million in client assets.

Geoff Bobroff, a mutual fund consultant, said one reason that could make sense why the firm wants to sell Atlantic Trust is because $672.8 billion of Invesco's focus is on institutional money.

Invesco wants to sell the business on its own and has not retained a banker, the sources said.

"The logical buyers would be Atlantic Trust's competitors," Bobroff said. "But no one is in the market to do that size of a transaction." 

Edited by: HFD


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