Morgan Stan sells Invesco stake

Morgan Stanley yesterday filed to sell the 30.9m shares of money manager Invesco, which it acquired in June as part of the sale of its retail fund unit. The bank said in a statement it will sell the shares, worth over $717m (£448m) at yesterday’s prices, in a public offering.

Executives from both firms said the sale was not meant to signal a change in the relationship between the fund manager and the brokerage.