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Invesco Ltd. is in talks to buy Massachusetts Mutual Life Insurance Co.’s OppenheimerFunds unit, which has more than $248 billion in assets under management, according to a person familiar with the matter.

A deal could be announced later this month or in October, the person said, asking not to be identified because the talks are private. MassMutual had been weighing a potential sale that could fetch at least $5 billion, people familiar with the matter said last month.

(Related: MassMutual Prepares to Build 17-Story Tower In Boston)

Invesco has been pursuing acquisitions to bolster its businesses, agreeing last year to buy an exchange-trade fund operation run by Guggenheim Partners for $1.2 billion. Atlanta-based Invesco manages almost $1 trillion, and has both active and passive assets. Invesco’s PowerShares unit is the fourth-largest U.S. provider of exchange-traded funds, with nearly $200 billion under management, according to ETF.com.

OppenheimerFunds has been expanding its presence in the municipal bond market and ETF business, agreeing to buy SNW Asset Management last year and striking a deal in 2015 for VTL Associates, which offer smart-beta ETFs. MassMutual reorganized its asset-management business in 2016, combining some of its operations under the Barings brand, led by Tom Finke.

Ignites website reported the potential buyer earlier Friday. Representatives for MassMutual and Invesco said their firms don’t comment on rumors or speculation.

—With assistance from Matthew Monks.

— Read MassMutual Acquires Quilton ThinkAdvisor.

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