When Asset Managers Made Deals, the Big Losers Were Shareholders

As executives at Invesco Ltd. contemplate their next acquisition, they might want to look at what’s happened recently to the stocks of other large money managers that decided to absorb rivals.

Shareholders of Janus Henderson Group Plc, the product of a 2017 merger, lost 19 percent after reinvested dividends in the 12 months through September. Standard Life Aberdeen Plc, formed from another deal last year, fell 27 percent in dollar terms. The S&P index of 18 U.S.-traded asset managers and custody banks declined 1.5 percent.