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Report: US asset manager enters exclusive talks to acquire UK counterpart

U.S.-based Federated Investors Inc. has begun exclusive discussions with Hermes Investment Management Ltd. to acquire a controlling stake in the London-based asset management company, "sources familiar with the matter" told Reuters.

Hermes Investment Management, which was founded 35 years ago as the in-house manager for the BT pension scheme, manages £33 billion in AUM, according to the newswire.

Pittsburgh-based Federated Investors, which has $398 billion in AUM, was first reported in December 2017 to be considering to make a bid for Hermes.