Morgan Stanley is selling a 6.7% stake in investment manager Invesco. An affiliate of Morgan Stanley sold the Invesco common stock to Morgan Stanley for $21.48 per share. Morgan Stanley then re-offered the shares to the market at $21.75.

Morgan Stanley may offer the stock from time to time in one or more transactions in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices, it said in a press release. Invesco will not receive any proceeds from the offering.

“This sale is part of Morgan Stanley’s strategy to reallocate capital into the firm’s client-driven glow business, said James Gorman, president and CEO of Morgan Stanley, in a press release. “Invesco has become one of our key global partners across retail, asset management and institutional securities and we look forward to continuing to work closely together,” he said in the release.

Morgan Stanley is acting as the sole manager on the transaction.