Mutuals Giant to Change Hands

Massachusetts Mutual Life Insurance Co. said Wednesday that it and top executives of Oppenheimer Management Corp. will acquire the huge mutual fund company for about $150 million.

MassMutual, the nation’s 11th-largest life insurer, said the purchase of Oppenheimer from British & Commonwealth Holdings PLC is subject to approval of the mutual funds’ directors and shareholders.

Under the proposed agreement, Oppenheimer Management would continue to operate independently and retain key management.