ATLANTA, July 27, 2017
/PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported
financial results for the three months ended June 30,
2017.
"Our focus on delivering the outcomes clients seek by providing
strong, long-term investment performance helped us achieve an
adjusted operating margin of 39.3% during the second quarter," said
Martin L. Flanagan, president and
CEO of Invesco.
As previously announced, Invesco has entered into a definitive
agreement to acquire Source, a leading, independent specialist
provider of exchange-traded funds (ETFs) based in Europe. The
acquisition brings additional talent and a broad array of ETFs that
further expand the depth and breadth of Invesco's active, passive
and alternative capabilities and expertise, enhancing the firm's
ability to help clients achieve their investment objectives.
The transaction will be financed with available cash.
"We're making good progress in our efforts to ensure a smooth
transition for clients, employees and the business with our planned
acquisition of Source," added Mr. Flanagan. "We remain on
track to close the transaction by the end of the third quarter, at
which point we will focus on delivering the full range of benefits
of the combined business to the European marketplace."
|
Q2-17
|
|
Q1-17
|
|
Q2-17 vs.
Q1-17
|
|
Q2-16
|
|
Q2-17 vs.
Q2-16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$1,254.4
|
m
|
|
$1,192.6
|
m
|
|
5.2
|
%
|
|
$1,189.4
|
m
|
|
5.5
|
%
|
|
|
Operating
income
|
$318.9
|
m
|
|
$258.6
|
m
|
|
23.3
|
%
|
|
$301.5
|
m
|
|
5.8
|
%
|
|
|
Operating
margin
|
25.4
|
%
|
|
21.7
|
%
|
|
|
|
25.3
|
%
|
|
|
|
|
Net income
attributable to Invesco Ltd.
|
$239.6
|
m
|
|
$212.0
|
m
|
|
13.0
|
%
|
|
$225.5
|
m
|
|
6.3
|
%
|
|
|
Diluted
EPS
|
$0.58
|
|
|
$0.52
|
|
|
11.5
|
%
|
|
$0.54
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Financial
Measures(1)
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$906.3
|
m
|
|
$867.1
|
m
|
|
4.5
|
%
|
|
$856.6
|
m
|
|
5.8
|
%
|
|
|
Adjusted operating
income
|
$356.5
|
m
|
|
$327.1
|
m
|
|
9.0
|
%
|
|
$330.4
|
m
|
|
7.9
|
%
|
|
|
Adjusted operating
margin
|
39.3
|
%
|
|
37.7
|
%
|
|
|
|
38.6
|
%
|
|
|
|
|
Adjusted net income
attributable to Invesco Ltd.
|
$264.5
|
m
|
|
$250.5
|
m
|
|
5.6
|
%
|
|
$233.0
|
m
|
|
13.5
|
%
|
|
|
Adjusted diluted
EPS
|
$0.64
|
|
|
$0.61
|
|
|
4.9
|
%
|
|
$0.56
|
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under
Management
|
|
|
|
|
|
|
|
|
|
|
|
Ending AUM
|
$858.3
|
bn
|
|
$834.8
|
bn
|
|
2.8
|
%
|
|
$779.6
|
bn
|
|
10.1
|
%
|
|
|
Average
AUM
|
$849.2
|
bn
|
|
$829.8
|
bn
|
|
2.3
|
%
|
|
$784.5
|
bn
|
|
8.2
|
%
|
|
|
|
|
(1)
|
The adjusted
financial measures are all non-GAAP financial measures. See
the information on pages 8 through 10 for a reconciliation to their
most directly comparable U.S. GAAP measures.
|
Assets Under Management
Total assets under management (AUM) at June 30, 2017, were
$858.3 billion (March 31, 2017:
$834.8 billion), an increase of
$23.5 billion during the second
quarter. Long-term net outflows were $0.6
billion and total net inflows were $2.4 billion for the second quarter. The net
outflows are largely attributable to a slowdown of sales in
Asia and heightened redemptions in
Stable Value, as clients moved toward more active capabilities.
|
Summary of net
flows (in billions)
|
|
Q2-17
|
|
|
Q1-17
|
|
|
Q2-16
|
|
|
Active
|
|
($0.2)
|
|
|
($0.5)
|
|
|
$—
|
|
|
Passive
|
|
(0.4)
|
|
|
2.3
|
|
|
4.5
|
|
|
Long-term net
flows
|
|
(0.6)
|
|
|
1.8
|
|
|
4.5
|
|
|
Invesco PowerShares
QQQ
|
|
0.2
|
|
|
1.0
|
|
|
(3.8)
|
|
|
Institutional money
market
|
|
2.8
|
|
|
(8.1)
|
|
|
2.0
|
|
|
Total net
flows
|
|
$2.4
|
|
|
($5.3)
|
|
|
$2.7
|
|
|
|
|
|
|
|
|
|
Annualized long-term
organic growth rate*
|
|
(0.3%)
|
|
|
1.0
|
%
|
|
2.6
|
%
|
|
|
|
|
|
|
|
*Annualized long-term organic growth rate is calculated using
long-term net flows (annualized) divided by opening long-term AUM
for the period. Long-term AUM excludes institutional money
market AUM and Invesco PowerShares QQQ AUM.
Net market gains led to increases of $13.0 billion in AUM during the second quarter,
compared to net market gains of $23.1
billion in the first quarter. Foreign exchange rate
movements led to an $8.1 billion
increase in AUM during the second quarter, compared to a
$4.1 billion increase in the first
quarter. Average AUM during the second quarter were $849.2 billion, compared to $829.8 billion for the first quarter, an increase
of 2.3%. Further analysis is included in the supplementary
schedules to this release.
Operating Results
This section discusses the company's second quarter results, as
compared to the first quarter, and comments on significant items
that have impacted the company's results as presented in accordance
with U.S. GAAP.
Operating revenues increased $61.8
million (5.2%) to $1,254.4
million in the second quarter, from $1,192.6 million in the first quarter. Foreign
exchange rate changes increased second quarter operating revenues
by $10.3 million compared to the
first quarter.
Investment management fees increased $55.2 million (5.8%) to $1,010.4 million in the second quarter, from
$955.2 million in the first quarter.
The increase reflects higher average AUM and an additional day
during the second quarter.
Service and distribution fees increased $4.9 million (2.4%) to $211.3 million in the second quarter, from
$206.4 million in the first
quarter.
Performance fees were $16.7
million in the second quarter, compared to $11.3 million in the first quarter. Performance
fees recorded in the second quarter were primarily generated by our
U.K., private equity and Asia-Pacific investment teams.
Other revenues decreased by $3.7
million (18.8%) to $16.0
million in the second quarter, compared to $19.7 million in the first quarter, primarily due
to decreased real estate transaction fees, UIT revenues and other
front end fees.
Operating expenses increased $1.5
million (0.2%) to $935.5
million in the second quarter, from $934.0 million in the first quarter. Business
optimization charges were $12.0
million in the second quarter, compared to $24.7 million in the first quarter. Total costs
of these initiatives at completion are estimated to be
approximately $133 million, of which
$31 million remains to be incurred
through 2018. As of the end of the second quarter, this
initiative has produced annualized run-rate expense savings of
$31 million, and by completion in
2018, the annualized run-rate savings is expected to be up to
$50 million. Foreign exchange rate
changes increased second quarter operating expenses by $5.6 million when compared to the first
quarter.
Third-party distribution, service and advisory expenses
increased by $16.6 million (4.8%) to
$365.9 million in the second quarter
from $349.3 million in the first
quarter, consistent with the increased revenues derived from the
related AUM and the additional day in the quarter. Foreign exchange
rate changes increased second quarter third-party distribution,
service and advisory expenses by $1.2
million when compared to the first quarter.
Employee compensation expenses decreased by $31.2 million (7.9%) to $365.6 million in the second quarter, from
$396.8 million in the first quarter.
The decrease in the second quarter results from the seasonal
increase in payroll tax and employee benefit costs as well as the
expense of $18.3 million for multiple
senior executive retirements in the first quarter. Additionally, in
the second quarter, staff severance costs related to business
optimization were $3.9 million
compared to $15.7 million in the
first quarter. These decreases were partially offset by an increase
in variable and other compensation costs in the second quarter.
Foreign exchange rate changes increased second quarter employee
compensation expenses by $2.5 million
when compared to the first quarter.
Marketing expenses increased by $4.7
million (19.3%) to $29.1
million in the second quarter, from $24.4 million in the first quarter, reflecting an
increase in advertising and client events. Foreign exchange rate
changes increased second quarter marketing expenses by $0.3 million when compared to the first
quarter.
Property, office and technology expenses increased $3.5 million (4.1%) to $89.0 million in the second quarter, from
$85.5 million in the first quarter,
reflecting increases in outsourced administration and software
costs. Foreign exchange rate changes increased second quarter
property, office and technology expenses by $0.7 million when compared to the first
quarter.
General and administrative expenses increased $7.9 million (10.1%) to $85.9 million in the second quarter, from
$78.0 million in the first quarter
reflecting Source acquisition-related costs of $3.3 million and increased costs associated with
regulatory compliance. Foreign exchange rate changes
increased second quarter general and administrative expenses by
$0.9 million when compared to the
first quarter.
Equity in earnings of unconsolidated affiliates decreased
$7.2 million to $10.5 million in the second quarter from
$17.7 million in the first quarter
primarily from decreases in earnings from our real estate
partnerships, offset by higher earnings from our China joint venture. Non-operating other
income and expenses in the second quarter also included a
$32.3 million net gain comprised of
market-driven gains and losses of investments held by consolidated
investment products (CIP) and net interest income of CIP (first
quarter: $28.5 million gain).
Other gains and losses, net was a gain in the second quarter of
$2.5 million compared to a gain of
$6.2 million in the first quarter.
The components and variances are included in the table below:
|
Summary of Other
gains and losses, net (in millions)
|
|
Q2-17
|
|
Q1-17
|
|
Change
|
|
Investment
gains/(losses)
|
|
$5.4
|
|
|
$4.6
|
|
|
$0.8
|
|
|
Market valuation
gains/(losses) in deferred compensation plan investments
|
|
4.9
|
|
|
10.0
|
|
|
(5.1)
|
|
|
Market valuation
gains/(losses) on acquisition-related contingent
consideration
|
|
1.3
|
|
|
0.5
|
|
|
0.8
|
|
|
Market valuation
gains/(losses) on foreign exchange hedge contracts
|
|
(9.2)
|
|
|
(8.2)
|
|
|
(1.0)
|
|
|
Foreign exchange
gains/(losses) on intercompany loans
|
|
0.1
|
|
|
(0.7)
|
|
|
0.8
|
|
|
|
$2.5
|
|
|
$6.2
|
|
|
($3.7)
|
|
|
|
|
|
|
|
|
The foreign exchange hedge contract gains and losses reflect the
mark to market of all the open put option contracts.
The effective tax rate increased to 27.1% for the second
quarter, from 26.1% for the first quarter. The impact of the
inclusion of non-controlling interests in CIP decreased our
effective tax rate by 0.8% for the second quarter, compared to a
decrease of 0.2% for the first quarter. Second quarter included a
0.3% rate decrease and first quarter included a 0.4% rate decrease
related to excess tax benefits on share based compensation for
vestings of our annual share awards. The remaining rate increase
for second quarter resulted from changes in our profit mix and a
decrease in expenses related to the retirement costs and business
optimization costs discussed above as compared to first
quarter.
Capital Management
As of June 30, 2017, the company's cash and cash
equivalents were $1,646.1 million,
with long-term debt of $2,074.8
million. The credit facility balance was zero at
June 30, 2017 ($19.4 million at
March 31, 2017).
Dividends paid in the second quarter were $118.9 million. Today the company is announcing a
second-quarter cash dividend of 29.0
cents. The dividend is payable on September 1, 2017, to
shareholders of record at the close of business on August 17,
2017, with an ex-dividend date of August 15, 2017.
Due to the upcoming acquisition of Source, the company has not
repurchased common shares during 2017.
Headcount
As of June 30, 2017, the company had 6,888 employees,
compared to 6,847 employees as of March 31, 2017.
Invesco is an independent investment management firm dedicated
to delivering an investment experience that helps people get more
out of life. NYSE: IVZ; www.invesco.com.
Members of the investment community and general public are
invited to listen to the conference call today, July 27, 2017,
at 9:00 a.m. ET by dialing one of the
following numbers: 1-866-803-2143 for U.S. and Canadian callers or
1-210-795-1098 for international callers. An audio replay of the
conference call will be available until Thursday, August 10, 2017 at 5:00 p.m. ET by calling 1-800-443-1219 for U.S.
and Canadian callers or 1-203-369-1095 for international callers. A
presentation highlighting the company's performance will be
available during a live Webcast and on Invesco's Website at
www.invesco.com.
This release, and comments made in the associated conference
call today, may include "forward-looking statements."
Forward-looking statements include information concerning future
results of our operations, expenses, earnings, liquidity, cash flow
and capital expenditures, industry or market conditions, assets
under management, geopolitical events and their potential impact on
the company, acquisitions and divestitures, debt and our ability to
obtain additional financing or make payments, regulatory
developments, demand for and pricing of our products and other
aspects of our business or general economic conditions. In
addition, words such as "believes," "expects," "anticipates,"
"intends," "plans," "estimates," "projects," "forecasts," and
future or conditional verbs such as "will," "may," "could,"
"should," and "would" as well as any other statement that
necessarily depends on future events, are intended to identify
forward-looking statements.
Forward-looking statements are not guarantees, and they involve
risks, uncertainties and assumptions. Although we make such
statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ
materially from our expectations. We caution investors not to rely
unduly on any forward-looking statements and urge you to carefully
consider the risks described in our most recent Form 10-K and
subsequent Forms 10-Q, filed with the Securities and Exchange
Commission. You may obtain these reports from the SEC's website at
www.sec.gov. We expressly disclaim any obligation to update the
information in any public disclosure if any forward-looking
statement later turns out to be inaccurate.
|
Invesco
Ltd.
U.S. GAAP
Condensed Consolidated Income Statements
(Unaudited, in
millions, other than per share amounts)
|
|
|
Q2-17
|
|
Q1-17
|
|
%
Change
|
|
Q2-16
|
|
%
Change
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Investment
management fees
|
$1,010.4
|
|
|
$955.2
|
|
|
5.8
|
%
|
|
$946.7
|
|
|
6.7
|
%
|
|
Service and
distribution fees
|
211.3
|
|
|
206.4
|
|
|
2.4
|
%
|
|
203.4
|
|
|
3.9
|
%
|
|
Performance
fees
|
16.7
|
|
|
11.3
|
|
|
47.8
|
%
|
|
8.9
|
|
|
87.6
|
%
|
|
Other
|
16.0
|
|
|
19.7
|
|
|
(18.8)
|
%
|
|
30.4
|
|
|
(47.4)
|
%
|
|
Total operating
revenues
|
1,254.4
|
|
|
1,192.6
|
|
|
5.2
|
%
|
|
1,189.4
|
|
|
5.5
|
%
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
365.9
|
|
|
349.3
|
|
|
4.8
|
%
|
|
348.4
|
|
|
5.0
|
%
|
|
Employee
compensation
|
365.6
|
|
|
396.8
|
|
|
(7.9)
|
%
|
|
350.3
|
|
|
4.4
|
%
|
|
Marketing
|
29.1
|
|
|
24.4
|
|
|
19.3
|
%
|
|
28.3
|
|
|
2.8
|
%
|
|
Property, office
and technology
|
89.0
|
|
|
85.5
|
|
|
4.1
|
%
|
|
82.3
|
|
|
8.1
|
%
|
|
General and
administrative
|
85.9
|
|
|
78.0
|
|
|
10.1
|
%
|
|
78.6
|
|
|
9.3
|
%
|
|
Total operating
expenses
|
935.5
|
|
|
934.0
|
|
|
0.2
|
%
|
|
887.9
|
|
|
5.4
|
%
|
|
Operating
income
|
318.9
|
|
|
258.6
|
|
|
23.3
|
%
|
|
301.5
|
|
|
5.8
|
%
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings
of unconsolidated affiliates
|
10.5
|
|
|
17.7
|
|
|
(40.7)
|
%
|
|
4.6
|
|
|
128.3
|
%
|
|
Interest and
dividend income
|
1.6
|
|
|
2.9
|
|
|
(44.8)
|
%
|
|
2.5
|
|
|
(36.0)
|
%
|
|
Interest
expense
|
(23.6)
|
|
|
(24.0)
|
|
|
(1.7)
|
%
|
|
(22.1)
|
|
|
6.8
|
%
|
|
Other gains and
losses, net
|
2.5
|
|
|
6.2
|
|
|
(59.7)
|
%
|
|
(4.2)
|
|
|
N/A
|
|
|
Other
income/(expense) of CIP, net
|
32.3
|
|
|
28.5
|
|
|
13.3
|
%
|
|
37.9
|
|
|
(14.8)
|
%
|
|
Income before
income taxes
|
342.2
|
|
|
289.9
|
|
|
18.0
|
%
|
|
320.2
|
|
|
6.9
|
%
|
|
Income tax
provision
|
(92.6)
|
|
|
(75.7)
|
|
|
22.3
|
%
|
|
(83.7)
|
|
|
10.6
|
%
|
|
Net
income
|
249.6
|
|
|
214.2
|
|
|
16.5
|
%
|
|
236.5
|
|
|
5.5
|
%
|
|
Net (income)/loss
attributable to noncontrolling interests in
consolidated entities
|
(10.0)
|
|
|
(2.2)
|
|
|
354.5
|
%
|
|
(11.0)
|
|
|
(9.1)
|
%
|
|
Net income
attributable to Invesco Ltd.
|
$239.6
|
|
|
$212.0
|
|
|
13.0
|
%
|
|
$225.5
|
|
|
6.3
|
%
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
$0.58
|
|
|
$0.52
|
|
|
11.5
|
%
|
|
$0.54
|
|
|
7.4
|
%
|
|
---diluted
|
$0.58
|
|
|
$0.52
|
|
|
11.5
|
%
|
|
$0.54
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
409.9
|
|
|
407.7
|
|
|
0.5
|
%
|
|
418.9
|
|
|
(2.1)
|
%
|
|
---diluted
|
410.3
|
|
|
408.0
|
|
|
0.6
|
%
|
|
419.1
|
|
|
(2.1)
|
%
|
|
Invesco
Ltd.
U.S. GAAP
Condensed Consolidated Income Statements
(Unaudited, in
millions, other than per share amounts)
|
|
|
Six months ended
June 30,
|
|
|
|
Operating
revenues:
|
2017
|
|
2016
|
|
%
Change
|
|
Investment
management fees
|
$1,965.6
|
|
|
$1,860.3
|
|
|
5.7
|
%
|
|
Service and
distribution fees
|
417.7
|
|
|
401.1
|
|
|
4.1
|
%
|
|
Performance
fees
|
28.0
|
|
|
23.4
|
|
|
19.7
|
%
|
|
Other
|
35.7
|
|
|
53.3
|
|
|
(33.0)
|
%
|
|
Total operating
revenues
|
2,447.0
|
|
|
2,338.1
|
|
|
4.7
|
%
|
|
Operating
expenses:
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
715.2
|
|
|
695.6
|
|
|
2.8
|
%
|
|
Employee
compensation
|
762.4
|
|
|
694.7
|
|
|
9.7
|
%
|
|
Marketing
|
53.5
|
|
|
53.2
|
|
|
0.6
|
%
|
|
Property, office
and technology
|
174.5
|
|
|
162.2
|
|
|
7.6
|
%
|
|
General and
administrative
|
163.9
|
|
|
156.5
|
|
|
4.7
|
%
|
|
Total operating
expenses
|
1,869.5
|
|
|
1,762.2
|
|
|
6.1
|
%
|
|
Operating
income
|
577.5
|
|
|
575.9
|
|
|
0.3
|
%
|
|
Other
income/(expense):
|
|
|
|
|
|
|
Equity in earnings
of unconsolidated affiliates
|
28.2
|
|
|
(7.6)
|
|
|
N/A
|
|
|
Interest and
dividend income
|
4.5
|
|
|
6.1
|
|
|
(26.2)
|
%
|
|
Interest
expense
|
(47.6)
|
|
|
(46.0)
|
|
|
3.5
|
%
|
|
Other gains and
losses, net
|
8.7
|
|
|
(8.9)
|
|
|
N/A
|
|
|
Other
income/(expense) of CIP, net
|
60.8
|
|
|
30.4
|
|
|
100.0
|
%
|
|
Income before
income taxes
|
632.1
|
|
|
549.9
|
|
|
14.9
|
%
|
|
Income tax
provision
|
(168.3)
|
|
|
(155.6)
|
|
|
8.2
|
%
|
|
Net
income
|
463.8
|
|
|
394.3
|
|
|
17.6
|
%
|
|
Net (income)/loss
attributable to noncontrolling interests in
consolidated entities
|
(12.2)
|
|
|
(7.8)
|
|
|
56.4
|
%
|
|
Net income
attributable to Invesco Ltd.
|
$451.6
|
|
|
$386.5
|
|
|
16.8
|
%
|
|
Earnings per
share:
|
|
|
|
|
|
|
---basic
|
$1.10
|
|
|
$0.92
|
|
|
19.6
|
%
|
|
---diluted
|
$1.10
|
|
|
$0.92
|
|
|
19.6
|
%
|
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
---basic
|
408.8
|
|
|
418.8
|
|
|
(2.4)
|
%
|
|
---diluted
|
409.2
|
|
|
419.1
|
|
|
(2.4)
|
%
|
|
Invesco
Ltd.
Non-GAAP
Information and Reconciliations
|
|
|
We are presenting the
following non-GAAP performance measures: net revenues (and by
calculation, net revenue yield on AUM), adjusted operating income,
adjusted operating margin, adjusted net income attributable to
Invesco Ltd., and adjusted diluted EPS. We believe these non-GAAP
measures provide greater transparency into our business on an
ongoing operations basis and allow more appropriate comparisons
with industry peers. Management uses these performance measures to
evaluate the business and for internal management reporting. The
most directly comparable U.S. GAAP measures are operating revenues
(and by calculation, gross revenue yield on AUM), operating income,
operating margin, net income attributable to Invesco Ltd., and
diluted EPS. Non-GAAP measures should not be considered as
substitutes for any measures derived in accordance with U.S. GAAP
and may not be comparable to other similarly titled measures of
other companies.
|
|
|
The following are
reconciliations between the presented non-GAAP measures and the
most directly comparable U.S. GAAP measures. These measures are
described more fully in the company's Forms 10-K and 10-Q.
Refer to these public filings for additional information about the
company' non-GAAP performance measures. In addition, a
reconciliation of adjusted operating expenses is provided below,
together with reconciliations of the U.S. GAAP operating
expense lines to provide further analysis of the non-GAAP
adjustments.
|
|
|
Reconciliation of
Operating revenues to Net revenues:
|
|
|
in
millions
|
Q2-17
|
|
|
Q1-17
|
|
|
Q2-16
|
|
|
|
Operating revenues,
U.S. GAAP basis
|
1,254.4
|
|
|
1,192.6
|
|
|
1,189.4
|
|
|
|
Proportional share of
revenues, net of third-party distribution, service
and advisory expenses, from joint venture
investments
|
11.5
|
|
|
10.6
|
|
|
10.5
|
|
|
|
Third party
distribution, service and advisory expenses
|
(365.9)
|
|
|
(349.3)
|
|
|
(348.4)
|
|
|
|
CIP
|
6.3
|
|
|
13.2
|
|
|
5.1
|
|
|
|
Net
revenues
|
906.3
|
|
|
867.1
|
|
|
856.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating income to Adjusted operating income:
|
|
|
in
millions
|
Q2-17
|
|
|
Q1-17
|
|
|
Q2-16
|
|
|
|
Operating income,
U.S. GAAP basis
|
318.9
|
|
|
258.6
|
|
|
301.5
|
|
|
|
Proportional share of
net operating income from joint venture
investments
|
5.3
|
|
|
1.3
|
|
|
4.2
|
|
|
|
CIP
|
8.5
|
|
|
12.0
|
|
|
13.0
|
|
|
|
Business
combinations
|
8.4
|
|
|
5.1
|
|
|
4.5
|
|
|
|
Compensation expense
related to market valuation changes in deferred
compensation plans
|
3.4
|
|
|
5.7
|
|
|
1.8
|
|
|
|
Business optimization
expenses
|
12.0
|
|
|
24.7
|
|
|
10.3
|
|
|
|
Senior executive
retirement and related costs
|
—
|
|
|
19.7
|
|
|
—
|
|
|
|
Regulatory-related
credit
|
—
|
|
|
—
|
|
|
(4.9)
|
|
|
|
Adjusted operating
income
|
356.5
|
|
|
327.1
|
|
|
330.4
|
|
|
|
|
|
|
|
|
|
|
Operating margin
(1)
|
25.4
|
%
|
|
21.7
|
%
|
|
25.3
|
%
|
|
|
Adjusted operating
margin (2)
|
39.3
|
%
|
|
37.7
|
%
|
|
38.6
|
%
|
|
|
|
|
Reconciliation of Net
income attributable to Invesco Ltd. to Adjusted net income
attributable to Invesco Ltd.
|
|
|
in
millions
|
Q2-17
|
|
|
Q1-17
|
|
|
Q2-16
|
|
|
|
Net income
attributable to Invesco Ltd., U.S. GAAP basis
|
239.6
|
|
|
212.0
|
|
|
225.5
|
|
|
|
CIP
|
2.9
|
|
|
(5.7)
|
|
|
(8.0)
|
|
|
|
Business
combinations:
|
|
|
|
|
|
|
|
Changes in the fair
value of contingent consideration
|
(1.2)
|
|
|
(0.5)
|
|
|
15.1
|
|
|
|
Other business
combination-related adjustments
|
8.4
|
|
|
5.1
|
|
|
4.5
|
|
|
|
Deferred compensation
plan market valuation changes and dividend
income less compensation expense
|
(1.7)
|
|
|
(4.5)
|
|
|
(2.0)
|
|
|
|
Business optimization
expenses
|
12.0
|
|
|
24.7
|
|
|
10.3
|
|
|
|
Senior executive
retirement and related costs
|
—
|
|
|
19.7
|
|
|
—
|
|
|
|
Regulatory-related
credit
|
—
|
|
|
—
|
|
|
(4.9)
|
|
|
|
Foreign exchange
hedge
|
7.1
|
|
|
13.9
|
|
|
(8.4)
|
|
|
|
Taxation:
|
|
|
|
|
|
|
|
Taxation on business
combinations
|
3.7
|
|
|
4.1
|
|
|
(1.7)
|
|
|
|
Taxation on deferred
compensation plan market valuation changes
and dividend income less compensation
expense
|
0.6
|
|
|
1.6
|
|
|
0.7
|
|
|
|
Taxation on business
optimization charges
|
(4.2)
|
|
|
(8.7)
|
|
|
(3.2)
|
|
|
|
Taxation on senior
executive retirement and related costs
|
—
|
|
|
(5.9)
|
|
|
—
|
|
|
|
Taxation on
regulatory-related credit
|
—
|
|
|
—
|
|
|
1.9
|
|
|
|
Taxation on foreign
exchange hedge
|
(2.7)
|
|
|
(5.3)
|
|
|
3.2
|
|
|
|
Adjusted net income
attributable to Invesco Ltd. (3)
|
264.5
|
|
|
250.5
|
|
|
233.0
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - diluted
|
410.3
|
|
|
408.0
|
|
|
419.1
|
|
|
|
Diluted
EPS
|
$0.58
|
|
|
$0.52
|
|
|
$0.54
|
|
|
|
Adjusted diluted EPS
(4)
|
$0.64
|
|
|
$0.61
|
|
|
$0.56
|
|
|
|
|
____________
|
|
(1)
|
Operating margin is
equal to operating income divided by operating revenues.
|
|
(2)
|
Adjusted operating
margin is equal to adjusted operating income divided by net
revenues.
|
|
(3)
|
The effective tax
rate on adjusted net income attributable to Invesco Ltd. is 26.7%
(first quarter: 26.6%; second quarter 2016: 26.5%). 2017 includes a
0.3% rate decrease related to excess tax benefits on share based
compensation for vestings of our annual share awards (first
quarter: 0.4% decrease).
|
|
(4)
|
Adjusted diluted EPS
is equal to adjusted net income attributable to Invesco Ltd.
divided by the weighted average number of common and restricted
shares outstanding. There is no difference between the
calculated earnings per share amounts presented above and the
calculated earnings per share amounts under the two class
method.
|
|
Reconciliation of
Operating expenses to Adjusted operating expenses:
|
|
|
in
millions
|
Q2-17
|
|
|
Q1-17
|
|
|
Q2-16
|
|
|
|
Operating expenses,
U.S. GAAP basis
|
935.5
|
|
|
934.0
|
|
|
887.9
|
|
|
|
Proportional share of
revenues, net of third-party distribution expenses,
from joint venture investments
|
6.2
|
|
|
9.3
|
|
|
6.3
|
|
|
|
Third party
distribution, service and advisory expenses
|
(365.9)
|
|
|
(349.3)
|
|
|
(348.4)
|
|
|
|
CIP
|
(2.2)
|
|
|
1.2
|
|
|
(7.9)
|
|
|
|
Business
combinations
|
(8.4)
|
|
|
(5.1)
|
|
|
(4.5)
|
|
|
|
Compensation expense
related to market valuation changes in deferred
compensation plans
|
(3.4)
|
|
|
(5.7)
|
|
|
(1.8)
|
|
|
|
Business
optimization
|
(12.0)
|
|
|
(24.7)
|
|
|
(10.3)
|
|
|
|
Senior executive
retirement and related costs
|
—
|
|
|
(19.7)
|
|
|
—
|
|
|
|
Regulatory-related
credit
|
—
|
|
|
—
|
|
|
4.9
|
|
|
|
Adjusted operating
expenses
|
549.8
|
|
|
540.0
|
|
|
526.2
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation, U.S. GAAP basis
|
365.6
|
|
|
396.8
|
|
|
350.3
|
|
|
|
Proportional
consolidation of joint ventures
|
3.9
|
|
|
5.1
|
|
|
4.1
|
|
|
|
Business
combinations
|
(1.6)
|
|
|
(1.1)
|
|
|
(0.3)
|
|
|
|
Market
appreciation/depreciation of deferred compensation
awards
|
(3.4)
|
|
|
(5.7)
|
|
|
(1.8)
|
|
|
|
Business
optimization
|
(3.9)
|
|
|
(15.7)
|
|
|
(4.4)
|
|
|
|
Senior executive
retirement and related costs
|
—
|
|
|
(18.3)
|
|
|
—
|
|
|
|
Adjusted employee
compensation
|
360.6
|
|
|
361.1
|
|
|
347.9
|
|
|
|
|
|
|
|
|
|
|
Marketing, U.S. GAAP
basis
|
29.1
|
|
|
24.4
|
|
|
28.3
|
|
|
|
Proportional
consolidation of joint ventures
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
|
|
Adjusted
marketing
|
29.7
|
|
|
25.0
|
|
|
29.0
|
|
|
|
|
|
|
|
|
|
|
Property, office and
technology, U.S. GAAP basis
|
89.0
|
|
|
85.5
|
|
|
82.3
|
|
|
|
Proportional
consolidation of joint ventures
|
0.9
|
|
|
0.9
|
|
|
0.9
|
|
|
|
Business
optimization
|
(1.2)
|
|
|
(0.8)
|
|
|
(0.4)
|
|
|
|
Adjusted property,
office and technology
|
88.7
|
|
|
85.6
|
|
|
82.8
|
|
|
|
|
|
|
|
|
|
|
General and
administrative, U.S. GAAP basis
|
85.9
|
|
|
78.0
|
|
|
78.6
|
|
|
|
Proportional
consolidation of joint ventures
|
0.8
|
|
|
2.7
|
|
|
0.6
|
|
|
|
Business
combinations
|
(6.8)
|
|
|
(4.0)
|
|
|
(4.2)
|
|
|
|
CIP
|
(2.2)
|
|
|
1.2
|
|
|
(7.9)
|
|
|
|
Business
optimization
|
(6.9)
|
|
|
(8.2)
|
|
|
(5.5)
|
|
|
|
Senior executive
retirement and related costs
|
—
|
|
|
(1.4)
|
|
|
—
|
|
|
|
Regulatory-related
credit
|
—
|
|
|
—
|
|
|
4.9
|
|
|
|
Adjusted general and
administrative
|
70.8
|
|
|
68.3
|
|
|
66.5
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Quarterly Assets
Under Management
|
|
|
|
|
(in
billions)
|
Q2-17
|
|
Q1-17
|
|
%
Change
|
|
Q2-16
|
|
|
Beginning
Assets
|
$834.8
|
|
|
$812.9
|
|
|
2.7
|
%
|
|
$771.5
|
|
|
Long-term
inflows
|
42.3
|
|
|
49.1
|
|
|
(13.8)
|
%
|
|
45.8
|
|
|
Long-term
outflows
|
(42.9)
|
|
|
(47.3)
|
|
|
(9.3)
|
%
|
|
(41.3)
|
|
|
Long-term net
flows
|
(0.6)
|
|
|
1.8
|
|
|
N/A
|
|
|
4.5
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
1.0
|
|
|
(80.0)
|
%
|
|
(3.8)
|
|
|
Net flows in
institutional money market funds
|
2.8
|
|
|
(8.1)
|
|
|
N/A
|
|
|
2.0
|
|
|
Total net
flows
|
2.4
|
|
|
(5.3)
|
|
|
N/A
|
|
|
2.7
|
|
|
Market gains and
losses/reinvestment
|
13.0
|
|
|
23.1
|
|
|
(43.7)
|
%
|
|
10.7
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
N/A
|
|
|
2.4
|
|
|
Foreign currency
translation
|
8.1
|
|
|
4.1
|
|
|
97.6
|
%
|
|
(7.7)
|
|
|
Ending
Assets
|
$858.3
|
|
|
$834.8
|
|
|
2.8
|
%
|
|
$779.6
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$730.9
|
|
|
$716.3
|
|
|
2.0
|
%
|
|
$681.8
|
|
|
Average
AUM
|
$849.2
|
|
|
$829.8
|
|
|
2.3
|
%
|
|
$784.5
|
|
|
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
59.7
|
bps
|
|
58.1
|
bps
|
|
|
|
61.3
|
bps
|
|
Gross revenue
yield on AUM before performance fees(a)
|
58.9
|
bps
|
|
57.5
|
bps
|
|
|
|
60.9
|
bps
|
|
Net revenue yield
on AUM(b)
|
42.7
|
bps
|
|
41.8
|
bps
|
|
|
|
43.7
|
bps
|
|
Net revenue yield
on AUM before performance fees(b)
|
41.8
|
bps
|
|
40.9
|
bps
|
|
|
|
43.2
|
bps
|
|
|
|
(in
billions)
|
Total
AUM
|
|
Active(e)
|
|
Passive(e)
|
|
|
March 31,
2017
|
$834.8
|
|
|
$680.5
|
|
|
$154.3
|
|
|
Long-term
inflows
|
42.3
|
|
|
33.7
|
|
|
8.6
|
|
|
Long-term
outflows
|
(42.9)
|
|
|
(33.9)
|
|
|
(9.0)
|
|
|
Long-term net
flows
|
(0.6)
|
|
|
(0.2)
|
|
|
(0.4)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
Net flows in
institutional money market funds
|
2.8
|
|
|
2.8
|
|
|
—
|
|
|
Total net
flows
|
2.4
|
|
|
2.6
|
|
|
(0.2)
|
|
|
Market gains and
losses/reinvestment
|
13.0
|
|
|
10.5
|
|
|
2.5
|
|
|
Foreign currency
translation
|
8.1
|
|
|
8.1
|
|
|
—
|
|
|
June 30,
2017
|
$858.3
|
|
|
$701.7
|
|
|
$156.6
|
|
|
|
|
|
|
|
|
Average
AUM
|
$849.2
|
|
|
$692.4
|
|
|
$156.8
|
|
|
Gross revenue
yield on AUM(a)
|
59.7
|
bps
|
|
69.5
|
bps
|
|
16.6
|
bps
|
|
Net revenue yield
on AUM(b)
|
42.7
|
bps
|
|
48.6
|
bps
|
|
16.6
|
bps
|
|
|
|
|
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
|
Retail
|
|
|
Institutional
|
|
|
|
March 31,
2017
|
$834.8
|
|
|
$552.1
|
|
|
$282.7
|
|
|
Long-term
inflows
|
42.3
|
|
|
34.4
|
|
|
7.9
|
|
|
Long-term
outflows
|
(42.9)
|
|
|
(33.0)
|
|
|
(9.9)
|
|
|
Long-term net
flows
|
(0.6)
|
|
|
1.4
|
|
|
(2.0)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
Total net
flows
|
2.4
|
|
|
1.6
|
|
|
0.8
|
|
|
Market gains and
losses/reinvestment
|
13.0
|
|
|
12.0
|
|
|
1.0
|
|
|
Foreign currency
translation
|
8.1
|
|
|
6.7
|
|
|
1.4
|
|
|
June 30,
2017
|
$858.3
|
|
|
$572.4
|
|
|
$285.9
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
Invesco
Ltd.
Quarterly Assets
Under Management (continued)
|
|
|
By asset class:
(in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (d)
|
|
Alternatives(c)
|
|
March 31,
2017
|
$834.8
|
|
|
$381.8
|
|
|
$203.8
|
|
|
$48.9
|
|
|
$73.1
|
|
|
$127.2
|
|
|
Long-term
inflows
|
42.3
|
|
|
19.0
|
|
|
10.9
|
|
|
3.6
|
|
|
1.0
|
|
|
7.8
|
|
|
Long-term
outflows
|
(42.9)
|
|
|
(24.6)
|
|
|
(8.8)
|
|
|
(2.1)
|
|
|
(0.9)
|
|
|
(6.5)
|
|
|
Long-term net
flows
|
(0.6)
|
|
|
(5.6)
|
|
|
2.1
|
|
|
1.5
|
|
|
0.1
|
|
|
1.3
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
Total net
flows
|
2.4
|
|
|
(5.4)
|
|
|
2.1
|
|
|
1.5
|
|
|
2.9
|
|
|
1.3
|
|
|
Market gains and
losses/reinvestment
|
13.0
|
|
|
10.9
|
|
|
2.0
|
|
|
0.2
|
|
|
—
|
|
|
(0.1)
|
|
|
Foreign currency
translation
|
8.1
|
|
|
3.9
|
|
|
1.0
|
|
|
1.6
|
|
|
0.1
|
|
|
1.5
|
|
|
June 30,
2017
|
$858.3
|
|
|
$391.2
|
|
|
$208.9
|
|
|
$52.2
|
|
|
$76.1
|
|
|
$129.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$849.2
|
|
|
$388.8
|
|
|
$207.2
|
|
|
$50.8
|
|
|
$73.8
|
|
|
$128.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
|
March 31,
2017
|
$834.8
|
|
|
$550.0
|
|
|
$23.9
|
|
|
$101.0
|
|
|
$77.6
|
|
|
$82.3
|
|
|
Long-term
inflows
|
42.3
|
|
|
22.5
|
|
|
1.1
|
|
|
4.0
|
|
|
9.8
|
|
|
4.9
|
|
|
Long-term
outflows
|
(42.9)
|
|
|
(25.3)
|
|
|
(1.0)
|
|
|
(5.1)
|
|
|
(5.8)
|
|
|
(5.7)
|
|
|
Long-term net
flows
|
(0.6)
|
|
|
(2.8)
|
|
|
0.1
|
|
|
(1.1)
|
|
|
4.0
|
|
|
(0.8)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.8
|
|
|
3.6
|
|
|
—
|
|
|
(1.8)
|
|
|
(0.1)
|
|
|
1.1
|
|
|
Total net
flows
|
2.4
|
|
|
1.0
|
|
|
0.1
|
|
|
(2.9)
|
|
|
3.9
|
|
|
0.3
|
|
|
Market gains and
losses/reinvestment
|
13.0
|
|
|
8.1
|
|
|
0.1
|
|
|
2.2
|
|
|
1.5
|
|
|
1.1
|
|
|
Foreign currency
translation
|
8.1
|
|
|
0.1
|
|
|
0.7
|
|
|
3.5
|
|
|
3.6
|
|
|
0.2
|
|
|
June 30,
2017
|
$858.3
|
|
|
$559.2
|
|
|
$24.8
|
|
|
$103.8
|
|
|
$86.6
|
|
|
$83.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
Invesco
Ltd.
|
|
|
Year-to-Date
Assets Under Management
|
|
|
|
|
(in
billions)
|
June 30,
2017
|
|
June 30,
2016
|
|
%
Change
|
|
|
Beginning
Assets
|
$812.9
|
|
|
$775.6
|
|
|
4.8
|
%
|
|
Long-term
inflows
|
91.4
|
|
|
88.6
|
|
|
3.2
|
%
|
|
Long-term
outflows
|
(90.2)
|
|
|
(85.4)
|
|
|
5.6
|
%
|
|
Long-term net
flows
|
1.2
|
|
|
3.2
|
|
|
(62.5)
|
%
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
(6.4)
|
|
|
N/A
|
|
|
Net flows in
institutional money market funds
|
(5.3)
|
|
|
5.8
|
|
|
N/A
|
|
|
Total net
flows
|
(2.9)
|
|
|
2.6
|
|
|
N/A
|
|
|
Market gains and
losses/reinvestment
|
36.1
|
|
|
7.7
|
|
|
368.8
|
%
|
|
Acquisitions/dispositions, net
|
—
|
|
|
(1.2)
|
|
|
(100.0)
|
%
|
|
Foreign currency
translation
|
12.2
|
|
|
(5.1)
|
|
|
N/A
|
|
|
Ending
Assets
|
$858.3
|
|
|
$779.6
|
|
|
10.1
|
%
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$723.6
|
|
|
$665.5
|
|
|
8.7
|
%
|
|
Average
AUM
|
$839.5
|
|
|
$766.0
|
|
|
9.6
|
%
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
58.9
|
bps
|
|
61.7
|
bps
|
|
|
|
Gross revenue
yield on AUM before performance fees(a)
|
58.2
|
bps
|
|
61.1
|
bps
|
|
|
|
Net revenue yield
on AUM(b)
|
42.2
|
bps
|
|
43.7
|
bps
|
|
|
|
Net revenue yield
on AUM before performance fees(b)
|
41.4
|
bps
|
|
43.1
|
bps
|
|
|
|
|
|
(in
billions)
|
Total
AUM
|
|
Active(e)
|
|
Passive(e)
|
|
|
December 31,
2016
|
$812.9
|
|
|
$668.5
|
|
|
$144.4
|
|
|
Long-term
inflows
|
91.4
|
|
|
71.0
|
|
|
20.4
|
|
|
Long-term
outflows
|
(90.2)
|
|
|
(71.7)
|
|
|
(18.5)
|
|
|
Long-term net
flows
|
1.2
|
|
|
(0.7)
|
|
|
1.9
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
Net flows in
institutional money market funds
|
(5.3)
|
|
|
(5.3)
|
|
|
—
|
|
|
Total net
flows
|
(2.9)
|
|
|
(6.0)
|
|
|
3.1
|
|
|
Market gains and
losses/reinvestment
|
36.1
|
|
|
27.1
|
|
|
9.0
|
|
|
Foreign currency
translation
|
12.2
|
|
|
12.1
|
|
|
0.1
|
|
|
June 30,
2017
|
$858.3
|
|
|
$701.7
|
|
|
$156.6
|
|
|
|
|
|
|
|
|
Average
AUM
|
$839.5
|
|
|
$685.4
|
|
|
$154.1
|
|
|
Gross revenue
yield on AUM(a)
|
58.9
|
bps
|
|
68.5
|
bps
|
|
16.6
|
bps
|
|
Net revenue yield
on AUM(b)
|
42.2
|
bps
|
|
48.0
|
bps
|
|
16.6
|
bps
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
|
Retail
|
|
|
Institutional
|
|
|
|
December 31,
2016
|
$812.9
|
|
|
$526.5
|
|
|
$286.4
|
|
|
Long-term
inflows
|
91.4
|
|
|
74.0
|
|
|
17.4
|
|
|
Long-term
outflows
|
(90.2)
|
|
|
(70.8)
|
|
|
(19.4)
|
|
|
Long-term net
flows
|
1.2
|
|
|
3.2
|
|
|
(2.0)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(5.3)
|
|
|
—
|
|
|
(5.3)
|
|
|
Total net
flows
|
(2.9)
|
|
|
4.4
|
|
|
(7.3)
|
|
|
Market gains and
losses/reinvestment
|
36.1
|
|
|
32.4
|
|
|
3.7
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
12.2
|
|
|
9.1
|
|
|
3.1
|
|
|
June 30,
2017
|
$858.3
|
|
|
$572.4
|
|
|
$285.9
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
Invesco
Ltd.
|
|
|
Year-to-Date
Assets Under Management (continued)
|
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
|
Equity
|
|
|
Fixed
Income
|
|
|
Balanced
|
|
|
Money
Market (d)
|
|
|
Alternatives(c)
|
|
|
|
December 31,
2016
|
$812.9
|
|
|
$364.1
|
|
|
$201.7
|
|
|
$46.8
|
|
|
$78.3
|
|
|
$122.0
|
|
|
Long-term
inflows
|
91.4
|
|
|
40.5
|
|
|
23.6
|
|
|
6.3
|
|
|
1.8
|
|
|
19.2
|
|
|
Long-term
outflows
|
(90.2)
|
|
|
(51.1)
|
|
|
(19.0)
|
|
|
(4.3)
|
|
|
(1.8)
|
|
|
(14.0)
|
|
|
Long-term net
flows
|
1.2
|
|
|
(10.6)
|
|
|
4.6
|
|
|
2.0
|
|
|
—
|
|
|
5.2
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(5.3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.3)
|
|
|
—
|
|
|
Total net
flows
|
(2.9)
|
|
|
(9.4)
|
|
|
4.6
|
|
|
2.0
|
|
|
(5.3)
|
|
|
5.2
|
|
|
Market gains and
losses/reinvestment
|
36.1
|
|
|
31.1
|
|
|
3.7
|
|
|
1.5
|
|
|
—
|
|
|
(0.2)
|
|
|
Transfers /
reclassifications(f)
|
—
|
|
|
—
|
|
|
(3.0)
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
Foreign currency
translation
|
12.2
|
|
|
5.4
|
|
|
1.9
|
|
|
1.9
|
|
|
0.1
|
|
|
2.9
|
|
|
June 30,
2017
|
$858.3
|
|
|
$391.2
|
|
|
$208.9
|
|
|
$52.2
|
|
|
$76.1
|
|
|
$129.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$839.5
|
|
|
$382.8
|
|
|
$204.7
|
|
|
$49.5
|
|
|
$75.6
|
|
|
$126.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
|
U.S.
|
|
|
Canada
|
|
|
U.K.
|
|
|
Continental
Europe
|
|
|
Asia
|
|
|
|
December 31,
2016
|
$812.9
|
|
|
$539.5
|
|
|
$23.1
|
|
|
$98.2
|
|
|
$72.1
|
|
|
$80.0
|
|
|
Long-term
inflows
|
91.4
|
|
|
50.3
|
|
|
2.2
|
|
|
8.1
|
|
|
18.1
|
|
|
12.7
|
|
|
Long-term
outflows
|
(90.2)
|
|
|
(52.2)
|
|
|
(2.3)
|
|
|
(11.0)
|
|
|
(12.4)
|
|
|
(12.3)
|
|
|
Long-term net
flows
|
1.2
|
|
|
(1.9)
|
|
|
(0.1)
|
|
|
(2.9)
|
|
|
5.7
|
|
|
0.4
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(5.3)
|
|
|
(3.6)
|
|
|
—
|
|
|
(1.5)
|
|
|
0.5
|
|
|
(0.7)
|
|
|
Total net
flows
|
(2.9)
|
|
|
(4.3)
|
|
|
(0.1)
|
|
|
(4.4)
|
|
|
6.2
|
|
|
(0.3)
|
|
|
Market gains and
losses/reinvestment
|
36.1
|
|
|
23.9
|
|
|
1.0
|
|
|
5.5
|
|
|
3.8
|
|
|
1.9
|
|
|
Foreign currency
translation
|
12.2
|
|
|
0.1
|
|
|
0.8
|
|
|
4.5
|
|
|
4.5
|
|
|
2.3
|
|
|
June 30,
2017
|
$858.3
|
|
|
$559.2
|
|
|
$24.8
|
|
|
$103.8
|
|
|
$86.6
|
|
|
$83.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
|
|
|
Invesco
Ltd.
Quarterly Assets
Under Management - Passive(e)
|
|
|
|
|
(in
billions)
|
Q2-17
|
|
|
Q1-17
|
|
|
%
Change
|
|
Q2-16
|
|
|
|
Beginning
Assets
|
$154.3
|
|
|
$144.4
|
|
|
6.9
|
%
|
|
$131.1
|
|
|
Long-term
inflows
|
8.6
|
|
|
11.8
|
|
|
(27.1)
|
%
|
|
12.3
|
|
|
Long-term
outflows
|
(9.0)
|
|
|
(9.5)
|
|
|
(5.3)
|
%
|
|
(7.8)
|
|
|
Long-term net
flows
|
(0.4)
|
|
|
2.3
|
|
|
N/A
|
|
|
4.5
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
1.0
|
|
|
(80.0)
|
%
|
|
(3.8)
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
N/A
|
|
|
0.1
|
|
|
Total net
flows
|
(0.2)
|
|
|
3.3
|
|
|
N/A
|
|
|
0.8
|
|
|
Market gains and
losses/reinvestment
|
2.5
|
|
|
6.5
|
|
|
(61.5)
|
%
|
|
1.5
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
Foreign currency
translation
|
—
|
|
|
0.1
|
|
|
(100.0)
|
%
|
|
0.1
|
|
|
Ending
Assets
|
$156.6
|
|
|
$154.3
|
|
|
1.5
|
%
|
|
$133.5
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$106.8
|
|
|
$106.7
|
|
|
0.1
|
%
|
|
$95.1
|
|
|
Average
AUM
|
$156.8
|
|
|
$151.4
|
|
|
3.6
|
%
|
|
$131.7
|
|
|
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
16.6
|
bps
|
|
16.6
|
bps
|
|
|
|
14.6
|
bps
|
|
Gross revenue
yield on AUM before performance fees(a)
|
16.6
|
bps
|
|
16.6
|
bps
|
|
|
|
14.6
|
bps
|
|
Net revenue yield
on AUM(b)
|
16.6
|
bps
|
|
16.6
|
bps
|
|
|
|
14.6
|
bps
|
|
Net revenue yield
on AUM before performance fees(b)
|
16.6
|
bps
|
|
16.6
|
bps
|
|
|
|
14.6
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
|
Retail
|
|
|
Institutional
|
|
|
|
March 31,
2017
|
$154.3
|
|
|
$138.5
|
|
|
$15.8
|
|
|
Long-term
inflows
|
8.6
|
|
|
8.5
|
|
|
0.1
|
|
|
Long-term
outflows
|
(9.0)
|
|
|
(8.4)
|
|
|
(0.6)
|
|
|
Long-term net
flows
|
(0.4)
|
|
|
0.1
|
|
|
(0.5)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
(0.2)
|
|
|
0.3
|
|
|
(0.5)
|
|
|
Market gains and
losses/reinvestment
|
2.5
|
|
|
2.7
|
|
|
(0.2)
|
|
|
Foreign currency
translation
|
—
|
|
|
—
|
|
|
—
|
|
|
June 30,
2017
|
$156.6
|
|
|
$141.5
|
|
|
$15.1
|
|
|
|
|
|
|
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
|
Equity
|
|
|
Fixed
Income
|
|
|
Balanced
|
|
|
Money
Market
|
|
|
Alternatives(c)
|
|
|
|
March 31,
2017
|
$154.3
|
|
|
$101.2
|
|
|
$45.1
|
|
|
$—
|
|
|
$—
|
|
|
$8.0
|
|
|
Long-term
inflows
|
8.6
|
|
|
5.7
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
Long-term
outflows
|
(9.0)
|
|
|
(6.4)
|
|
|
(1.1)
|
|
|
—
|
|
|
—
|
|
|
(1.5)
|
|
|
Long-term net
flows
|
(0.4)
|
|
|
(0.7)
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
(1.1)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
(0.2)
|
|
|
(0.5)
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
(1.1)
|
|
|
Market gains and
losses/reinvestment
|
2.5
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3)
|
|
|
Foreign currency
translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
June 30,
2017
|
$156.6
|
|
|
$103.5
|
|
|
$46.5
|
|
|
$—
|
|
|
$—
|
|
|
$6.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$156.8
|
|
|
$103.5
|
|
|
$46.2
|
|
|
$—
|
|
|
$—
|
|
|
$7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
Invesco
Ltd.
Quarterly Assets
Under Management - Passive(e) (continued)
|
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
|
U.S.
|
|
|
Canada
|
|
|
U.K.
|
|
|
Continental
Europe
|
|
|
Asia
|
|
|
|
March 31,
2017
|
$154.3
|
|
|
$150.2
|
|
|
$0.5
|
|
|
$—
|
|
|
$2.0
|
|
|
$1.6
|
|
|
Long-term
inflows
|
8.6
|
|
|
8.2
|
|
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
Long-term
outflows
|
(9.0)
|
|
|
(8.2)
|
|
|
—
|
|
|
—
|
|
|
(0.3)
|
|
|
(0.5)
|
|
|
Long-term net
flows
|
(0.4)
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.5)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
(0.2)
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.5)
|
|
|
Market gains and
losses/reinvestment
|
2.5
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Foreign currency
translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
June 30,
2017
|
$156.6
|
|
|
$152.8
|
|
|
$0.6
|
|
|
$—
|
|
|
$2.1
|
|
|
$1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
Invesco
Ltd.
Year-to-Date
Assets Under Management - Passive(e)
|
|
|
|
|
(in
billions)
|
June 30,
2017
|
|
June 30,
2016
|
|
%
Change
|
|
|
Beginning
Assets
|
$144.4
|
|
|
$139.1
|
|
|
3.8
|
%
|
|
Long-term
inflows
|
20.4
|
|
|
22.2
|
|
|
(8.1)
|
%
|
|
Long-term
outflows
|
(18.5)
|
|
|
(19.5)
|
|
|
(5.1)
|
%
|
|
Long-term net
flows
|
1.9
|
|
|
2.7
|
|
|
(29.6)
|
%
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
(6.4)
|
|
|
N/A
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
(0.2)
|
|
|
(100.0)
|
%
|
|
Total net
flows
|
3.1
|
|
|
(3.9)
|
|
|
N/A
|
|
|
Market gains and
losses/reinvestment
|
9.0
|
|
|
1.3
|
|
|
592.3
|
%
|
|
Acquisitions/dispositions, net
|
—
|
|
|
(3.2)
|
|
|
(100.0)
|
%
|
|
Foreign currency
translation
|
0.1
|
|
|
0.2
|
|
|
(50.0)
|
%
|
|
Ending
Assets
|
$156.6
|
|
|
$133.5
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$106.8
|
|
|
$92.2
|
|
|
15.8
|
%
|
|
Average
AUM
|
$154.1
|
|
|
$129.3
|
|
|
19.2
|
%
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
16.6
|
bps
|
|
14.2
|
bps
|
|
|
|
Gross revenue
yield on AUM before performance fees(a)
|
16.6
|
bps
|
|
14.2
|
bps
|
|
|
|
Net revenue yield
on AUM(b)
|
16.6
|
bps
|
|
14.2
|
bps
|
|
|
|
Net revenue yield
on AUM before performance fees(b)
|
16.6
|
bps
|
|
14.2
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
|
Retail
|
|
|
Institutional
|
|
|
|
December 31,
2016
|
$144.4
|
|
|
$128.8
|
|
|
$15.6
|
|
|
Long-term
inflows
|
20.4
|
|
|
18.9
|
|
|
1.5
|
|
|
Long-term
outflows
|
(18.5)
|
|
|
(16.8)
|
|
|
(1.7)
|
|
|
Long-term net
flows
|
1.9
|
|
|
2.1
|
|
|
(0.2)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
3.1
|
|
|
3.3
|
|
|
(0.2)
|
|
|
Market gains and
losses/reinvestment
|
9.0
|
|
|
9.4
|
|
|
(0.4)
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2017
|
$156.6
|
|
|
$141.5
|
|
|
$15.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
|
Equity
|
|
|
Fixed
Income
|
|
|
Balanced
|
|
|
Money
Market
|
|
|
Alternatives(c)
|
|
|
|
December 31,
2016
|
$144.4
|
|
|
$93.5
|
|
|
$41.7
|
|
|
$—
|
|
|
$—
|
|
|
$9.2
|
|
|
Long-term
inflows
|
20.4
|
|
|
12.5
|
|
|
6.8
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
Long-term
outflows
|
(18.5)
|
|
|
(13.1)
|
|
|
(2.3)
|
|
|
—
|
|
|
—
|
|
|
(3.1)
|
|
|
Long-term net
flows
|
1.9
|
|
|
(0.6)
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
(2.0)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
3.1
|
|
|
0.6
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
(2.0)
|
|
|
Market gains and
losses/reinvestment
|
9.0
|
|
|
9.4
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
(0.7)
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2017
|
$156.6
|
|
|
$103.5
|
|
|
$46.5
|
|
|
$—
|
|
|
$—
|
|
|
$6.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$154.1
|
|
|
$100.7
|
|
|
$45.3
|
|
|
$—
|
|
|
$—
|
|
|
$8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Year-to-Date
Assets Under Management - Passive(e)
(continued)
|
|
|
By client
domicile: (in billions)
|
Total
|
|
|
U.S.
|
|
|
Canada
|
|
|
U.K.
|
|
|
Continental
Europe
|
|
|
Asia
|
|
|
|
December 31,
2016
|
$144.4
|
|
|
$139.9
|
|
|
$0.5
|
|
|
$—
|
|
|
$1.9
|
|
|
$2.1
|
|
|
Long-term
inflows
|
20.4
|
|
|
19.9
|
|
|
0.1
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
Long-term
outflows
|
(18.5)
|
|
|
(16.9)
|
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
|
(1.2)
|
|
|
Long-term net
flows
|
1.9
|
|
|
3.0
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
flows
|
3.1
|
|
|
4.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
|
Market gains and
losses/reinvestment
|
9.0
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2017
|
$156.6
|
|
|
$152.8
|
|
|
$0.6
|
|
|
$—
|
|
|
$2.1
|
|
|
$1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
Invesco
Ltd.
Footnotes to the
Assets Under Management Tables
|
|
|
(a)
|
Gross revenue yield
on AUM is equal to annualized total operating revenues divided by
average AUM, excluding China joint venture (JV) AUM. For quarterly
AUM, our share of the average AUM in the second quarter for our JVs
in China was $8.1 billion (first quarter: $8.4 billion; second
quarter 2016: $8.6 billion). For year to date, our share of the
average AUM for our JVs in China in the six months ended June 30,
2017 was $8.2 billion (six months ended June 30, 2016: $8.1
billion). It is appropriate to exclude the average AUM of our China
JVs for purposes of computing gross revenue yield on AUM, because
the revenues resulting from these AUM are not presented in our
operating revenues. Under U.S. GAAP, our share of the net income of
the JVs is recorded as equity in earnings of unconsolidated
affiliates on our Condensed Consolidated Statements of Income.
Gross revenue yield, the most comparable U.S. GAAP-based measure to
net revenue yield, is not considered a meaningful effective fee
rate measure. The numerator of the gross revenue yield measure,
operating revenues, excludes the management fees earned from CIP;
however, the denominator of the measure includes the AUM of these
investment products. Therefore, the gross revenue yield measure is
not considered representative of the company's true effective fee
rate from AUM.
|
|
(b)
|
Net revenue yield on
AUM is equal to annualized net revenues divided by average
AUM. See the reconciliations of U.S. GAAP to Non-GAAP
Information on pages 8 through 10 of this release for a
reconciliation of operating revenues to net revenues.
|
|
(c)
|
The alternatives
asset class includes absolute return, commodities, currencies,
financial structures, global macro, long/short equity, managed
futures, multi-alternatives, private capital - direct, private
capital - fund of funds, private direct real estate, public real
estate securities, senior secured loans and custom
solutions.
|
|
(d)
|
Long-term AUM
excludes institutional money market AUM and Invesco PowerShares QQQ
AUM. Ending AUM as of June 30, 2017 includes $71.7 billion in
institutional money market AUM and $49.8 billion in Invesco
PowerShares QQQ AUM. (March 31, 2017: $65.2 billion and
$47.8 billion, respectively; June 30, 2016: $63.1 billion and
$34.8 billion, respectively).
|
|
(e)
|
Passive AUM includes
ETFs, UITs, non-fee earning leverage and other passive mandates.
Active AUM are total AUM less Passive AUM.
|
|
(f)
|
In January 2017 the
company reclassified $3.0 billion of certain AUM previously
classified in fixed income to money market.
|
|
Invesco
Ltd.
Investment
Capabilities Performance Overview
|
|
|
|
Benchmark
Comparison
|
Peer Group
Comparison
|
|
|
% of AUM Ahead of
Benchmark
|
% of AUM In Top Half
of
Peer Group
|
|
Equities
|
|
1yr
|
3yr
|
5yr
|
1yr
|
3yr
|
5yr
|
|
U.S. Core
|
29
|
%
|
—
|
%
|
5
|
%
|
32
|
%
|
—
|
%
|
5
|
%
|
|
U.S.
Growth
|
72
|
%
|
41
|
%
|
87
|
%
|
58
|
%
|
37
|
%
|
87
|
%
|
|
U.S. Value
|
58
|
%
|
58
|
%
|
87
|
%
|
51
|
%
|
57
|
%
|
87
|
%
|
|
Sector
|
80
|
%
|
13
|
%
|
13
|
%
|
81
|
%
|
9
|
%
|
17
|
%
|
|
U.K.
|
11
|
%
|
100
|
%
|
100
|
%
|
12
|
%
|
85
|
%
|
71
|
%
|
|
Canadian
|
88
|
%
|
33
|
%
|
39
|
%
|
65
|
%
|
10
|
%
|
33
|
%
|
|
Asian
|
49
|
%
|
85
|
%
|
90
|
%
|
45
|
%
|
72
|
%
|
89
|
%
|
|
Continental
European
|
65
|
%
|
99
|
%
|
100
|
%
|
54
|
%
|
71
|
%
|
89
|
%
|
|
Global
|
51
|
%
|
53
|
%
|
73
|
%
|
52
|
%
|
72
|
%
|
84
|
%
|
|
Global Ex U.S. and
Emerging Markets
|
5
|
%
|
25
|
%
|
91
|
%
|
4
|
%
|
3
|
%
|
9
|
%
|
|
Fixed
Income
|
|
|
|
|
|
Money
Market
|
99
|
%
|
99
|
%
|
68
|
%
|
98
|
%
|
98
|
%
|
98
|
%
|
|
U.S. Fixed
Income
|
66
|
%
|
90
|
%
|
90
|
%
|
72
|
%
|
87
|
%
|
83
|
%
|
|
Global Fixed
Income
|
85
|
%
|
51
|
%
|
80
|
%
|
74
|
%
|
39
|
%
|
85
|
%
|
|
Stable
Value
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Other
|
|
|
|
|
|
Alternatives
|
83
|
%
|
76
|
%
|
64
|
%
|
74
|
%
|
86
|
%
|
49
|
%
|
|
Balanced
|
81
|
%
|
45
|
%
|
48
|
%
|
68
|
%
|
92
|
%
|
89
|
%
|
|
Note:
|
AUM measured in the
one-, three-, and five-year peer group rankings represents 59%,
58%, and 56% of total Invesco AUM, respectively, and AUM measured
versus benchmark on a one-, three-, and five-year basis represents
71%, 68%, and 64% of total Invesco AUM, respectively, as of
June 30, 2017. Peer group rankings are sourced from a
widely-used third party ranking agency in each fund's market
(Lipper, Morningstar, IA, Russell, Mercer, eVestment Alliance,
SITCA, Value Research) and are asset-weighted in U.S. Dollars.
Rankings are as of prior quarter-end for most institutional
products and preceding month-end for Australian retail funds due to
their late release by third parties. Rankings for the most
representative fund in each Global Investment Performance Standard
(GIPS) composite are applied to all products within each GIPS
composite. Excludes passive products, closed-end funds, private
equity limited partnerships, non-discretionary direct real estate,
unit investment trusts, fund-of-funds with component funds managed
by Invesco, stable value building block funds, and Collateralized
Debt Obligations (CDOs). Certain funds and products were excluded
from the analysis because of limited benchmark or peer group data.
Had these been available, results may have been different. These
results are preliminary and subject to revision. Performance
assumes the reinvestment of dividends. Past performance is not
indicative of future results and may not reflect an investor's
experience.
|
View original
content:http://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-june-30-2017-300495126.html
SOURCE Invesco Ltd.