Invesco Announces Fourth Quarter Diluted EPS
of $(1.64); Adjusted Diluted
EPS(1) of $0.47
Intangible impairment of
$1.2 billion negatively impacted
Fourth Quarter Diluted EPS by $2.10
ATLANTA, Jan. 23,
2024 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today
reported financial results for the three months and year ended
December 31, 2023.
- $6.7 billion of net long-term
inflows for the quarter, with net long-term inflows of $12.4 billion from ETFs, $1.4 billion from active fixed income,
$1.5 billion from Greater China and $0.2
billion from private markets
- $10.2 billion of net long-term
inflows for the full year 2023, with net long-term inflows of
$32.7 billion from ETFs
- $1,585.3 billion in ending AUM,
an increase of 6.6% from the prior quarter and an increase of 12.5%
from the prior year-end
- (76.1)% operating margin in Q4 2023 includes $1.2 billion non-cash intangible asset
impairment; 26.3% adjusted operating margin(1) was not
impacted by the intangible impairment
- $22 million of organizational
change expenses negatively impacted fourth quarter operating margin
by 150 basis points and adjusted operating margin by 210 basis
points
- Net debt(2) reduced to $20.3
million and ended the year with $1.5
billion in cash and cash equivalents
Update from Andrew
Schlossberg, President and CEO
"Organic flow growth outperformed in the fourth quarter and the
year during a challenging environment for organic asset growth in
2023. Led by 17% organic growth in our global ETF platform, several
of our key capabilities delivered net long-term inflows during the
quarter including Greater China,
Fixed Income, Private Markets, and SMAs. This performance
demonstrates the strength of the firm's market position and our
ability to leverage the breadth of our platform to meet client
needs in various cycles."
"Over the past year, we streamlined our business to more
effectively and efficiently improve investment and financial
performance, address emerging trends in the asset management
industry, and meet client demand. We will continue to invest in
high-demand solutions while maintaining a disciplined approach to
expenses, focusing on profitable growth, and further strengthening
our balance sheet. Our range of investment capabilities, geographic
positioning, discipline to drive performance, and simplified
organizational structure allow us to execute at pace with ever
changing client needs."
"As we enter 2024, we are well positioned to help clients
navigate the impact of evolving market dynamics and subsequent
changes to their portfolios. As market sentiment improves, this
should translate to even greater scale, performance, and improved
profitability for Invesco. I would like to thank my colleagues,
Executive Leadership Team, and our Board of Directors for their
efforts in 2023, their focus on our clients, and support for a
smooth transition during the year. I am excited for the future of
Invesco."
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(1)
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Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
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(2)
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Net debt: Debt less
Cash and cash equivalents
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Net flows:
Net long-term inflows were $6.7
billion for the fourth quarter, compared to $2.6 billion of net long-term inflows in the
third quarter.
Retail and institutional net long-term inflows were $4.6 billion and $2.1
billion, respectively. Net long-term flows by asset class
included net long-term inflows of $8.3
billion in equity products and $0.1
billion in fixed income products, which were partially
offset by net long-term outflows of $1.3
billion in balanced products and $0.4
billion in alternatives products. On a geographic basis, the
Asia Pacific and Americas regions
achieved net long-term inflows of $5.8
billion and $1.5 billion,
respectively, while the EMEA region experienced net long term
outflows of $0.6 billion.
Net market gains and foreign exchange rate movements increased
AUM in the fourth quarter by $86.9
billion and $11.0 billion,
respectively. We had inflows of $3.1
billion in non-management fee earning products and outflows
of $18.1 billion in money market
funds during the quarter. Ending AUM increased 6.6% while average
AUM decreased 0.9% during the fourth quarter.
Summary of net flows
(in billions)
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Q4-23
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Q3-23
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Q4-22
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2023
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2022
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Active
|
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$
(7.2)
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$
(10.9)
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$
(10.5)
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$
(29.0)
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$
(28.3)
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Passive
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13.9
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13.5
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7.3
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39.2
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27.8
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Net long-term
flows
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6.7
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2.6
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(3.2)
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10.2
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(0.5)
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Non-management fee
earning AUM
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3.1
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3.6
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(2.1)
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6.2
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(3.2)
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Money market
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(18.1)
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(16.1)
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30.1
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(11.1)
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56.4
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Total net
flows
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$
(8.3)
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$
(9.9)
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$ 24.8
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$
5.3
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$ 52.7
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Annualized long-term
organic growth rate (1)
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2.4 %
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0.9 %
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(1.2) %
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0.9 %
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— %
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|
|
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|
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(1)
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Annualized long-term
organic growth rate is calculated using net long-term flows
(annualized) divided by average long-term AUM for the period.
Long-term AUM excludes money market and non-management fee earning
AUM.
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Fourth Quarter Highlights:
Financial
Results
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Q4-23
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Q3-23
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Q4-23 vs.
Q3-23
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Q4-22
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Q4-23 vs.
Q4-22
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U.S. GAAP Financial
Measures
|
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Operating
revenues
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$1,413.4m
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$1,442.0m
|
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(2.0) %
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$1,443.4m
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(2.1) %
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Operating
income/(loss)
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($1,075.8m)
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$227.7m
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N/A
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$245.1m
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N/A
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Operating
margin
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(76.1 %)
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15.8 %
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|
|
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17.0 %
|
|
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Net income/(loss)
attributable to Invesco Ltd.
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($742.3m)
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$131.4m
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N/A
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$187.8m
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N/A
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Diluted EPS
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($1.64)
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$0.29
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N/A
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$0.41
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N/A
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|
|
|
|
|
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Adjusted Financial
Measures (1)
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Net revenues
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$1,045.9m
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$1,098.2m
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(4.8) %
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$1,108.1m
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(5.6) %
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Adjusted operating
income
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$275.4m
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$309.2m
|
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(10.9) %
|
|
$338.9m
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(18.7) %
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Adjusted operating
margin
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26.3 %
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28.2 %
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30.6 %
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Adjusted net income
attributable to Invesco Ltd.
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$212.7m
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$159.2m
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33.6 %
|
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$177.8m
|
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19.6 %
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Adjusted diluted
EPS
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$0.47
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$0.35
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34.3 %
|
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$0.39
|
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20.5 %
|
|
|
|
|
|
|
|
|
|
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Assets Under
Management
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|
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|
|
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Ending AUM
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$1,585.3bn
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$1,487.3bn
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6.6 %
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$1,409.2bn
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12.5 %
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Average AUM
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$1,515.6bn
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$1,528.7bn
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(0.9) %
|
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$1,391.5bn
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8.9 %
|
|
|
|
|
|
|
|
|
|
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Headcount
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8,489
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8,603
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(1.3) %
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|
8,611
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(1.4) %
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2023 Highlights:
Financial
Results
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2023
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2022
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%
Change
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U.S. GAAP Financial
Measures
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|
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Operating
revenues
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$5,716.4m
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$6,048.9m
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(5.5) %
|
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Operating
income/(loss)
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($434.8m)
|
|
$1,317.7m
|
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N/A
|
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Operating
margin
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(7.6 %)
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21.8 %
|
|
|
|
Net income/(loss)
attributable to Invesco Ltd.
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($333.7m)
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$683.9m
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N/A
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Diluted EPS
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($0.73)
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$1.49
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N/A
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Adjusted Financial
Measures (1)
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Net revenues
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$4,310.7m
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$4,645.0m
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(7.2) %
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Adjusted operating
income
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$1,213.5m
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$1,614.8m
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(24.9) %
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Adjusted operating
margin
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28.2 %
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34.8 %
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|
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Adjusted net income
attributable to Invesco Ltd.
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$689.7m
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$773.2m
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(10.8) %
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Adjusted diluted
EPS
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$1.51
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$1.68
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(10.1) %
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Assets Under
Management
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|
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Ending AUM
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$1,585.3bn
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$1,409.2bn
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12.5 %
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Average AUM
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$1,500.6bn
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$1,452.5bn
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3.3 %
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(1)
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Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
U.S. GAAP Operating Results:
Fourth Quarter 2023 compared to Third Quarter 2023
Operating revenues and expenses: Operating
revenues decreased $28.6 million in
the fourth quarter compared to the third quarter as a result of
lower average AUM and shifts in the asset mix to lower yield
products. Investment management fees decreased $38.0 million during the period. Service and
distribution fees decreased $8.9
million. Performance fees were $19.5
million and were earned primarily from institutional and
real estate products.
Operating expenses increased $1,274.9 million in the fourth
quarter as compared to the third quarter primarily due to a
$1,248.9 million non-cash impairment
of our indefinite-lived intangible assets related to prior
acquisitions of management contracts of U.S. retail mutual funds.
Excluding the intangible asset impairment, operating expenses
increased $26 million. Third party
distribution, service and advisory costs increased $11.2 million. Employee compensation expense
decreased $9.7 million primarily due
to lower costs related to organizational changes, and lower staff
and variable compensation costs, partially offset by mark to market
gains on deferred compensation liabilities. General and
administrative expenses increased $18.7
million primarily due to consulting and professional fees
related to our continued investment in foundational technology
projects, including the Alpha platform, and higher legal and
regulatory costs.
Non-operating income and expenses: Equity in
earnings of unconsolidated affiliates was $9.1 million, earned primarily from our
China joint venture. Interest
and dividend income was $21.3 million
earned from deferred compensation investments and cash and cash
equivalents. Other gains and losses were a net gain of $73.0 million, primarily driven by a $45 million gain on the sale of certain
Hong Kong pension sponsorship
rights and net market gains of $29.1
million on deferred compensation and other investments.
Other net income/(expense) of consolidated investment products
(CIP) was a gain of $55.7 million,
primarily driven by market gains on the underlying investments held
by the funds.
The tax provision was a benefit of $(266.4) million in the fourth quarter as
compared to an expense of $61.3
million in the third quarter, resulting in effective tax
rates of 28.5% and 26.7% in the fourth and third quarters,
respectively. The effective tax rate in the fourth quarter as
compared to the third quarter was favorably impacted by the
resolution of certain tax matters, the favorable tax treatment of
the gain on the sale of certain Hong
Kong pension sponsorship rights, and the increase in income
attributable to CIP.
Diluted earnings per common share: Diluted earnings
per common share was $(1.64) for the fourth quarter of 2023
which was negatively impacted by the $1,248.9 million intangible impairment.
Fourth Quarter 2023 compared to Fourth Quarter 2022
Operating revenues and expenses: Operating
revenues decreased $30.0 million in
the fourth quarter of 2023 compared to the fourth quarter of 2022.
Investment management fees decreased $3.8
million. Service and distribution fees increased
$12.1 million. Performance fees were
$19.5 million, a decrease of
$35.5 million from the fourth quarter
of 2022.
Excluding the intangible asset impairment, operating expenses
increased $42 million. General and
administrative expenses increased $26.3
million primarily due to consulting and professional fees
related to our continued investment in foundational technology
projects, including the Alpha platform, higher legal and regulatory
costs and expenses related to consolidated investments products
(CIP). Transaction, integration and restructuring costs were nil in
the fourth quarter of 2023 compared to a benefit of $13.6 million in the fourth quarter of 2022.
The tax provision was a benefit of $(266.4) million in the fourth quarter of 2023 as
compared to an expense of $89.6
million in the fourth quarter of 2022, resulting in
effective tax rates of 28.5% and 23.0% in the fourth quarters of
2023 and 2022, respectively. The effective tax rate in the fourth
quarter of 2023 as compared to the fourth quarter of 2022 was
favorably impacted by the resolution of certain tax matters, the
favorable tax treatment of the gain on the sale of certain
Hong Kong pension sponsorship
rights, and the favorable impact of a change in the mix of income
across tax jurisdictions.
Adjusted(1) Operating Results:
Fourth Quarter 2023 compared to Third Quarter 2023
Net revenue and adjusted operating expenses: Net revenues
in the fourth quarter of 2023 decreased $52.3 million compared to the third quarter
primarily due to lower average AUM and shifts in the asset mix
to lower yield products.
Adjusted operating expenses in the fourth quarter 2023
decreased $18.5 million compared
to the third quarter, primarily due to lower employee compensation
expenses due to lower costs related to organizational changes as
well as lower staff and variable compensation costs.
Adjusted operating income decreased $33.8 million in the fourth quarter compared to
the third quarter. Adjusted operating margin declined to 26.3% from
28.2% for the prior quarter.
Non-operating income and expenses: Equity in
earnings of unconsolidated affiliates was a loss of $2.9 million. Interest and dividend income was
$19.4 million. Other gains and losses
were a net gain of $45.6 million
primarily driven by a gain on the sale of certain Hong Kong pension sponsorship rights.
The effective tax rate on adjusted net income decreased to 9.9%
in the fourth quarter from 23.6% in the third quarter. The decrease
in the effective tax rate was primarily due to a discrete tax
benefit related to the resolution of certain tax matters, the
favorable tax treatment of the gain on the sale of certain
Hong Kong pension sponsorship
rights and the favorable impact of a change in the mix of income
across tax jurisdictions.
Adjusted diluted earnings per common share was
$0.47 for the fourth quarter of
2023.
Fourth Quarter 2023 compared to Fourth Quarter 2022
Net revenues and adjusted operating expenses: Net revenue
in the fourth quarter of 2023 decreased $62.2 million compared to the fourth quarter
of 2022 due to shifts in the asset mix to lower yield products.
Adjusted operating expenses increased $1.3 million compared to the fourth quarter
of 2022.
Adjusted operating income decreased $63.5 million compared to the fourth quarter of
2022. Adjusted operating margin declined to 26.3% from 30.6% for
the for the fourth quarter of 2022.
The effective tax rate on adjusted net income decreased to 9.9%
in the fourth quarter of 2023 from 26.9% in the fourth quarter of
2022. The decrease in the effective tax rate was primarily due to a
discrete tax benefit related to the resolution of certain tax
matters, the favorable tax treatment of the gain on the sale of
certain Hong Kong pension
sponsorship rights, and the favorable impact of a change in the mix
of income across tax jurisdictions.
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(1)
|
Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
Capital Management:
Cash and cash equivalents: $1,469.2 million at
December 31, 2023 ($1,241.5
million at September 30, 2023).
Debt: $1,489.5 million at December 31, 2023
($1,489.1 million at
September 30, 2023). The credit facility balance was zero as
of December 31, 2023 and September 30, 2023.
Net Debt(2): $20.3 million at December
31, 2023 ($247.6 million at
September 30, 2023)
Common shares outstanding (end of period): 449.5
million
Diluted common shares outstanding (end of
period): 453.0 million
Dividends paid: $90.2 million
(common); $59.2 million (preferred)
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(2)
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Net debt: Debt less
Cash and cash equivalents
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Common dividends declared: The company is announcing
a fourth quarter cash dividend of $0.20 per share to holders of common shares. The
dividend is payable on March 4, 2024, to common shareholders
of record at the close of business on February 16, 2024, with
an ex-dividend date of February 15, 2024.
Preferred dividends declared: The company is announcing a
preferred cash dividend of $14.75 per
share representing the period from December
1, 2023 through February 28,
2024. The preferred dividend is payable on March 1, 2024.
About Invesco Ltd.
Invesco is a global independent investment management firm
dedicated to delivering an investment experience that helps people
get more out of life. Our distinctive investment teams deliver a
comprehensive range of active, passive and alternative investment
capabilities. With offices in more than 20 countries, Invesco
managed $1.6 trillion in assets on
behalf of clients worldwide as of December
31, 2023. For more information, visit
invesco.com/corporate.
Members of the investment community and general public are
invited to listen to the conference call today, January 23, 2024, 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, using the Passcode: Invesco. An audio replay
of the conference call will be available until Wednesday, February 7, 2024 by calling
1-800-834-5839 for U.S. and Canadian callers or 1-203-369-3351 for
international callers. A presentation highlighting the company's
performance will be available during a live Webcast and on
Invesco's Website at invesco.com/corporate.
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, capital expenditures, and assets under management and could
differ materially from events that actually occur in the future due
to known and unknown risks and other important factors, including,
but not limited to, industry or market conditions, geopolitical
events and pandemics or health crises and their respective
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. None of this information should be
considered in isolation from, or as a substitute for, historical
financial 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.
Investor Relations
Contacts:
|
Greg Ketron
|
404-724-4299
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|
|
Jennifer
Church
|
404-439-3428
|
|
Media Relations
Contact:
|
Andrea
Raphael
|
212-323-4202
|
|
Invesco
Ltd.
|
U.S. GAAP Condensed
Consolidated Income Statements
|
(Unaudited, in
millions, other than per share amounts)
|
|
|
Q4-23
|
|
Q3-23
|
|
%
Change
|
|
Q4-22
|
|
%
Change
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
$1,003.3
|
|
$1,041.3
|
|
(3.6) %
|
|
$1,007.1
|
|
(0.4) %
|
Service and
distribution fees
|
344.6
|
|
353.5
|
|
(2.5) %
|
|
332.5
|
|
3.6 %
|
Performance
fees
|
19.5
|
|
2.0
|
|
875.0 %
|
|
55.0
|
|
(64.5) %
|
Other
|
46.0
|
|
45.2
|
|
1.8 %
|
|
48.8
|
|
(5.7) %
|
Total operating
revenues
|
1,413.4
|
|
1,442.0
|
|
(2.0) %
|
|
1,443.4
|
|
(2.1) %
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
459.4
|
|
448.2
|
|
2.5 %
|
|
447.3
|
|
2.7 %
|
Employee
compensation
|
468.8
|
|
478.5
|
|
(2.0) %
|
|
464.2
|
|
1.0 %
|
Marketing
|
25.7
|
|
23.7
|
|
8.4 %
|
|
31.8
|
|
(19.2) %
|
Property, office and
technology
|
139.1
|
|
135.4
|
|
2.7 %
|
|
139.6
|
|
(0.4) %
|
General and
administrative
|
135.9
|
|
117.2
|
|
16.0 %
|
|
109.6
|
|
24.0 %
|
Transaction,
integration, and restructuring
|
—
|
|
—
|
|
N/A
|
|
(13.6)
|
|
(100.0) %
|
Amortization and impairment of intangible assets
|
1,260.3
|
|
11.3
|
|
11,053.1 %
|
|
19.4
|
|
6,396.4 %
|
Total operating
expenses
|
2,489.2
|
|
1,214.3
|
|
105.0 %
|
|
1,198.3
|
|
107.7 %
|
Operating
income/(loss)
|
(1,075.8)
|
|
227.7
|
|
N/A
|
|
245.1
|
|
N/A
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
9.1
|
|
16.9
|
|
(46.2) %
|
|
27.8
|
|
(67.3) %
|
Interest and dividend
income
|
21.3
|
|
10.8
|
|
97.2 %
|
|
17.8
|
|
19.7 %
|
Interest
expense
|
(16.8)
|
|
(17.3)
|
|
(2.9) %
|
|
(17.6)
|
|
(4.5) %
|
Other gains/(losses),
net
|
73.0
|
|
(23.3)
|
|
N/A
|
|
30.6
|
|
138.6 %
|
Other income/(expense)
of CIP, net
|
55.7
|
|
15.2
|
|
266.4 %
|
|
86.7
|
|
(35.8) %
|
Income/(loss) before
income taxes
|
(933.5)
|
|
230.0
|
|
N/A
|
|
390.4
|
|
N/A
|
Income tax
provision
|
266.4
|
|
(61.3)
|
|
N/A
|
|
(89.6)
|
|
N/A
|
Net
income/(loss)
|
(667.1)
|
|
168.7
|
|
N/A
|
|
300.8
|
|
N/A
|
Net (income)/loss
attributable to noncontrolling
interests in consolidated entities
|
(16.0)
|
|
21.9
|
|
N/A
|
|
(53.8)
|
|
(70.3) %
|
Less: Dividends
declared on preferred shares
|
(59.2)
|
|
(59.2)
|
|
— %
|
|
(59.2)
|
|
— %
|
Net income/(loss)
attributable to Invesco Ltd.
|
($742.3)
|
|
$131.4
|
|
N/A
|
|
$187.8
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
---basic
|
($1.64)
|
|
$0.29
|
|
N/A
|
|
$0.41
|
|
N/A
|
---diluted
|
($1.64)
|
|
$0.29
|
|
N/A
|
|
$0.41
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
---basic
|
451.7
|
|
451.7
|
|
— %
|
|
457.0
|
|
(1.2) %
|
---diluted
|
453.1
|
|
453.1
|
|
— %
|
|
459.1
|
|
(1.3) %
|
Invesco
Ltd.
|
U.S. GAAP Condensed
Consolidated Income Statements
|
(Unaudited, in
millions, other than per share amounts)
|
|
|
For the year
ended
December 31,
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
Operating
revenues:
|
|
|
|
|
|
Investment management
fees
|
$4,106.0
|
|
$
4,358.4
|
|
(5.8) %
|
Service and
distribution fees
|
1,374.6
|
|
1,405.5
|
|
(2.2) %
|
Performance
fees
|
46.7
|
|
68.2
|
|
(31.5) %
|
Other
|
189.1
|
|
216.8
|
|
(12.8) %
|
Total operating
revenues
|
5,716.4
|
|
6,048.9
|
|
(5.5) %
|
Operating
expenses:
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
1,825.2
|
|
1,886.2
|
|
(3.2) %
|
Employee
compensation
|
1,885.8
|
|
1,725.1
|
|
9.3 %
|
Marketing
|
103.4
|
|
114.9
|
|
(10.0) %
|
Property, office and
technology
|
546.0
|
|
539.8
|
|
1.1 %
|
General and
administrative
|
450.4
|
|
380.2
|
|
18.5 %
|
Transaction,
integration, and restructuring
|
41.6
|
|
21.2
|
|
96.2 %
|
Amortization and impairment of intangible assets
|
1,298.8
|
|
63.8
|
|
1,935.7 %
|
Total operating
expenses
|
6,151.2
|
|
4,731.2
|
|
30.0 %
|
Operating
income/(loss)
|
(434.8)
|
|
1,317.7
|
|
N/A
|
Other
income/(expense):
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
71.3
|
|
106.1
|
|
(32.8) %
|
Interest and dividend
income
|
47.8
|
|
24.4
|
|
95.9 %
|
Interest
expense
|
(70.5)
|
|
(85.2)
|
|
(17.3) %
|
Other gains and
losses, net
|
98.0
|
|
(139.5)
|
|
N/A
|
Other income/(expense)
of CIP, net
|
50.3
|
|
24.2
|
|
107.9 %
|
Income/(loss) before
income taxes
|
(237.9)
|
|
1,247.7
|
|
N/A
|
Income tax
provision
|
69.7
|
|
(322.2)
|
|
N/A
|
Net
income/(loss)
|
(168.2)
|
|
925.5
|
|
N/A
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
71.3
|
|
(4.8)
|
|
N/A
|
Less: Dividends
declared on preferred shares
|
(236.8)
|
|
(236.8)
|
|
— %
|
Net income/(loss)
attributable to Invesco Ltd.
|
($333.7)
|
|
$683.9
|
|
N/A
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
---basic
|
($0.73)
|
|
$1.50
|
|
N/A
|
---diluted
|
($0.73)
|
|
$1.49
|
|
N/A
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
---basic
|
454.8
|
|
457.5
|
|
(0.6) %
|
---diluted
|
456.2
|
|
459.5
|
|
(0.7) %
|
Invesco Ltd.
Non-GAAP
Information and Reconciliations
We utilize 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
the adjusted measures provide valuable insight into our ongoing
operational performance and assist in comparisons to our
competitors. These measures also assist management with the
establishment of operational budgets and forecasts. 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.
The following are reconciliations of operating revenues,
operating income (and by calculation, operating margin), and net
income attributable to Invesco Ltd. (and by calculation, diluted
EPS) on a U.S. GAAP basis to a non-GAAP basis of net revenues,
adjusted operating income (and by calculation, adjusted operating
margin), and adjusted net income attributable to Invesco Ltd. (and
by calculation, adjusted diluted EPS). 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.
These non-GAAP measures should not be considered as substitutes for
any U.S. GAAP measures and may not be comparable to other similarly
titled measures of other companies. The tax effect of the
reconciling items is based on the tax jurisdiction attributable to
the transactions. 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's non-GAAP performance
measures.
Reconciliation of Operating revenues to Net revenues:
|
Quarter
|
|
Year
|
|
(in
millions)
|
Q4-23
|
|
Q3-23
|
|
Q4-22
|
|
2023
|
|
2022
|
|
Operating revenues,
U.S. GAAP basis
|
$1,413.4
|
|
$1,442.0
|
|
$1,443.4
|
|
$5,716.4
|
|
$6,048.9
|
|
Revenue Adjustments
(2)
|
|
|
|
|
|
|
|
|
|
|
Investment
management fees
|
(187.5)
|
|
(193.7)
|
|
(180.2)
|
|
(766.4)
|
|
(764.7)
|
|
Service and
distribution fees
|
(236.3)
|
|
(219.2)
|
|
(231.0)
|
|
(911.7)
|
|
(961.1)
|
|
Other
|
(35.6)
|
|
(35.3)
|
|
(36.1)
|
|
(147.1)
|
|
(160.4)
|
|
Total Revenue
Adjustments
|
(459.4)
|
|
(448.2)
|
|
(447.3)
|
|
(1,825.2)
|
|
(1,886.2)
|
|
Invesco Great Wall
(1)
|
79.5
|
|
90.7
|
|
97.9
|
|
368.3
|
|
432.7
|
|
CIP
(3)
|
12.4
|
|
13.7
|
|
14.1
|
|
51.2
|
|
49.6
|
|
Net revenues
|
$1,045.9
|
|
$1,098.2
|
|
$1,108.1
|
|
$4,310.7
|
|
$4,645.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating income/(loss) to Adjusted
operating income:
|
Quarter
|
|
Year
|
(in
millions)
|
Q4-23
|
|
Q3-23
|
|
Q4-22
|
|
2023
|
|
2022
|
Operating
income/(loss), U.S. GAAP basis
|
($1,075.8)
|
|
$227.7
|
|
$245.1
|
|
($434.8)
|
|
$1,317.7
|
Invesco Great Wall
(1)
|
41.6
|
|
52.1
|
|
65.0
|
|
201.9
|
|
262.7
|
CIP
(3)
|
23.7
|
|
24.7
|
|
19.1
|
|
84.8
|
|
65.7
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
(13.6)
|
|
41.6
|
|
21.2
|
Amortization and
impairment of intangible assets (8)
|
1,260.3
|
|
11.3
|
|
19.4
|
|
1,298.8
|
|
63.8
|
Compensation expense
related to market valuation
changes in deferred compensation plans
(10)
|
25.6
|
|
(6.6)
|
|
13.9
|
|
41.2
|
|
(46.3)
|
General and
administrative (7)
|
—
|
|
—
|
|
(10.0)
|
|
(20.0)
|
|
(70.0)
|
Adjusted operating
income
|
$275.4
|
|
$309.2
|
|
$338.9
|
|
$1,213.5
|
|
$1,614.8
|
|
|
|
|
|
|
|
|
|
|
Operating margin
(5)
|
(76.1 %)
|
|
15.8 %
|
|
17.0 %
|
|
(7.6 %)
|
|
21.8 %
|
Adjusted operating
margin (6)
|
26.3 %
|
|
28.2 %
|
|
30.6 %
|
|
28.2 %
|
|
34.8 %
|
Reconciliation of Net income attributable to
Invesco Ltd. to Adjusted net income attributable to Invesco
Ltd.
|
Quarter
|
|
Year
|
|
(in
millions)
|
Q4-23
|
|
Q3-23
|
|
Q4-22
|
|
2023
|
|
2022
|
|
Net income/(loss)
attributable to Invesco Ltd., U.S. GAAP
basis
|
($742.3)
|
|
$131.4
|
|
$187.8
|
|
($333.7)
|
|
$683.9
|
|
Adjustments (excluding
tax):
|
|
|
|
|
|
|
|
|
|
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
(13.6)
|
|
41.6
|
|
21.2
|
|
Amortization and
impairment of intangible assets (8)
|
1,260.3
|
|
11.3
|
|
19.4
|
|
1,298.8
|
|
63.8
|
|
Deferred compensation
plan market valuation changes and
dividend income less compensation expense
(10)
|
(18.0)
|
|
15.9
|
|
(16.3)
|
|
(18.6)
|
|
73.6
|
|
General and
administrative (7)
|
—
|
|
—
|
|
(10.0)
|
|
(20.0)
|
|
(70.0)
|
|
Total adjustments
excluding tax
|
$1,242.3
|
|
$27.2
|
|
($20.5)
|
|
$1,301.8
|
|
$88.6
|
|
Tax adjustment for
amortization of intangible assets and goodwill
(9)
|
4.5
|
|
4.4
|
|
2.9
|
|
16.7
|
|
14.2
|
|
Tax adjustment for
impairment of intangible assets
|
(296.1)
|
|
—
|
|
—
|
|
(296.1)
|
|
—
|
|
Other tax effects of
adjustments above
|
4.3
|
|
(3.8)
|
|
7.6
|
|
1.0
|
|
(13.5)
|
|
Adjusted net income
attributable to Invesco Ltd (11)
|
$212.7
|
|
$159.2
|
|
$177.8
|
|
$689.7
|
|
$773.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - diluted
|
453.1
|
|
453.1
|
|
459.1
|
|
456.2
|
|
459.5
|
|
Diluted EPS
|
($1.64)
|
|
$0.29
|
|
$0.41
|
|
($0.73)
|
|
$1.49
|
|
Adjusted diluted EPS
(12)
|
$0.47
|
|
$0.35
|
|
$0.39
|
|
$1.51
|
|
$1.68
|
|
Reconciliation of Operating expenses to Adjusted operating
expenses:
|
Quarter
|
|
Year
|
|
(in
millions)
|
Q4-23
|
|
Q3-23
|
|
Q4-22
|
|
2023
|
|
2022
|
|
Operating expenses,
U.S. GAAP basis
|
$2,489.2
|
|
$1,214.3
|
|
$1,198.3
|
|
$6,151.2
|
|
$4,731.2
|
|
Invesco Great Wall
(1)
|
37.9
|
|
38.6
|
|
32.9
|
|
166.4
|
|
170.0
|
|
Third party
distribution, service, and advisory expenses
|
(459.4)
|
|
(448.2)
|
|
(447.3)
|
|
(1,825.2)
|
|
(1,886.2)
|
|
CIP
|
(11.3)
|
|
(11.0)
|
|
(5.0)
|
|
(33.6)
|
|
(16.1)
|
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
13.6
|
|
(41.6)
|
|
(21.2)
|
|
Amortization and
impairment of intangible assets (8)
|
(1,260.3)
|
|
(11.3)
|
|
(19.4)
|
|
(1,298.8)
|
|
(63.8)
|
|
Compensation expense
related to market valuation
changes in deferred compensation plans
(10)
|
(25.6)
|
|
6.6
|
|
(13.9)
|
|
(41.2)
|
|
46.3
|
|
General and
administrative (7)
|
—
|
|
—
|
|
10.0
|
|
20.0
|
|
70.0
|
|
Adjusted operating
expenses
|
$770.5
|
|
$789.0
|
|
$769.2
|
|
$3,097.2
|
|
$3,030.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation,
U.S. GAAP basis
|
$468.8
|
|
$478.5
|
|
$464.2
|
|
$1,885.8
|
|
$1,725.1
|
|
Invesco Great Wall
(1)
|
27.6
|
|
28.8
|
|
24.1
|
|
126.2
|
|
133.0
|
|
Compensation expense
related to market valuation
changes in deferred compensation plans
(10)
|
(25.6)
|
|
6.6
|
|
(13.9)
|
|
(41.2)
|
|
46.3
|
|
Adjusted employee
compensation
|
$470.8
|
|
$513.9
|
|
$474.4
|
|
$1,970.8
|
|
$1,904.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, U.S. GAAP
basis
|
$25.7
|
|
$23.7
|
|
$31.8
|
|
$103.4
|
|
$114.9
|
|
Invesco Great Wall
(1)
|
2.5
|
|
2.8
|
|
2.1
|
|
11.3
|
|
11.2
|
|
Adjusted
marketing
|
$28.2
|
|
$26.5
|
|
$33.9
|
|
$114.7
|
|
$126.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, office and
technology, U.S. GAAP basis
|
$139.1
|
|
$135.4
|
|
$139.6
|
|
$546.0
|
|
$539.8
|
|
Invesco Great Wall
(1)
|
5.4
|
|
5.0
|
|
5.0
|
|
20.8
|
|
18.9
|
|
Adjusted property,
office and technology
|
$144.5
|
|
$140.4
|
|
$144.6
|
|
$566.8
|
|
$558.7
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative, U.S. GAAP basis
|
$135.9
|
|
$117.2
|
|
$109.6
|
|
$450.4
|
|
$380.2
|
|
Invesco Great Wall
(1)
|
2.4
|
|
2.0
|
|
1.7
|
|
8.1
|
|
6.9
|
|
CIP
(3)
|
(11.3)
|
|
(11.0)
|
|
(5.0)
|
|
(33.6)
|
|
(16.1)
|
|
Recoveries of
previously disclosed losses(7)
|
—
|
|
—
|
|
10.0
|
|
20.0
|
|
70.0
|
|
Adjusted general and
administrative
|
$127.0
|
|
$108.2
|
|
$116.3
|
|
$444.9
|
|
$441.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction,
integration, and restructuring, U.S. GAAP
basis
|
$—
|
|
$—
|
|
($13.6)
|
|
$41.6
|
|
$21.2
|
|
Transaction,
integration, and restructuring(4)
|
—
|
|
—
|
|
13.6
|
|
(41.6)
|
|
(21.2)
|
|
Adjusted transaction,
integration, and restructuring
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
impairment of intangible assets, U.S.
GAAP basis
|
$1,260.3
|
|
$11.3
|
|
$19.4
|
|
$1,298.8
|
|
$63.8
|
|
Amortization and
impairment of intangible assets
|
(1,260.3)
|
|
(11.3)
|
|
(19.4)
|
|
(1,298.8)
|
|
(63.8)
|
|
Adjusted amortization
and impairment of intangible assets
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Invesco Great Wall: The
company reflects 100% of Invesco Great Wall in its net revenues and
adjusted operating income (and by calculation, adjusted operating
margin). The company's non GAAP operating results reflect the
economics of these holdings on a basis consistent with the
underlying AUM and flows. Adjusted net income is reduced by the
amount of earning attributable to the 51% noncontrolling
interests.
|
|
|
(2)
|
Revenue adjustments:
The company calculates net revenues by reducing operating revenues
to exclude fees that are passed through to external parties who
perform functions on behalf of, and distribute, the company's
managed funds. The net revenue presentation assists in identifying
the revenue contribution generated by the company, removing
distortions caused by the differing distribution channel fees and
allowing for a fair comparison with U.S peer investment managers
and within Invesco's own investment units. Additionally, management
evaluates net revenue yield on AUM which is equal to net revenues
divided by average AUM during the reporting period, as an indicator
of the basis point net revenues we receive for each dollar of AUM
we manage.
|
|
|
|
Investment management
fees are adjusted by renewal commissions and certain administrative
fees. Service and distributions fees are primarily adjusted by
distribution fees passed through to broker dealers for certain
share classes and pass through fund-related costs. Other
revenues are primarily adjusted by transaction fees passed through
to third
parties.
|
|
|
3)
|
CIP: The company
believes that the CIP may impact a reader's analysis of our
underlying results of operations and could result in investor
confusion or the production of information about the company by
analysts or external credit rating agencies that is not
reflective of the underlying results of operations and
financial condition of the company. Accordingly, the company
believes that it is appropriate to adjust operating revenues
and operating income for the impact of CIP in calculating the
respective net revenues and adjusted operating income (and by
calculation, adjusted operating margin).
|
|
|
(4)
|
Transaction,
integration and restructuring: The company believes it is useful to
adjust for the transaction, integration and restructuring charges
in arriving at adjusted operating income, adjusted operating
margin, adjusted net income, and adjusted diluted EPS, as this will
aid comparability of our results period to period, and aid
comparability with peer companies that may not have similar
acquisition and restructuring related charges.
|
|
|
(5)
|
Operating margin is
equal to operating income divided by operating revenues.
|
|
|
(6)
|
Adjusted operating
margin is equal to adjusted operating income divided by net
revenues.
|
|
|
(7)
|
General and
administrative: The adjustments remove insurance recoveries related
to fund-related losses incurred in prior periods.
|
|
|
(8)
|
Amortization and
impairment of intangible assets: The company removes amortization
and non-cash impairment expense related to acquired assets in
arriving at adjusted operating income, adjusted operating margin
and adjusted diluted EPS, as this will aid comparability of our
results period to period, and aid comparability with peer companies
that may not have similar acquisition-related charges.
|
|
|
(9)
|
Tax adjustment for
amortization of intangible assets and goodwill: The company
reflects the tax benefit realized on the tax amortization of
goodwill and intangible assets in adjusted net income. The company
believes it is useful to include this tax benefit in arriving at
the adjusted diluted EPS measure.
|
|
|
(10)
|
Market movement on
deferred compensation plan liabilities: Certain deferred
compensation plan awards involve a return to the employee linked to
the appreciation (depreciation) of specified investments. The
company hedges economically the exposure to market movements for
these investments. Since these plans are hedged economically, the
company believes it is useful to reflect the offset ultimately
achieved from hedging the market exposure in the calculation of
adjusted operating income (and by calculation, adjusted operating
margin) and adjusted net income (and by calculation, adjusted
diluted EPS) to produce results that will be more comparable period
to period.
|
|
|
(11)
|
The effective tax rate
on adjusted net income attributable to Invesco Ltd. is 9.9% (third
quarter 2023: 23.6%; fourth quarter 2022: 26.9%).
|
|
|
(12)
|
Adjusted diluted EPS is
equal to adjusted net income attributable to Invesco Ltd. divided
by the weighted average number of common and restricted common
shares outstanding.
|
Invesco
Ltd.
|
Assets Under
Management
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
(in
billions)
|
December
31, 2023
|
|
September
30, 2023
|
|
%
Change
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2022
|
|
%
Change
|
Beginning
Assets
|
$1,487.3
|
|
$1,538.2
|
|
(3.3) %
|
|
$1,323.3
|
|
$1,409.2
|
|
$1,610.9
|
|
(12.5) %
|
Long-term
inflows
|
81.0
|
|
67.4
|
|
20.2 %
|
|
73.9
|
|
299.1
|
|
330.3
|
|
(9.4) %
|
Long-term
outflows
|
(74.3)
|
|
(64.8)
|
|
14.7 %
|
|
(77.1)
|
|
(288.9)
|
|
(330.8)
|
|
(12.7) %
|
Net long-term
flows
|
6.7
|
|
2.6
|
|
157.7 %
|
|
(3.2)
|
|
10.2
|
|
(0.5)
|
|
N/A
|
Net flows in
non-management fee
earning AUM (a)
|
3.1
|
|
3.6
|
|
(13.9) %
|
|
(2.1)
|
|
6.2
|
|
(3.2)
|
|
N/A
|
Net flows in money
market funds
|
(18.1)
|
|
(16.1)
|
|
12.4 %
|
|
30.1
|
|
(11.1)
|
|
56.4
|
|
N/A
|
Total net
flows
|
(8.3)
|
|
(9.9)
|
|
(16.2) %
|
|
24.8
|
|
5.3
|
|
52.7
|
|
(89.9) %
|
Reinvested
distributions
|
8.4
|
|
1.1
|
|
663.6 %
|
|
11.7
|
|
11.5
|
|
15.2
|
|
(24.3) %
|
Market gains and
losses
|
86.9
|
|
(34.2)
|
|
N/A
|
|
34.8
|
|
161.1
|
|
(243.5)
|
|
N/A
|
Dispositions
|
—
|
|
(1.4)
|
|
N/A
|
|
—
|
|
(1.4)
|
|
—
|
|
N/A
|
Foreign currency
translation
|
11.0
|
|
(6.5)
|
|
N/A
|
|
14.6
|
|
(0.4)
|
|
(26.1)
|
|
(98.5) %
|
Ending
Assets
|
$1,585.3
|
|
$1,487.3
|
|
6.6 %
|
|
$1,409.2
|
|
$1,585.3
|
|
$1,409.2
|
|
12.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending long-term
AUM
|
$1,153.7
|
|
$1,070.5
|
|
7.8 %
|
|
$1,050.6
|
|
$1,153.7
|
|
$1,050.6
|
|
9.8 %
|
Average long-term
AUM
|
$1,095.0
|
|
$1,101.0
|
|
(0.5) %
|
|
$1,042.4
|
|
$1,091.3
|
|
$1,104.8
|
|
(1.2) %
|
Average AUM
|
$1,515.6
|
|
$1,528.7
|
|
(0.9) %
|
|
$1,391.5
|
|
$1,500.6
|
|
$1,452.5
|
|
3.3 %
|
Average QQQ
AUM
|
$209.6
|
|
$203.4
|
|
3.0 %
|
|
$152.5
|
|
$187.5
|
|
$169.1
|
|
10.9 %
|
|
Three Months Ended
December 31, 2023
|
Twelve months ended
December 31, 2023
|
By investment
approach (in billions)
|
Active(d)
|
|
Passive(d)
|
|
Active(d)
|
|
Passive(d)
|
Beginning
Assets
|
$966.1
|
|
$521.2
|
|
$976.2
|
|
$433.0
|
Long-term
inflows
|
41.3
|
|
39.7
|
|
164.3
|
|
134.8
|
Long-term
outflows
|
(48.5)
|
|
(25.8)
|
|
(193.3)
|
|
(95.6)
|
Net long-term
flows
|
(7.2)
|
|
13.9
|
|
(29.0)
|
|
39.2
|
Net flows in
non-management fee earning AUM (a)
|
—
|
|
3.1
|
|
—
|
|
6.2
|
Net flows in money
market funds
|
(18.1)
|
|
—
|
|
(11.1)
|
|
—
|
Total net
flows
|
(25.3)
|
|
17.0
|
|
(40.1)
|
|
45.4
|
Reinvested
distributions
|
8.4
|
|
—
|
|
11.5
|
|
—
|
Market gains and
losses
|
26.9
|
|
60.0
|
|
40.0
|
|
121.1
|
Dispositions
|
—
|
|
—
|
|
(1.4)
|
|
—
|
Foreign currency
translation
|
9.2
|
|
1.8
|
|
(0.9)
|
|
0.5
|
Ending
Assets
|
$985.3
|
|
$600.0
|
|
$985.3
|
|
$600.0
|
|
|
|
|
|
|
|
|
Average AUM
|
$966.5
|
|
$549.1
|
|
$992.3
|
|
$508.3
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
Twelve months ended
December 31, 2023
|
By channel: (in
billions)
|
Retail
|
|
Institutional
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
$942.4
|
|
$544.9
|
|
$872.3
|
|
$536.9
|
Long-term
inflows
|
60.8
|
|
20.2
|
|
219.9
|
|
79.2
|
Long-term
outflows
|
(56.2)
|
|
(18.1)
|
|
(214.5)
|
|
(74.4)
|
Net long-term
flows
|
4.6
|
|
2.1
|
|
5.4
|
|
4.8
|
Net flows in
non-management fee earning AUM (a)
|
4.2
|
|
(1.1)
|
|
5.9
|
|
0.3
|
Net flows in money
market funds
|
0.3
|
|
(18.4)
|
|
1.4
|
|
(12.5)
|
Total net
flows
|
9.1
|
|
(17.4)
|
|
12.7
|
|
(7.4)
|
Reinvested
distributions
|
8.2
|
|
0.2
|
|
11.0
|
|
0.5
|
Market gains and
losses
|
78.1
|
|
8.8
|
|
145.2
|
|
15.9
|
Dispositions
|
—
|
|
—
|
|
—
|
|
(1.4)
|
Foreign currency
translation
|
4.2
|
|
6.8
|
|
0.8
|
|
(1.2)
|
Ending
Assets
|
$1,042.0
|
|
$543.3
|
|
$1,042.0
|
|
$543.3
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
|
$1,069.2
|
|
$220.5
|
|
$197.6
|
|
$999.4
|
|
$223.5
|
|
$186.3
|
Long-term
inflows
|
|
43.3
|
|
20.6
|
|
17.1
|
|
154.0
|
|
77.1
|
|
68.0
|
Long-term
outflows
|
|
(41.8)
|
|
(14.8)
|
|
(17.7)
|
|
(156.0)
|
|
(67.0)
|
|
(65.9)
|
Net long-term
flows
|
|
1.5
|
|
5.8
|
|
(0.6)
|
|
(2.0)
|
|
10.1
|
|
2.1
|
Net flows in
non-management fee earning AUM (a)
|
|
1.3
|
|
0.1
|
|
1.7
|
|
7.2
|
|
(0.3)
|
|
(0.7)
|
Net flows in money
market funds
|
|
(17.5)
|
|
0.4
|
|
(1.0)
|
|
(11.7)
|
|
1.3
|
|
(0.7)
|
Total net
flows
|
|
(14.7)
|
|
6.3
|
|
0.1
|
|
(6.5)
|
|
11.1
|
|
0.7
|
Reinvested
distributions
|
|
8.3
|
|
—
|
|
0.1
|
|
11.3
|
|
—
|
|
0.2
|
Market gains and
losses
|
|
70.4
|
|
1.9
|
|
14.6
|
|
130.4
|
|
6.3
|
|
24.4
|
Dispositions
|
|
—
|
|
—
|
|
—
|
|
(1.4)
|
|
—
|
|
—
|
Foreign currency
translation
|
|
0.7
|
|
6.8
|
|
3.5
|
|
0.7
|
|
(5.4)
|
|
4.3
|
Ending
Assets
|
|
$1,133.9
|
|
$235.5
|
|
$215.9
|
|
$1,133.9
|
|
$235.5
|
|
$215.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By asset class:
(in billions)
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
Beginning
Assets
|
|
$726.7
|
|
$312.6
|
|
$61.2
|
|
$209.8
|
|
$177.0
|
|
$637.0
|
|
$313.7
|
|
$67.1
|
|
$203.5
|
|
$187.9
|
Long-term
inflows
|
|
41.1
|
|
27.4
|
|
2.7
|
|
—
|
|
9.8
|
|
151.3
|
|
104.5
|
|
12.4
|
|
—
|
|
30.9
|
Long-term
outflows
|
|
(32.8)
|
|
(27.3)
|
|
(4.0)
|
|
—
|
|
(10.2)
|
|
(128.9)
|
|
(102.2)
|
|
(17.7)
|
|
—
|
|
(40.1)
|
Net long-term
flows
|
|
8.3
|
|
0.1
|
|
(1.3)
|
|
—
|
|
(0.4)
|
|
22.4
|
|
2.3
|
|
(5.3)
|
|
—
|
|
(9.2)
|
Net flows in non-
management fee
earning AUM (a)
|
|
4.2
|
|
(1.1)
|
|
—
|
|
—
|
|
—
|
|
6.1
|
|
0.1
|
|
—
|
|
—
|
|
—
|
Net flows in
money market
funds
|
|
—
|
|
—
|
|
—
|
|
(18.1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11.1)
|
|
—
|
Total net
flows
|
|
12.5
|
|
(1.0)
|
|
(1.3)
|
|
(18.1)
|
|
(0.4)
|
|
28.5
|
|
2.4
|
|
(5.3)
|
|
(11.1)
|
|
(9.2)
|
Reinvested
distributions
|
|
6.6
|
|
0.5
|
|
0.9
|
|
0.1
|
|
0.3
|
|
7.2
|
|
1.8
|
|
1.3
|
|
0.3
|
|
0.9
|
Market gains
and losses
|
|
73.6
|
|
10.0
|
|
0.8
|
|
0.1
|
|
2.4
|
|
149.3
|
|
9.8
|
|
(0.1)
|
|
0.6
|
|
1.5
|
Dispositions
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.4)
|
Foreign currency
translation
|
|
4.3
|
|
3.6
|
|
1.1
|
|
0.8
|
|
1.2
|
|
1.7
|
|
(2.0)
|
|
(0.3)
|
|
(0.6)
|
|
0.8
|
Ending
Assets
|
|
$823.7
|
|
$325.7
|
|
$62.7
|
|
$192.7
|
|
$180.5
|
|
$823.7
|
|
$325.7
|
|
$62.7
|
|
$192.7
|
|
$180.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
$756.6
|
|
$318.4
|
|
$60.6
|
|
$202.0
|
|
$178.0
|
|
$723.0
|
|
$318.4
|
|
$64.7
|
|
$212.0
|
|
$182.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Active(d)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
(in
billions)
|
December
31, 2023
|
|
September
30, 2023
|
|
%
Change
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2022
|
|
%
Change
|
Beginning
Assets
|
$966.1
|
|
$1,016.6
|
|
(5.0) %
|
|
$914.1
|
|
$976.2
|
|
$1,082.5
|
|
(9.8) %
|
Long-term
inflows
|
41.3
|
|
36.0
|
|
14.7 %
|
|
42.9
|
|
164.3
|
|
197.9
|
|
(17.0) %
|
Long-term
outflows
|
(48.5)
|
|
(46.9)
|
|
3.4 %
|
|
(53.4)
|
|
(193.3)
|
|
(226.2)
|
|
(14.5) %
|
Net long-term
flows
|
(7.2)
|
|
(10.9)
|
|
(33.9) %
|
|
(10.5)
|
|
(29.0)
|
|
(28.3)
|
|
2.5 %
|
Net flows in money
market funds
|
(18.1)
|
|
(16.1)
|
|
12.4 %
|
|
30.1
|
|
(11.1)
|
|
56.4
|
|
N/A
|
Total net
flows
|
(25.3)
|
|
(27.0)
|
|
(6.3) %
|
|
19.6
|
|
(40.1)
|
|
28.1
|
|
N/A
|
Reinvested
distributions
|
8.4
|
|
1.1
|
|
663.6 %
|
|
11.7
|
|
11.5
|
|
15.2
|
|
(24.3) %
|
Market gains and
losses
|
26.9
|
|
(17.7)
|
|
N/A
|
|
18.0
|
|
40.0
|
|
(125.6)
|
|
N/A
|
Dispositions
|
—
|
|
(1.4)
|
|
N/A
|
|
—
|
|
(1.4)
|
|
—
|
|
N/A
|
Foreign currency
translation
|
9.2
|
|
(5.5)
|
|
N/A
|
|
$12.8
|
|
(0.9)
|
|
(24.0)
|
|
(96.3)
|
Ending
Assets
|
$985.3
|
|
$966.1
|
|
2.0 %
|
|
$976.2
|
|
$985.3
|
|
$976.2
|
|
0.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$764.5
|
|
$780.3
|
|
(2.0) %
|
|
$764.9
|
|
$780.4
|
|
$820.8
|
|
(4.9) %
|
Average AUM
|
$966.5
|
|
$994.5
|
|
(2.8) %
|
|
$952.0
|
|
$992.3
|
|
$988.2
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
|
$474.0
|
|
$492.1
|
|
|
$482.1
|
|
$494.1
|
Long-term
inflows
|
|
25.4
|
|
15.9
|
|
|
98.8
|
|
65.5
|
Long-term
outflows
|
|
(32.6)
|
|
(15.9)
|
|
|
(126.0)
|
|
(67.3)
|
Net long-term
flows
|
|
(7.2)
|
|
—
|
|
|
(27.2)
|
|
(1.8)
|
Net flows in
non-management fee earning AUM (a)
|
|
0.1
|
|
(0.1)
|
|
|
0.1
|
|
(0.1)
|
Net flows in money
market funds
|
|
0.3
|
|
(18.4)
|
|
|
1.4
|
|
(12.5)
|
Total net
flows
|
|
(6.8)
|
|
(18.5)
|
|
|
(25.7)
|
|
(14.4)
|
Reinvested
distributions
|
|
8.2
|
|
0.2
|
|
|
11.0
|
|
0.5
|
Market gains and
losses
|
|
22.6
|
|
4.3
|
|
|
33.7
|
|
6.3
|
Dispositions
|
|
—
|
|
—
|
|
|
—
|
|
(1.4)
|
Foreign currency
translation
|
|
3.5
|
|
5.7
|
|
|
0.4
|
|
(1.3)
|
Ending
Assets
|
|
$501.5
|
|
$483.8
|
|
|
$501.5
|
|
$483.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
|
$667.7
|
|
$182.5
|
|
$115.9
|
|
$670.8
|
|
$191.0
|
|
$114.4
|
Long-term
inflows
|
|
21.6
|
|
14.6
|
|
5.1
|
|
78.0
|
|
61.1
|
|
25.2
|
Long-term
outflows
|
|
(29.9)
|
|
(11.6)
|
|
(7.0)
|
|
(109.7)
|
|
(55.0)
|
|
(28.6)
|
Net long-term
flows
|
|
(8.3)
|
|
3.0
|
|
(1.9)
|
|
(31.7)
|
|
6.1
|
|
(3.4)
|
Net flows in money
market funds
|
|
(17.5)
|
|
0.4
|
|
(1.0)
|
|
(11.7)
|
|
1.3
|
|
(0.7)
|
Total net
flows
|
|
(25.8)
|
|
3.4
|
|
(2.9)
|
|
(43.4)
|
|
7.4
|
|
(4.1)
|
Reinvested
distributions
|
|
8.3
|
|
—
|
|
0.1
|
|
11.3
|
|
—
|
|
0.2
|
Market gains and
losses
|
|
20.5
|
|
0.6
|
|
5.8
|
|
33.4
|
|
(1.0)
|
|
7.6
|
Dispositions
|
|
—
|
|
—
|
|
—
|
|
(1.4)
|
|
—
|
|
—
|
Foreign currency
translation
|
|
0.7
|
|
5.5
|
|
3.0
|
|
0.7
|
|
(5.4)
|
|
3.8
|
Ending
Assets
|
|
$671.4
|
|
$192.0
|
|
$121.9
|
|
$671.4
|
|
$192.0
|
|
$121.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Active(d) (continued)
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By asset class:
(in billions)
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
Beginning
Assets
|
|
$282.1
|
|
$266.6
|
|
$60.4
|
|
$209.8
|
|
$147.2
|
|
$277.5
|
|
$273.0
|
|
$66.3
|
|
$203.5
|
|
$155.9
|
Long-term
inflows
|
|
11.7
|
|
21.8
|
|
2.6
|
|
—
|
|
5.2
|
|
49.3
|
|
85.0
|
|
12.3
|
|
—
|
|
17.7
|
Long-term
outflows
|
|
(17.3)
|
|
(20.4)
|
|
(3.9)
|
|
—
|
|
(6.9)
|
|
(64.5)
|
|
(85.3)
|
|
(17.6)
|
|
—
|
|
(25.9)
|
Net long-term
flows
|
|
(5.6)
|
|
1.4
|
|
(1.3)
|
|
—
|
|
(1.7)
|
|
(15.2)
|
|
(0.3)
|
|
(5.3)
|
|
—
|
|
(8.2)
|
Net flows in
money market
funds
|
|
—
|
|
—
|
|
—
|
|
(18.1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11.1)
|
|
—
|
Total net
flows
|
|
(5.6)
|
|
1.4
|
|
(1.3)
|
|
(18.1)
|
|
(1.7)
|
|
(15.2)
|
|
(0.3)
|
|
(5.3)
|
|
(11.1)
|
|
(8.2)
|
Reinvested
distributions
|
|
6.6
|
|
0.5
|
|
0.9
|
|
0.1
|
|
0.3
|
|
7.2
|
|
1.8
|
|
1.3
|
|
0.3
|
|
0.9
|
Market gains
and losses
|
|
16.7
|
|
8.3
|
|
0.7
|
|
0.1
|
|
1.1
|
|
31.9
|
|
7.8
|
|
(0.2)
|
|
0.6
|
|
(0.1)
|
Dispositions
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.4)
|
Foreign currency
translation
|
|
3.1
|
|
3.2
|
|
1.1
|
|
0.8
|
|
1.0
|
|
1.5
|
|
(2.3)
|
|
(0.3)
|
|
(0.6)
|
|
0.8
|
Ending
Assets
|
|
$302.9
|
|
$280.0
|
|
$61.8
|
|
$192.7
|
|
$147.9
|
|
$302.9
|
|
$280.0
|
|
$61.8
|
|
$192.7
|
|
$147.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
$285.4
|
|
$272.2
|
|
$59.8
|
|
$202.0
|
|
$147.1
|
|
$291.6
|
|
$273.1
|
|
$63.9
|
|
$212.0
|
|
$151.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Passive(d)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
in
billions
|
December
31, 2023
|
|
September
30, 2023
|
|
%
Change
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2022
|
|
%
Change
|
Beginning
Assets
|
$521.2
|
|
$521.6
|
|
(0.1) %
|
|
$409.2
|
|
$433.0
|
|
$528.4
|
|
(18.1) %
|
Long-term
inflows
|
39.7
|
|
31.4
|
|
26.4 %
|
|
31.0
|
|
134.8
|
|
132.4
|
|
1.8 %
|
Long-term
outflows
|
(25.8)
|
|
(17.9)
|
|
44.1 %
|
|
(23.7)
|
|
(95.6)
|
|
(104.6)
|
|
(8.6) %
|
Net long-term
flows
|
13.9
|
|
13.5
|
|
3.0 %
|
|
7.3
|
|
39.2
|
|
27.8
|
|
41.0 %
|
Net flows in
non-management fee
earning AUM (a)
|
3.1
|
|
3.6
|
|
(13.9) %
|
|
(2.1)
|
|
6.2
|
|
(3.2)
|
|
N/A
|
Total net
flows
|
17.0
|
|
17.1
|
|
(0.6) %
|
|
5.2
|
|
45.4
|
|
24.6
|
|
84.6 %
|
Market gains and
losses
|
60.0
|
|
(16.5)
|
|
N/A
|
|
16.8
|
|
121.1
|
|
(117.9)
|
|
N/A
|
Foreign currency
translation
|
1.8
|
|
(1.0)
|
|
N/A
|
|
1.8
|
|
0.5
|
|
(2.1)
|
|
N/A
|
Ending
Assets
|
$600.0
|
|
$521.2
|
|
15.1 %
|
|
$433.0
|
|
$600.0
|
|
$433.0
|
|
38.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$330.5
|
|
$320.7
|
|
3.1 %
|
|
$277.4
|
|
$310.9
|
|
$284.0
|
|
9.5 %
|
Average AUM
|
$549.1
|
|
$534.2
|
|
2.8 %
|
|
$439.5
|
|
$508.3
|
|
$464.3
|
|
9.5 %
|
Average QQQ
AUM
|
$209.6
|
|
$203.4
|
|
3.0 %
|
|
$152.5
|
|
$187.5
|
|
$169.1
|
|
10.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
|
$468.4
|
|
$52.8
|
|
|
$390.2
|
|
$42.8
|
Long-term
inflows
|
|
35.4
|
|
4.3
|
|
|
121.1
|
|
13.7
|
Long-term
outflows
|
|
(23.6)
|
|
(2.2)
|
|
|
(88.5)
|
|
(7.1)
|
Net long-term
flows
|
|
11.8
|
|
2.1
|
|
|
32.6
|
|
6.6
|
Net flows in
non-management fee earning AUM (a)
|
|
4.1
|
|
(1.0)
|
|
|
5.8
|
|
0.4
|
Total net
flows
|
|
15.9
|
|
1.1
|
|
|
38.4
|
|
7.0
|
Market gains and
losses
|
|
55.5
|
|
4.5
|
|
|
111.5
|
|
9.6
|
Foreign currency
translation
|
|
0.7
|
|
1.1
|
|
|
0.4
|
|
0.1
|
Ending
Assets
|
|
$540.5
|
|
$59.5
|
|
|
$540.5
|
|
$59.5
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
Twelve months ended
December 31, 2023
|
By client domicile:
(in billions)
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
$401.5
|
|
$38.0
|
|
$81.7
|
|
$328.6
|
|
$32.5
|
|
$71.9
|
Long-term
inflows
|
21.7
|
|
6.0
|
|
12.0
|
|
76.0
|
|
16.0
|
|
42.8
|
Long-term
outflows
|
(11.9)
|
|
(3.2)
|
|
(10.7)
|
|
(46.3)
|
|
(12.0)
|
|
(37.3)
|
Net long-term
flows
|
9.8
|
|
2.8
|
|
1.3
|
|
29.7
|
|
4.0
|
|
5.5
|
Net flows in
non-management fee earning AUM (a)
|
1.3
|
|
0.1
|
|
1.7
|
|
7.2
|
|
(0.3)
|
|
(0.7)
|
Total net
flows
|
11.1
|
|
2.9
|
|
3.0
|
|
36.9
|
|
3.7
|
|
4.8
|
Market gains and
losses
|
49.9
|
|
1.3
|
|
8.8
|
|
97.0
|
|
7.3
|
|
16.8
|
Foreign currency
translation
|
—
|
|
1.3
|
|
0.5
|
|
—
|
|
—
|
|
0.5
|
Ending
Assets
|
$462.5
|
|
$43.5
|
|
$94.0
|
|
$462.5
|
|
$43.5
|
|
$94.0
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Passive(d) (continued)
|
|
|
Three Months Ended
December 31, 2023
|
|
Twelve months ended
December 31, 2023
|
By asset class:
(in billions)
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (c)
|
|
Alternatives(b)
|
Beginning
Assets
|
$444.6
|
|
$46.0
|
|
$0.8
|
|
$—
|
|
$29.8
|
|
$359.5
|
|
$40.7
|
|
$0.8
|
|
$—
|
|
$32.0
|
Long-term
inflows
|
29.4
|
|
5.6
|
|
0.1
|
|
—
|
|
4.6
|
|
102.0
|
|
19.5
|
|
0.1
|
|
—
|
|
13.2
|
Long-term
outflows
|
(15.5)
|
|
(6.9)
|
|
(0.1)
|
|
—
|
|
(3.3)
|
|
(64.4)
|
|
(16.9)
|
|
(0.1)
|
|
—
|
|
(14.2)
|
Net long-term
flows
|
13.9
|
|
(1.3)
|
|
—
|
|
—
|
|
1.3
|
|
37.6
|
|
2.6
|
|
—
|
|
—
|
|
(1.0)
|
Net flows in non-
management fee
earning AUM (a)
|
4.2
|
|
(1.1)
|
|
—
|
|
—
|
|
—
|
|
6.1
|
|
0.1
|
|
—
|
|
—
|
|
—
|
Total net
flows
|
18.1
|
|
(2.4)
|
|
—
|
|
—
|
|
1.3
|
|
43.7
|
|
2.7
|
|
—
|
|
—
|
|
(1.0)
|
Market gains and
losses
|
56.9
|
|
1.7
|
|
0.1
|
|
—
|
|
1.3
|
|
117.4
|
|
2.0
|
|
0.1
|
|
—
|
|
1.6
|
Foreign currency
translation
|
1.2
|
|
0.4
|
|
—
|
|
—
|
|
0.2
|
|
0.2
|
|
0.3
|
|
—
|
|
—
|
|
—
|
Ending
Assets
|
$520.8
|
|
$45.7
|
|
$0.9
|
|
$—
|
|
$32.6
|
|
$520.8
|
|
$45.7
|
|
$0.9
|
|
$—
|
|
$32.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$471.2
|
|
$46.2
|
|
$0.8
|
|
$—
|
|
$30.9
|
|
$431.4
|
|
$45.3
|
|
$0.8
|
|
$—
|
|
$30.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
Footnotes to the
Assets Under Management Tables
(a)
|
Non-management fee
earning AUM includes non-management fee earning ETFs, UIT and
product leverage.
|
|
|
(b)
|
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.
|
|
|
(c)
|
Long-term AUM excludes
money market and non-management fee earning AUM. Ending AUM as of
December 31, 2023 includes $192.7 billion in money market AUM
and $238.9 billion in non-management fee earning AUM
(September 30, 2023: $209.8 billion and $207.1 billion,
respectively; December 31, 2022: $203.5 billion and $155.1
billion, respectively).
|
|
|
(d)
|
Passive AUM include
index-based ETFs, unit investment trusts (UITs), non-fee earning
leverage and other passive mandates. Active AUM is total AUM less
Passive AUM.
|
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
(1)
|
1yr
|
3yr
|
5yr
|
10yr
|
1yr
|
3yr
|
5yr
|
10yr
|
U.S.
Core (4%)
|
22 %
|
43 %
|
31 %
|
17 %
|
18 %
|
11 %
|
22 %
|
12 %
|
U.S.
Growth (6%)
|
— %
|
11 %
|
25 %
|
41 %
|
49 %
|
— %
|
62 %
|
11 %
|
U.S.
Value (7%)
|
63 %
|
92 %
|
63 %
|
92 %
|
63 %
|
63 %
|
63 %
|
50 %
|
Sector (1%)
|
64 %
|
8 %
|
2 %
|
25 %
|
73 %
|
29 %
|
31 %
|
54 %
|
UK
(1%)
|
95 %
|
66 %
|
45 %
|
48 %
|
72 %
|
100 %
|
47 %
|
47 %
|
Canadian (<1%)
|
89 %
|
100 %
|
100 %
|
47 %
|
100 %
|
89 %
|
100 %
|
— %
|
Asian
(4%)
|
48 %
|
64 %
|
67 %
|
88 %
|
45 %
|
42 %
|
36 %
|
82 %
|
Continental
European (2%)
|
67 %
|
82 %
|
27 %
|
66 %
|
77 %
|
80 %
|
41 %
|
70 %
|
Global (6%)
|
84 %
|
44 %
|
82 %
|
74 %
|
96 %
|
42 %
|
45 %
|
35 %
|
Global Ex U.S. and
Emerging Markets (7%)
|
89 %
|
18 %
|
46 %
|
99 %
|
43 %
|
42 %
|
34 %
|
13 %
|
Fixed Income
(1)
|
|
|
|
|
|
|
|
|
Money
Market (26%)
|
99 %
|
96 %
|
99 %
|
100 %
|
85 %
|
86 %
|
85 %
|
100 %
|
U.S. Fixed
Income (11%)
|
84 %
|
86 %
|
85 %
|
97 %
|
48 %
|
44 %
|
70 %
|
92 %
|
Global Fixed
Income (6%)
|
86 %
|
62 %
|
95 %
|
95 %
|
80 %
|
68 %
|
73 %
|
94 %
|
Stable
Value (5%)
|
— %
|
99 %
|
100 %
|
100 %
|
97 %
|
97 %
|
97 %
|
100 %
|
Other
(1)
|
|
|
|
|
|
|
|
|
Alternatives (5%)
|
68 %
|
58 %
|
78 %
|
73 %
|
50 %
|
61 %
|
45 %
|
55 %
|
Balanced (7%)
|
38 %
|
47 %
|
64 %
|
63 %
|
56 %
|
79 %
|
93 %
|
94 %
|
Note:
|
Excludes passive
products, closed-end funds, private equity limited partnerships,
non-discretionary funds, unit investment trusts, fund of funds with
component funds managed by Invesco, stable value building block
funds and 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.
|
|
|
|
AUM measured in the
one, three, five and ten year quartile rankings represents 42%,
42%, 42% and 38% of total Invesco AUM, respectively, and AUM
measured versus benchmark on a one, three, five and ten year basis
represents 54%, 54%, 50% and 45% of total Invesco AUM as of
December 31, 2023. Peer group rankings are sourced from a
widely-used third party ranking agency in each fund's market (e.g.,
Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value
Research) and asset-weighted in USD. Rankings are as of prior
quarter-end for most institutional products and prior month-end for
Australian retail funds due to their late release by third parties.
Rankings are calculated against all funds in each peer group.
Rankings for the primary share class of the most representative
fund in each composite are applied to all products within each
composite. Performance assumes the reinvestment of dividends. Past
performance is not indicative of future results and may not reflect
an investor's experience.
|
|
|
(1)
|
Numbers in parenthesis
reflect AUM for each investment product (see Note above for
exclusions) as a percentage of the total AUM for the 5 year peer
group ($661.9 billion).
|
Invesco
Ltd.
|
Supplemental
Information(1)
|
|
|
For the three months
ended
December 31,
2023
|
|
For the three months
ended
December 31,
2022
|
Cash flow
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
Invesco and CIP cash
and cash equivalents,
beginning of period
|
$ 1,555.1
|
|
$ (313.6)
|
|
$
1,241.5
|
|
$ 1,226.0
|
|
$ (202.4)
|
|
$
1,023.6
|
Cash flows from
operating activities
|
714.3
|
|
(364.4)
|
|
349.9
|
|
456.5
|
|
(38.6)
|
|
417.9
|
Cash flows from
investing activities
|
(261.6)
|
|
261.9
|
|
0.3
|
|
(130.6)
|
|
27.9
|
|
(102.7)
|
Cash flows from
financing activities
|
(110.3)
|
|
(43.5)
|
|
(153.8)
|
|
(168.1)
|
|
18.6
|
|
(149.5)
|
Increase/(decrease) in
cash and cash equivalents
|
342.4
|
|
(146.0)
|
|
196.4
|
|
157.8
|
|
7.9
|
|
165.7
|
Foreign exchange
movement on cash and cash
equivalents
|
34.1
|
|
(2.8)
|
|
31.3
|
|
50.3
|
|
(4.9)
|
|
45.4
|
Cash and cash
equivalents, end of the period
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
$ 1,434.1
|
|
$ (199.4)
|
|
$
1,234.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
December 31,
2023
|
|
For the year
ended
December 31,
2022
|
Cash flow
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
Invesco and CIP cash
and cash equivalents,
beginning of period
|
$ 1,434.1
|
|
$ (199.4)
|
|
$
1,234.7
|
|
$ 2,147.1
|
|
$ (250.7)
|
|
$
1,896.4
|
Cash flows from
operating activities
|
1,300.8
|
|
(136.6)
|
|
1,164.2
|
|
703.2
|
|
414.1
|
|
1,117.3
|
Cash flows from
investing activities
|
(244.3)
|
|
72.8
|
|
(171.5)
|
|
(375.6)
|
|
81.5
|
|
(294.1)
|
Cash flows from
financing activities
|
(585.4)
|
|
(196.8)
|
|
(782.2)
|
|
(966.9)
|
|
(449.4)
|
|
(1,416.3)
|
Increase/(decrease) in
cash and cash equivalents
|
471.1
|
|
(260.6)
|
|
210.5
|
|
(639.3)
|
|
46.2
|
|
(593.1)
|
Foreign exchange
movement on cash and cash equivalents
|
26.4
|
|
(2.4)
|
|
24.0
|
|
(73.7)
|
|
5.1
|
|
(68.6)
|
Cash and cash
equivalents, end of the period
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
$ 1,434.1
|
|
$ (199.4)
|
|
$
1,234.7
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
These tables include
non-GAAP presentations. Cash held by CIP is not available for use
by Invesco. Additionally, there is no recourse to Invesco for CIP
debt. The cash flows of CIP do not form part of the company's cash
flow management processes, nor do they form part of the company's
significant liquidity evaluations and decisions. Policyholder
assets and liabilities are equal and offsetting and have no impact
on Invesco's shareholder's equity. The impact of cash
inflows/outflows from policyholder assets and liabilities are
reflected within cash flows from operating activities as changes in
receivable and/or payables, as applicable.
|
Invesco
Ltd.
|
Supplemental
Information(1)
|
|
|
As of December 31,
2023
|
|
As of December 31,
2022
|
Balance Sheet
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Impact of
Policyholders
|
|
As
Adjusted
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Impact of
Policyholders
|
|
As
Adjusted
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,469.2
|
|
$
—
|
|
$
—
|
|
$
1,469.2
|
|
$
1,234.7
|
|
—
|
|
—
|
|
$
1,234.7
|
Investments
|
919.1
|
|
527.4
|
|
—
|
|
1,446.5
|
|
996.6
|
|
376.8
|
|
—
|
|
1,373.4
|
Investments and other
assets of
CIP
|
9,016.0
|
|
(9,016.0)
|
|
—
|
|
—
|
|
8,735.1
|
|
(8,735.1)
|
|
—
|
|
—
|
Cash and cash
equivalents of
CIP
|
462.4
|
|
(462.4)
|
|
—
|
|
—
|
|
199.4
|
|
(199.4)
|
|
—
|
|
—
|
Assets held for
policyholders
|
393.9
|
|
—
|
|
(393.9)
|
|
—
|
|
668.7
|
|
—
|
|
(668.7)
|
|
—
|
Goodwill and intangible
assets,
net
|
14,539.6
|
|
—
|
|
—
|
|
14,539.6
|
|
15,698.9
|
|
—
|
|
—
|
|
15,689.9
|
Other assets
(2)
|
2,133.6
|
|
18.8
|
|
—
|
|
2,152.4
|
|
2,223.4
|
|
9.8
|
|
—
|
|
2,233.2
|
Total assets
|
28,933.8
|
|
(8,932.2)
|
|
(393.9)
|
|
19,607.7
|
|
29,756.8
|
|
(8,547.9)
|
|
(668.7)
|
|
20,540.2
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt of CIP
|
7,121.8
|
|
(7,121.8)
|
|
—
|
|
—
|
|
6,590.4
|
|
(6,590.4)
|
|
—
|
|
—
|
Other liabilities of
CIP
|
492.1
|
|
(492.1)
|
|
—
|
|
—
|
|
329.6
|
|
(329.6)
|
|
—
|
|
—
|
Policyholder
payables
|
393.9
|
|
—
|
|
(393.9)
|
|
—
|
|
668.7
|
|
—
|
|
(668.7)
|
|
—
|
Debt
|
1,489.5
|
|
—
|
|
—
|
|
1,489.5
|
|
1,487.6
|
|
—
|
|
—
|
|
1,487.6
|
Other liabilities
(3)
|
3,520.5
|
|
—
|
|
—
|
|
3,520.5
|
|
3,838.3
|
|
—
|
|
—
|
|
3,838.3
|
Total
liabilities
|
13,017.8
|
|
(7,613.9)
|
|
(393.9)
|
|
5,010.0
|
|
12,914.6
|
|
(6,920.0)
|
|
(668.7)
|
|
5,325.9
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
attributable to
Invesco Ltd.
|
14,597.6
|
|
0.1
|
|
—
|
|
14,597.7
|
|
15,213.6
|
|
0.1
|
|
—
|
|
15,213.7
|
Noncontrolling
interests (4)
|
1,318.4
|
|
(1,318.4)
|
|
—
|
|
—
|
|
1,628.6
|
|
(1,628.0)
|
|
—
|
|
0.6
|
Total equity
|
15,916.0
|
|
(1,318.3)
|
|
—
|
|
14,597.7
|
|
16,842.2
|
|
(1,627.9)
|
|
—
|
|
15,214.3
|
Total liabilities and
equity
|
$ 28,933.8
|
|
$ (8,932.2)
|
|
$
(393.9)
|
|
$ 19,607.7
|
|
$ 29,756.8
|
|
$
(8,547.9)
|
|
$
(668.7)
|
|
$
20,540.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
These tables include
non-GAAP presentations. Cash held by CIP is not available for use
by Invesco. Additionally, there is no recourse to Invesco for
CIP debt. The cash flows of CIP do not form part of the
company's cash flow management processes, nor do they form part of
the company's significant liquidity evaluations and decisions.
Policyholder assets and liabilities are equal and offsetting and
have no impact on Invesco's shareholder's equity. The impact
of cash inflows/outflows from policyholder assets and liabilities
are reflected within cash flows from operating activities as
changes in receivable and/or payables, as applicable.
|
|
|
(2)
|
Amounts include
accounts receivable, prepaid assets, unsettled funds receivables,
property, equipment and software, right-of-use asset, and other
assets.
|
|
|
(3)
|
Amounts include accrued
compensation and benefits, unsettled funds payables, accounts
payable and accrued expenses, lease liability, and deferred tax
liabilities.
|
|
|
(4)
|
Amounts include
redeemable noncontrolling interests in consolidated entities and
equity attributable to nonredeemable noncontrolling interests in
consolidated entities.
|
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SOURCE Invesco Ltd.