ATLANTA, Jan. 28, 2016
/PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported
financial results for the year and three months ended
December 31, 2015.
"In spite of volatile markets, our strong, long-term
investment performance and sharp focus on helping clients achieve
their investment objectives contributed to long-term net inflows of
$16.2 billion for the year," said
Martin L. Flanagan, president and
CEO. "Our focused efforts helped us maintain an operating margin of
41.0% and return more than $1.0
billion of capital to shareholders during 2015. For 2016,
given the continued volatility in the markets, we are taking a
disciplined approach to managing operations, balancing our goals of
reinvesting in the business for the benefit of clients with the
need to run our business effectively and efficiently."
|
2015
|
|
2014
|
|
% Change
|
|
Adjusted Financial Measures(1,2)
|
|
|
|
|
|
|
Net revenues
|
$3,643.2
|
m
|
|
$3,608.3
|
m
|
|
1.0
|
%
|
|
Operating income
|
$1,493.7
|
m
|
|
$1,495.0
|
m
|
|
(0.1)
|
%
|
|
Operating margin
|
41.0
|
%
|
|
41.4
|
%
|
|
|
|
Net income attributable to Invesco
Ltd.
|
$1,048.7
|
m
|
|
$1,094.8
|
m
|
|
(4.2)
|
%
|
|
Diluted EPS
|
$2.44
|
|
|
$2.51
|
|
|
(2.8)
|
%
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial Measures
|
|
|
|
|
|
|
Operating revenues
|
$5,122.9
|
m
|
|
$5,147.1
|
m
|
|
(0.5)
|
%
|
|
Operating income
|
$1,358.4
|
m
|
|
$1,276.9
|
m
|
|
6.4
|
%
|
|
Operating margin
|
26.5
|
%
|
|
24.8
|
%
|
|
|
|
Net income attributable to Invesco
Ltd.(3)
|
$968.1
|
m
|
|
$988.1
|
m
|
|
(2.0)
|
%
|
|
Diluted EPS(3)
|
$2.26
|
|
|
$2.27
|
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
|
Assets Under Management
|
|
|
|
|
|
|
Ending AUM
|
$775.6
|
bn
|
|
$792.4
|
bn
|
|
(2.1)
|
|
|
Average AUM
|
$794.7
|
bn
|
|
$790.3
|
bn
|
|
0.6
|
%
|
|
|
(1) The
adjusted financial measures are all non-GAAP financial measures.
See the information on pages 12 through 16 for a reconciliation to
their most directly comparable U.S. GAAP measures and the notes
beginning on page 23 for other important
disclosures.
|
(2) The
foreign exchange impact of applying the 2014 annual average foreign
exchange rate to the 2015 annual results would result in an
increase to adjusted operating income of $81.7 million, a 0.3
percentage points increase in adjusted operating margin, and an
increase of $65.1 million to adjusted net income attributable to
Invesco Ltd., or $0.15 on adjusted diluted EPS.
|
(3) U.S.
GAAP measures include the results of discontinued operations in
2014.
|
|
Q4-15
|
|
Q3-15
|
|
Q4-15 vs.
Q3-15
|
|
Q4-14
|
|
Q4-15 vs.
Q4-14
|
|
Adjusted Financial Measures(1,2)
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$886.1
|
m
|
|
$903.0
|
m
|
|
(1.9)
|
%
|
|
$905.8
|
m
|
|
(2.2)
|
%
|
|
Operating income
|
$355.7
|
m
|
|
$373.4
|
m
|
|
(4.7)
|
%
|
|
$373.1
|
m
|
|
(4.7)
|
%
|
|
Operating margin
|
40.1
|
%
|
|
41.4
|
%
|
|
|
|
41.2
|
%
|
|
|
|
Net income attributable to Invesco
Ltd.
|
$243.8
|
m
|
|
$261.4
|
m
|
|
(6.7)
|
%
|
|
$272.6
|
m
|
|
(10.6)
|
%
|
|
Diluted EPS
|
$0.58
|
|
|
$0.61
|
|
|
(4.9)
|
%
|
|
$0.63
|
|
|
(7.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial Measures(3)
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
$1,239.7
|
m
|
|
$1,273.5
|
m
|
|
(2.7)
|
%
|
|
$1,276.7
|
m
|
|
(2.9)
|
%
|
|
Operating income
|
$303.6
|
m
|
|
$352.7
|
m
|
|
(13.9)
|
%
|
|
$348.2
|
m
|
|
(12.8)
|
%
|
|
Operating margin
|
24.5
|
%
|
|
27.7
|
%
|
|
|
|
27.3
|
%
|
|
|
|
Net income attributable to Invesco
Ltd.
|
$201.9
|
m
|
|
$249.3
|
m
|
|
(19.0)
|
%
|
|
$269.8
|
m
|
|
(25.2)
|
%
|
|
Diluted EPS
|
$0.48
|
|
|
$0.58
|
|
|
(17.2)
|
%
|
|
$0.62
|
|
|
(22.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under Management
|
|
|
|
|
|
|
|
|
|
|
Ending AUM
|
$775.6
|
bn
|
|
$755.8
|
bn
|
|
2.6
|
%
|
|
$792.4
|
bn
|
|
(2.1)
|
%
|
|
Average AUM
|
$783.7
|
bn
|
|
$788.9
|
bn
|
|
(0.7)
|
%
|
|
$789.8
|
bn
|
|
(0.8)
|
%
|
|
|
(1) The
adjusted financial measures are all non-GAAP financial measures.
See the information on pages 12 through 16 for a reconciliation to
their most directly comparable U.S. GAAP measures and the notes
beginning on page 23 for other important
disclosures.
|
(2) The
foreign exchange impact of applying the Q3-15 average foreign
exchange rate to the Q4-15 results would result in an increase to
adjusted operating income of $4.2 million, a 0.2 percentage points
on adjusted operating margin, and an increase of $3.5 million to
adjusted net income attributable to Invesco Ltd.
|
(3) U.S.
GAAP measures include the results of discontinued
operations.
|
Assets Under Management
Total assets under management (AUM) at December 31,
2015, were $775.6 billion
(September 30, 2015: $755.8
billion), an increase of $19.8
billion during the fourth quarter. Total net inflows were
$4.1 billion for the fourth quarter,
as detailed below:
|
|
Quarterly
|
|
Year-to-date
|
Summary of net flows (in
billions)
|
|
Q4-15
|
|
Q3-15
|
|
Q4-14
|
|
2015
|
|
2014
|
Active
|
|
$3.5
|
|
|
($1.6)
|
|
|
$0.9
|
|
|
$14.1
|
|
|
$2.1
|
|
Passive
|
|
0.4
|
|
|
(2.3)
|
|
|
1.6
|
|
|
2.1
|
|
|
6.0
|
|
Long-term net flows
|
|
3.9
|
|
|
(3.9)
|
|
|
2.5
|
|
|
16.2
|
|
|
8.1
|
|
Invesco PowerShares QQQ
|
|
2.0
|
|
|
(0.9)
|
|
|
(3.2)
|
|
|
(1.8)
|
|
|
(10.7)
|
|
Money market
|
|
(1.8)
|
|
|
(1.5)
|
|
|
—
|
|
|
(11.9)
|
|
|
(5.8)
|
|
Total net flows
|
|
$4.1
|
|
|
($6.3)
|
|
|
($0.7)
|
|
|
$2.5
|
|
|
($8.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net market gains led to a $21.0
billion increase in AUM during the fourth quarter, compared
to a $35.6 billion decrease in the
third quarter 2015. Foreign exchange rate movements led to a
$5.3 billion decrease in AUM during
the fourth quarter, compared to a $5.9
billion decrease in the third quarter 2015. Average AUM
during the fourth quarter were $783.7
billion, compared to $788.9
billion for the third quarter 2015, a decrease of 0.7%.
Further analysis is included in the supplementary schedules to this
release.
Earnings Summary
The company is presenting both U.S. GAAP earnings
information and non-GAAP earnings information in this release. The
company believes that the additional disclosure of non-GAAP
earnings information provides further transparency into the
business on an ongoing operations basis and allows more appropriate
comparisons with our industry peers. Management uses these non-GAAP
performance measures to evaluate the business, and they are
consistent with internal management reporting. These measures are
described more fully in the company's Form 10-K. 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.
U.S. GAAP Earnings
This section comments on the more significant items that
have impacted the company's fourth quarter 2015 results as
presented in accordance with U.S. GAAP, as compared to the third
quarter 2015.
Operating revenues decreased 2.7% to
$1,239.7 million in the fourth
quarter, from $1,273.5 million in the
third quarter 2015. Operating expenses increased by 1.7%
to $936.1 million
in the fourth quarter, from $920.8
million in the third quarter 2015.
Business optimization charges of $16.2 million were recorded in the fourth quarter
of 2015, including $12.2 million of
staff severance costs recorded in employee compensation associated
with a business transformation initiative. This is the first part
of a broad program that will continue through 2016 focused on
transforming several key business support functions to become more
effective and efficient. Incremental implementation costs in 2016
are estimated to be up to $85 million
and the initiative is expected to generate ongoing cost savings
that will more than fully offset the implementation expense within
a three year time frame after completion.
Separately, general and administrative expenses for the
fourth quarter of 2015 include a provision of $12.6 million pertaining to regulatory
investigations and related legal fees of $0.5 million. This includes
$7.6 million associated with our
private equity business.
In the first quarter of 2015, the company acquired certain
investment management contracts from a third party for a purchase
price comprised of contingent consideration payable in future
periods. During the fourth quarter of 2015,
changes in the fair value of the contingent consideration liability
generated a gain of $8.7 million,
which was recorded in other gains and losses,
net. The third quarter of 2015 included a gain
of $18.4 million associated with the
fair value of this liability.
The inclusion of consolidated investment products in the
U.S GAAP earnings resulted in a reduction of $19.4 million in net income attributable to
Invesco Ltd. in the fourth quarter, compared to a $13.2 million reduction in the third quarter
2015.
The effective tax rate on continuing operations increased
to 30.8% for the fourth quarter, from 29.4% for the third quarter
2015. See note 10 on page 26 for further details.
Non-GAAP Earnings
This section discusses the company's fourth quarter 2015
non-GAAP financial results, as compared to the third quarter 2015.
The phrase "as adjusted" is used in the following earnings
discussion to identify non-GAAP information, together with the
non-GAAP financial measures of net revenues, adjusted operating
margin, adjusted net income attributable to Invesco Ltd. and
adjusted diluted EPS. The most directly comparable U.S. GAAP items
are reconciled to these non-GAAP items on pages 12 through 16 of
this release.
Net revenues decreased by $16.9
million (1.9%) to $886.1
million in the fourth quarter, from $903.0 million in the third quarter 2015. The
decrease was principally due to reduced investment management fees
partly offset by reduced third-party distribution, service and
advisory expenses. Foreign exchange rate changes decreased fourth
quarter net revenues by $8.1 million
when compared to the third quarter 2015.
Investment management fees, as adjusted, decreased
$29.3 million (2.8%) to $1,008.8 million in the fourth quarter, from
$1,038.1 million in the third quarter
2015. The decrease reflects the lower average AUM and changes in
the AUM product and currency mix. Foreign exchange rate changes
decreased fourth quarter management fees by $10.1 million when compared to third quarter
2015.
Service and distribution fees, as adjusted,
decreased $7.2 million
(3.4%) to $207.6 million in the
fourth quarter, from $214.8 million
in the third quarter 2015, reflecting the lower average AUM
associated with products that charge these fees. Foreign exchange
rate changes decreased fourth quarter service and distribution fees
by $0.1 million when compared to
third quarter 2015.
Performance fees, as adjusted, increased $1.2 million (6.8%) to $18.8 million in the fourth quarter, from
$17.6 million in the third quarter
2015. The fourth quarter performance fees included $9.8 million generated from real estate,
$3.2 million from U.K. equities and
the remainder from a variety of other investment capabilities.
Foreign exchange rate changes decreased performance fees by
$0.1 million in the fourth quarter
when compared to the third quarter 2015.
Other revenues, as adjusted, increased by $1.4 million (5.1%) to $29.0 million in the fourth quarter, from
$27.6 million in the third quarter
2015 reflecting increased real estate transaction fees. Foreign
exchange rate changes decreased fourth quarter other revenues by
$0.1 million when compared to third
quarter 2015.
Third-party distribution, service and advisory expenses,
as adjusted, decreased by $17.0
million (4.3%) to $378.1
million in the fourth quarter from $395.1 million in the third quarter 2015. The
decrease reflects lower retail management fees and service and
distribution fees. Foreign exchange rate changes decreased the
fourth quarter third-party distribution, services and advisory
expenses by $2.3 million.
Total operating expenses, as adjusted, increased by
$0.8 million (0.2%) to $530.4 million in the fourth quarter, from
$529.6 million in the third quarter
2015. Foreign exchange rate changes decreased fourth quarter
operating expenses by $3.9 million
when compared to the third quarter 2015.
Employee compensation expenses, as adjusted, decreased by
$8.1 million (2.3%) to $338.8 million in the fourth
quarter, from $346.9 million in the
third quarter 2015. The decreased reflected lower incentive
compensation combined with the impact of foreign exchange rate
changes. Foreign exchange rate changes decreased fourth quarter
employee compensation expenses by $2.3
million when compared to the third quarter 2015.
Marketing expenses, as adjusted, increased by $8.8 million (34.1%) to $34.6 million in the fourth quarter, from
$25.8 million in the
third quarter 2015 due to a seasonal increase in advertising and
other marketing costs in support of the business, particularly in
EMEA. Foreign exchange rate changes decreased fourth quarter
marketing expenses by $0.4 million
when compared to the third quarter 2015.
Property, office and technology expenses, as adjusted,
increased $0.5 million
(0.6%) to $80.4 million
in the fourth quarter, from $79.9
million in the third quarter 2015. Foreign exchange rate
changes decreased fourth quarter property, office and technology
expenses by $0.5 million when
compared to the third quarter 2015.
General and administrative expenses, as adjusted,
decreased $0.4 million
(0.5%) to $76.6 million in the
fourth quarter, from $77.0 million in
the third quarter 2015. Foreign exchange rate changes decreased
fourth quarter general and administrative expenses by $0.7 million when compared to the third quarter
2015.
Non-operating other income and expenses, as adjusted,
included equity in earnings from investments of $0.3 million in the fourth quarter, compared to
$4.2 million in the third quarter
2015. Other gains and losses, net in the fourth quarter were a loss
of $10.3 million compared to a third
quarter 2015 loss of $6.6 million.
Fourth quarter other gains and losses, net included a $7.3 million realized loss on the disposition of
private equity partnership interests and a $2.0 million unrealized loss on the
mark-to-market of other seed money investments. Separately, other
income of consolidated sponsored investment products (CSIP), net
was a gain of $0.8 million in the
fourth quarter compared to a third quarter 2015 loss of
$3.6 million.
The adjusted effective tax rate increased to 26.6% for the
fourth quarter, from 26.5% for the third quarter 2015.
Balance Sheet and Cash Flow Statement
Presentation
The company is presenting in this release both a U.S. GAAP
balance sheet and balance sheet information excluding consolidated
investment products (CIP), along with a U.S. GAAP statement of cash
flows and cash flow statement information excluding CIP. The
information presented excluding CIP is a non-GAAP presentation.
Balance sheet and cash flow statement information before and after
the consolidation of investment products is reconciled on pages 19
and 22, respectively.
The company believes that, by excluding the consolidation
of investment products, the non-GAAP balance sheet and cash flow
statement information provides a more representative presentation
of our financial risks and the company's cash and debt positions,
allowing more appropriate comparisons with our industry peers.
Management uses these non-GAAP presentations to evaluate the
business, and the presentations are consistent with internal
management reporting. As demonstrated by the selected balance sheet
data that follows, inclusion of the long-term debt of CIP within
liquidity measures, such as debt-to-equity ratios, causes the
company to appear to be significantly more indebted than is
actually the case.
Balance Sheets and Capital Management
Selected balance sheet information is reflected in the
table below:
|
|
Excluding CIP
(Non-GAAP)(1)
|
|
Including CIP (U.S. GAAP)
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
in millions
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$1,851.4
|
|
|
$1,514.2
|
|
|
$1,851.4
|
|
|
$1,514.2
|
|
Investments of CIP
|
|
—
|
|
|
—
|
|
|
6,016.1
|
|
|
5,762.8
|
|
Total assets(1)
|
|
$18,593.7
|
|
|
$14,220.6
|
|
|
$25,073.2
|
|
|
$20,450.0
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
2,072.8
|
|
|
1,576.8
|
|
|
2,072.8
|
|
|
1,576.8
|
|
Debt of CIP
|
|
—
|
|
|
—
|
|
|
5,437.0
|
|
|
5,149.6
|
|
Long-term debt / Long-term debt plus CIP
debt
|
|
$2,072.8
|
|
|
$1,576.8
|
|
|
$7,509.8
|
|
|
$6,726.4
|
|
|
|
|
|
|
|
|
|
|
Total liabilities(1)
|
|
$10,499.5
|
|
|
$5,734.2
|
|
|
$16,210.2
|
|
|
$11,164.7
|
|
|
|
|
|
|
|
|
|
|
Total permanent
equity(1)
|
|
$7,926.9
|
|
|
$8,320.9
|
|
|
$8,695.7
|
|
|
$9,119.8
|
|
|
|
|
|
|
|
|
|
|
Debt/Equity % (1) (2)
|
|
26.1
|
%
|
|
18.9
|
%
|
|
86.4
|
%
|
|
73.8
|
%
|
|
(1) The
balance sheet line items excluding CIP are non-GAAP financial
measures. See the reconciliation information on page 19 for balance
sheet information before and after the consolidation of investment
products.
|
(2) The
debt/equity ratio excluding CIP is a non-GAAP financial measure.
The debt/equity ratio is calculated as long-term debt divided by
total permanent equity for the balance sheet information excluding
CIP and long-term debt plus debt of CIP divided by total permanent
equity for the balance sheet including CIP.
|
As of December 31, 2015, the company's cash and cash
equivalents were $1,851.4 million,
with long-term debt of $2,072.8
million. The credit facility balance was zero at
December 31, 2015, $99.5 million
at September 30, 2015 and zero at December 31,
2014.
During the fourth quarter the company issued senior notes
with aggregate principal amounts of $500
million at an interest rate of 3.75% due January 15, 2026.
Dividends paid in the fourth quarter were $113.8 million bringing total 2015 full-year cash
dividends to $454.5 million. Today
the company is announcing a fourth-quarter cash dividend of
27.0 cents per share to holders of
common shares. The dividend is payable on March 4, 2016, to
shareholders of record at the close of business on
February 18, 2016, with an ex-dividend date of
February 16, 2016.
During the fourth quarter the company repurchased
$214.8 million of its common shares,
representing 6.5 million shares at a weighted average share price
of $33.11. This brings year-to-date
repurchases to $548.8 million
representing 15.5 million shares.
Headcount
As of December 31, 2015, the company had 6,490
employees, compared to 6,430 employees as of September 30,
2015, and 6,264 at December 31, 2014.
The majority of the headcount increase is attributable to growth in
our global shared service centers.
Business Acquisitions
During the fourth quarter of 2015 the company announced
that it is increasing its ownership of Religare Invesco Asset
Management Company, our joint venture in India, from 49% to 100%.
The acquisition of this controlling interest is expected to close
in early 2016 pending regulatory approvals.
On January 12, 2016 the
company announced it had acquired Jemstep, a market-leading
provider of advisor-focused digital solutions.
Invesco Ltd. is a leading independent global investment
management firm, dedicated to helping investors worldwide achieve
their financial objectives. By delivering the combined power of our
distinctive investment management capabilities, Invesco provides a
wide range of investment strategies and vehicles to our clients
around the world. Operating in more than 20 countries, the firm is
listed on the New York Stock Exchange under the symbol IVZ.
Additional information is available at
www.invesco.com.
Members of the investment community and general public are
invited to listen to the conference call today, January 28,
2016, at 9:00 a.m. ET by dialing one
of the following numbers: 1-866-617-1526 for U.S. and Canadian
callers or 1-210-795-0624 for international callers. An audio
replay of the conference call will be available until February 11, 2016 at 5:00
p.m. ET by calling 1-866-423-4776 for U.S. and Canadian
callers or 1-203-369-0842 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, 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.
|
Non-GAAP Condensed Consolidated Income Statement
Information
|
(Unaudited, in millions, other than per share
amounts, headcount and AUM)
|
|
|
Q4-15
|
|
Q3-15
|
|
% Change
|
|
Q4-14
|
|
% Change
|
Adjusted revenues:
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
$1,008.8
|
|
|
$1,038.1
|
|
|
(2.8)
|
%
|
|
$1,032.9
|
|
|
(2.3)
|
%
|
Service and distribution
fees
|
207.6
|
|
|
214.8
|
|
|
(3.4)
|
%
|
|
217.7
|
|
|
(4.6)
|
%
|
Performance fees
|
18.8
|
|
|
17.6
|
|
|
6.8
|
%
|
|
19.0
|
|
|
(1.1)
|
%
|
Other
|
29.0
|
|
|
27.6
|
|
|
5.1
|
%
|
|
34.1
|
|
|
(15.0)
|
%
|
Third-party distribution, service and
advisory
|
(378.1)
|
|
|
(395.1)
|
|
|
(4.3)
|
%
|
|
(397.9)
|
|
|
(5.0)
|
%
|
Net revenues
|
886.1
|
|
|
903.0
|
|
|
(1.9)
|
%
|
|
905.8
|
|
|
(2.2)
|
%
|
Adjusted operating expenses:
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
338.8
|
|
|
346.9
|
|
|
(2.3)
|
%
|
|
347.0
|
|
|
(2.4)
|
%
|
Marketing
|
34.6
|
|
|
25.8
|
|
|
34.1
|
%
|
|
33.0
|
|
|
4.8
|
%
|
Property, office and
technology
|
80.4
|
|
|
79.9
|
|
|
0.6
|
%
|
|
75.6
|
|
|
6.3
|
%
|
General and administrative
|
76.6
|
|
|
77.0
|
|
|
(0.5)
|
%
|
|
77.1
|
|
|
(0.6)
|
%
|
Total adjusted operating
expenses
|
530.4
|
|
|
529.6
|
|
|
0.2
|
%
|
|
532.7
|
|
|
(0.4)
|
%
|
Adjusted operating income
|
355.7
|
|
|
373.4
|
|
|
(4.7)
|
%
|
|
373.1
|
|
|
(4.7)
|
%
|
Adjusted other
income/(expense):
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
0.3
|
|
|
4.2
|
|
|
(92.9)
|
%
|
|
1.2
|
|
|
(75.0)
|
%
|
Interest and dividend income
|
6.7
|
|
|
4.2
|
|
|
59.5
|
%
|
|
5.5
|
|
|
21.8
|
%
|
Interest expense
|
(23.0)
|
|
|
(20.4)
|
|
|
12.7
|
%
|
|
(18.1)
|
|
|
27.1
|
%
|
Other gains and losses, net
|
(10.3)
|
|
|
(6.6)
|
|
|
56.1
|
%
|
|
5.9
|
|
|
(274.6)
|
%
|
Other income/(expense) of CSIP,
net
|
0.8
|
|
|
(3.6)
|
|
|
(122.2)
|
%
|
|
1.0
|
|
|
(20.0)
|
%
|
Adjusted income before income
taxes
|
330.2
|
|
|
351.2
|
|
|
(6.0)
|
%
|
|
368.6
|
|
|
(10.4)
|
%
|
Adjusted income tax
provision
|
(87.9)
|
|
|
(93.0)
|
|
|
(5.5)
|
%
|
|
(96.1)
|
|
|
(8.5)
|
%
|
Adjusted net income
|
242.3
|
|
|
258.2
|
|
|
(6.2)
|
%
|
|
272.5
|
|
|
(11.1)
|
%
|
Adjusted net (income)/loss attributable to
noncontrolling
interests in consolidated
entities
|
1.5
|
|
|
3.2
|
|
|
(53.1)
|
%
|
|
0.1
|
|
|
1,400.0
|
%
|
Adjusted net income attributable to Invesco
Ltd.
|
$243.8
|
|
|
$261.4
|
|
|
(6.7)
|
%
|
|
$272.6
|
|
|
(10.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS
|
$0.58
|
|
|
$0.61
|
|
|
(4.9)
|
%
|
|
$0.63
|
|
|
(7.9)
|
%
|
Average diluted shares
outstanding
|
423.2
|
|
|
429.1
|
|
|
(1.4)
|
%
|
|
433.6
|
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
Ending headcount
|
6,490
|
|
|
6,430
|
|
|
0.9
|
%
|
|
6,264
|
|
|
3.6
|
%
|
Ending AUM (in billions)
|
$775.6
|
|
|
$755.8
|
|
|
2.6
|
%
|
|
$792.4
|
|
|
(2.1)
|
%
|
Average AUM (in billions)
|
$783.7
|
|
|
$788.9
|
|
|
(0.7)
|
%
|
|
$789.8
|
|
|
(0.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Non-GAAP Condensed Consolidated Income Statement
Information
|
(Unaudited, in millions, other than per share
amounts, headcount and AUM)
|
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% Change
|
Adjusted revenues:
|
|
|
|
|
|
Investment management fees
|
$4,153.7
|
|
|
$4,147.4
|
|
|
0.2
|
%
|
Service and distribution
fees
|
855.4
|
|
|
893.1
|
|
|
(4.2)
|
%
|
Performance fees
|
101.3
|
|
|
70.2
|
|
|
44.3
|
%
|
Other
|
125.7
|
|
|
143.2
|
|
|
(12.2)
|
%
|
Third-party distribution, service and
advisory
|
(1,592.9)
|
|
|
(1,645.6)
|
|
|
(3.2)
|
%
|
Net revenues
|
3,643.2
|
|
|
3,608.3
|
|
|
1.0
|
%
|
Adjusted operating expenses:
|
|
|
|
|
|
Employee compensation
|
1,399.8
|
|
|
1,394.2
|
|
|
0.4
|
%
|
Marketing
|
118.5
|
|
|
115.5
|
|
|
2.6
|
%
|
Property, office and
technology
|
320.3
|
|
|
306.7
|
|
|
4.4
|
%
|
General and administrative
|
310.9
|
|
|
296.9
|
|
|
4.7
|
%
|
Total adjusted operating
expenses
|
2,149.5
|
|
|
2,113.3
|
|
|
1.7
|
%
|
Adjusted operating income
|
1,493.7
|
|
|
1,495.0
|
|
|
(0.1)
|
%
|
Adjusted other
income/(expense):
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
14.0
|
|
|
15.9
|
|
|
(11.9)
|
%
|
Interest and dividend income
|
19.7
|
|
|
16.8
|
|
|
17.3
|
%
|
Interest expense
|
(81.7)
|
|
|
(73.1)
|
|
|
11.8
|
%
|
Other gains and losses, net
|
(17.5)
|
|
|
25.1
|
|
|
N/A
|
Other income/(expense) of CSIP,
net
|
11.7
|
|
|
24.3
|
|
|
(51.9)
|
%
|
Adjusted income before income
taxes
|
1,439.9
|
|
|
1,504.0
|
|
|
(4.3)
|
%
|
Adjusted income tax
provision
|
(389.5)
|
|
|
(399.5)
|
|
|
(2.5)
|
%
|
Adjusted net income
|
1,050.4
|
|
|
1,104.5
|
|
|
(4.9)
|
%
|
Adjusted net (income)/loss attributable to
noncontrolling interests in
consolidated
entities
|
(1.7)
|
|
|
(9.7)
|
|
|
(82.5)
|
%
|
Adjusted net income attributable to Invesco
Ltd.
|
$1,048.7
|
|
|
$1,094.8
|
|
|
(4.2)
|
%
|
|
|
|
|
|
|
Adjusted diluted EPS
|
$2.44
|
|
|
$2.51
|
|
|
(2.8)
|
%
|
Average diluted shares
outstanding
|
429.3
|
|
|
435.6
|
|
|
(1.4)
|
%
|
|
|
|
|
|
|
Ending headcount
|
6,490
|
|
|
6,264
|
|
|
3.6
|
%
|
Ending AUM (in billions)
|
$775.6
|
|
|
$792.4
|
|
|
(2.1)
|
%
|
Average AUM (in billions)
|
$794.7
|
|
|
$790.3
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
U.S. GAAP Condensed Consolidated Income
Statements
|
(Unaudited, in millions, other than per share
amounts)
|
|
|
Q4-15
|
|
Q3-15
|
|
% Change
|
|
Q4-14
|
|
% Change
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
$987.1
|
|
|
$1,016.9
|
|
|
(2.9)
|
%
|
|
$1,009.5
|
|
|
(2.2)
|
%
|
Service and distribution
fees
|
207.6
|
|
|
214.8
|
|
|
(3.4)
|
%
|
|
217.7
|
|
|
(4.6)
|
%
|
Performance fees
|
16.8
|
|
|
15.6
|
|
|
7.7
|
%
|
|
16.8
|
|
|
—
|
%
|
Other
|
28.2
|
|
|
26.2
|
|
|
7.6
|
%
|
|
32.7
|
|
|
(13.8)
|
%
|
Total operating revenues
|
1,239.7
|
|
|
1,273.5
|
|
|
(2.7)
|
%
|
|
1,276.7
|
|
|
(2.9)
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
349.8
|
|
|
337.6
|
|
|
3.6
|
%
|
|
345.7
|
|
|
1.2
|
%
|
Third-party distribution, service and
advisory
|
375.2
|
|
|
392.3
|
|
|
(4.4)
|
%
|
|
394.5
|
|
|
(4.9)
|
%
|
Marketing
|
34.1
|
|
|
24.9
|
|
|
36.9
|
%
|
|
31.9
|
|
|
6.9
|
%
|
Property, office and
technology
|
81.3
|
|
|
79.0
|
|
|
2.9
|
%
|
|
72.0
|
|
|
12.9
|
%
|
General and administrative
|
95.7
|
|
|
87.0
|
|
|
10.0
|
%
|
|
84.4
|
|
|
13.4
|
%
|
Total operating expenses
|
936.1
|
|
|
920.8
|
|
|
1.7
|
%
|
|
928.5
|
|
|
0.8
|
%
|
Operating income
|
303.6
|
|
|
352.7
|
|
|
(13.9)
|
%
|
|
348.2
|
|
|
(12.8)
|
%
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
3.1
|
|
|
8.2
|
|
|
(62.2)
|
%
|
|
6.4
|
|
|
(51.6)
|
%
|
Interest and dividend income
|
5.5
|
|
|
2.4
|
|
|
129.2
|
%
|
|
4.5
|
|
|
22.2
|
%
|
Interest expense
|
(23.0)
|
|
|
(20.4)
|
|
|
12.7
|
%
|
|
(18.1)
|
|
|
27.1
|
%
|
Other gains and losses, net
|
3.7
|
|
|
0.9
|
|
|
311.1
|
%
|
|
6.6
|
|
|
(43.9)
|
%
|
Other income/(expense) of CSIP,
net
|
0.8
|
|
|
(3.6)
|
|
|
N/A
|
|
1.0
|
|
|
(20.0)
|
%
|
Consolidated investment products
(CIP):
|
|
|
|
|
|
|
|
|
|
Interest
income of CIP
|
63.0
|
|
|
64.7
|
|
|
(2.6)
|
%
|
|
56.8
|
|
|
10.9
|
%
|
Interest
expense of CIP
|
(50.6)
|
|
|
(45.9)
|
|
|
10.2
|
%
|
|
(35.8)
|
|
|
41.3
|
%
|
Other
gains/(losses) of CIP, net
|
(24.4)
|
|
|
(17.3)
|
|
|
41.0
|
%
|
|
(43.0)
|
|
|
(43.3)
|
%
|
Income from continuing operations before income
taxes
|
281.7
|
|
|
341.7
|
|
|
(17.6)
|
%
|
|
326.6
|
|
|
(13.7)
|
%
|
Income tax provision
|
(86.9)
|
|
|
(100.4)
|
|
|
(13.4)
|
%
|
|
(99.7)
|
|
|
(12.8)
|
%
|
Income from continuing operations, net of
taxes
|
194.8
|
|
|
241.3
|
|
|
(19.3)
|
%
|
|
226.9
|
|
|
(14.1)
|
%
|
Income/(loss) from discontinued operations, net of
taxes
|
—
|
|
|
—
|
|
|
N/A
|
|
(1.0)
|
|
|
N/A
|
Net income
|
194.8
|
|
|
241.3
|
|
|
(19.3)
|
%
|
|
225.9
|
|
|
(13.8)
|
%
|
Net (income)/loss attributable to noncontrolling
interests in consolidated
entities
|
7.1
|
|
|
8.0
|
|
|
(11.3)
|
%
|
|
43.9
|
|
|
(83.8)
|
%
|
Net income attributable to Invesco
Ltd.
|
$201.9
|
|
|
$249.3
|
|
|
(19.0)
|
%
|
|
$269.8
|
|
|
(25.2)
|
%
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
---Basic EPS from continuing
operations
|
$0.48
|
|
|
$0.58
|
|
|
(17.2)
|
%
|
|
$0.63
|
|
|
(23.8)
|
%
|
---Basic EPS from discontinued
operations
|
$—
|
|
|
$—
|
|
|
N/A
|
|
$—
|
|
|
N/A
|
---Total basic
|
$0.48
|
|
|
$0.58
|
|
|
(17.2)
|
%
|
|
$0.62
|
|
|
(22.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
---Diluted EPS from continuing
operations
|
$0.48
|
|
|
$0.58
|
|
|
(17.2)
|
%
|
|
$0.62
|
|
|
(22.6)
|
%
|
---Diluted EPS from discontinued
operations
|
$—
|
|
|
$—
|
|
|
N/A
|
|
$—
|
|
|
N/A
|
---Total diluted
|
$0.48
|
|
|
$0.58
|
|
|
(17.2)
|
%
|
|
$0.62
|
|
|
(22.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding:
|
|
|
|
|
|
|
|
|
|
---basic
|
422.9
|
|
|
428.8
|
|
|
(1.4)
|
%
|
|
433.2
|
|
|
(2.4)
|
%
|
---diluted
|
423.2
|
|
|
429.1
|
|
|
(1.4)
|
%
|
|
433.6
|
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
U.S. GAAP Condensed Consolidated Income
Statements
|
(Unaudited, in millions, other than per share
amounts)
|
|
|
Year ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% Change
|
Operating revenues:
|
|
|
|
|
|
Investment management fees
|
$4,061.1
|
|
|
$4,054.1
|
|
|
0.2
|
%
|
Service and distribution fees
|
855.4
|
|
|
893.1
|
|
|
(4.2)
|
%
|
Performance fees
|
85.9
|
|
|
61.1
|
|
|
40.6
|
%
|
Other
|
120.5
|
|
|
138.8
|
|
|
(13.2)
|
%
|
Total operating revenues
|
5,122.9
|
|
|
5,147.1
|
|
|
(0.5)
|
%
|
Operating expenses:
|
|
|
|
|
|
Employee compensation
|
1,395.5
|
|
|
1,394.5
|
|
|
0.1
|
%
|
Third-party distribution, service and
advisory
|
1,579.9
|
|
|
1,630.7
|
|
|
(3.1)
|
%
|
Marketing
|
115.4
|
|
|
112.1
|
|
|
2.9
|
%
|
Property, office and technology
|
312.0
|
|
|
336.4
|
|
|
(7.3)
|
%
|
General and administrative
|
361.7
|
|
|
396.5
|
|
|
(8.8)
|
%
|
Total operating expenses
|
3,764.5
|
|
|
3,870.2
|
|
|
(2.7)
|
%
|
Operating income
|
1,358.4
|
|
|
1,276.9
|
|
|
6.4
|
%
|
Other income/(expense):
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
35.1
|
|
|
32.8
|
|
|
7.0
|
%
|
Interest and dividend income
|
13.0
|
|
|
13.1
|
|
|
(0.8)
|
%
|
Interest expense
|
(81.7)
|
|
|
(73.1)
|
|
|
11.8
|
%
|
Other gains and losses, net
|
(1.5)
|
|
|
28.1
|
|
|
N/A
|
Other income/(expense) of CSIP,
net
|
11.7
|
|
|
24.3
|
|
|
(51.9)
|
%
|
Consolidated investment products
(CIP):
|
|
|
|
|
|
Interest income of CIP
|
253.0
|
|
|
206.5
|
|
|
22.5
|
%
|
Interest expense of CIP
|
(188.9)
|
|
|
(133.9)
|
|
|
41.1
|
%
|
Other gains/(losses) of CIP,
net
|
(37.0)
|
|
|
20.4
|
|
|
N/A
|
Income from continuing operations before income
taxes
|
1,362.1
|
|
|
1,395.1
|
|
|
(2.4)
|
%
|
Income tax provision
|
(398.0)
|
|
|
(390.6)
|
|
|
1.9
|
%
|
Income from continuing operations, net of
taxes
|
964.1
|
|
|
1,004.5
|
|
|
(4.0)
|
%
|
Income/(loss) from discontinued operations, net of
taxes
|
—
|
|
|
(3.4)
|
|
|
N/A
|
Net income
|
964.1
|
|
|
1,001.1
|
|
|
(3.7)
|
%
|
Net (income)/loss attributable to noncontrolling
interests in consolidated entities
|
4.0
|
|
|
(13.0)
|
|
|
N/A
|
Net income attributable to Invesco
Ltd.
|
$968.1
|
|
|
$988.1
|
|
|
(2.0)
|
%
|
Earnings per share:
|
|
|
|
|
|
---Basic EPS from continuing
operations
|
$2.26
|
|
|
$2.28
|
|
|
(0.9)
|
%
|
---Basic EPS from discontinued
operations
|
$—
|
|
|
($0.01)
|
|
|
N/A
|
---Total basic
|
$2.26
|
|
|
$2.27
|
|
|
(0.4)
|
%
|
|
|
|
|
|
|
---Diluted EPS from continuing
operations
|
$2.26
|
|
|
$2.28
|
|
|
(0.9)
|
%
|
---Diluted EPS from discontinued
operations
|
$—
|
|
|
($0.01)
|
|
|
N/A
|
---Total diluted
|
$2.26
|
|
|
$2.27
|
|
|
(0.4)
|
%
|
|
|
|
|
|
|
Average shares outstanding:
|
|
|
|
|
|
---basic
|
428.9
|
|
|
435.0
|
|
|
(1.4)
|
%
|
---diluted
|
429.3
|
|
|
435.6
|
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliation of U.S. GAAP Condensed Consolidated
Income Statement to Non-GAAP Condensed Consolidated Income
Statement Information
|
(Unaudited, in millions, other than per share
amounts)
|
Three months ended December 31,
2015
|
|
|
|
|
U.S.
GAAP
basis
|
|
Proportional
consolidation of joint ventures
|
|
Third party
distribution, service and advisory expenses
|
|
Acquisition /
Disposition related
|
|
Market appreciation /
depreciation of deferred compensation awards
|
|
CIP
|
|
Other reconciling
items
|
|
Non-
GAAP
basis
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
|
$987.1
|
|
|
$13.3
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$8.4
|
|
|
$—
|
|
|
$1,008.8
|
|
Service and
distribution fees
|
|
207.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
207.6
|
|
Performance
fees
|
|
16.8
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
18.8
|
|
Other
|
|
28.2
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.0
|
|
Third-party
distribution, service and advisory
|
|
—
|
|
|
(2.9)
|
|
|
(375.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(378.1)
|
|
Total operating
revenues reconciled to net revenues
|
|
1,239.7
|
|
|
11.6
|
|
|
(375.2)
|
|
|
—
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
|
886.1
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation
|
|
349.8
|
|
|
4.7
|
|
|
—
|
|
|
—
|
|
|
(3.5)
|
|
|
—
|
|
|
(12.2)
|
|
|
338.8
|
|
Third-party
distribution, service and advisory
|
|
375.2
|
|
|
—
|
|
|
(375.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Marketing
|
|
34.1
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34.6
|
|
Property, office and
technology
|
|
81.3
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.0)
|
|
|
80.4
|
|
General and
administrative
|
|
95.7
|
|
|
1.2
|
|
|
—
|
|
|
(3.6)
|
|
|
—
|
|
|
(1.6)
|
|
|
(15.1)
|
|
|
76.6
|
|
Total operating
expenses
|
|
936.1
|
|
|
7.5
|
|
|
(375.2)
|
|
|
(3.6)
|
|
|
(3.5)
|
|
|
(1.6)
|
|
|
(29.3)
|
|
|
530.4
|
|
Operating income
reconciled to adjusted operating income
|
|
303.6
|
|
|
4.1
|
|
|
—
|
|
|
3.6
|
|
|
3.5
|
|
|
11.6
|
|
|
29.3
|
|
|
355.7
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
|
3.1
|
|
|
(3.5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.3
|
|
Interest and dividend
income
|
|
5.5
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
(0.3)
|
|
|
0.7
|
|
|
—
|
|
|
6.7
|
|
Interest
expense
|
|
(23.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23.0)
|
|
Other gains and
losses, net
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
(8.7)
|
|
|
(4.8)
|
|
|
—
|
|
|
(0.5)
|
|
|
(10.3)
|
|
Other
income/(expense) of CSIP, net
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income of
CIP
|
|
63.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63.0)
|
|
|
—
|
|
|
—
|
|
Interest expense of
CIP
|
|
(50.6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50.6
|
|
|
—
|
|
|
—
|
|
Other gains/(losses)
of CIP, net
|
|
(24.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.4
|
|
|
—
|
|
|
—
|
|
Income from
continuing operations before income taxes
|
|
281.7
|
|
|
1.4
|
|
|
—
|
|
|
(5.1)
|
|
|
(1.6)
|
|
|
25.0
|
|
|
28.8
|
|
|
330.2
|
|
Income tax
provision
|
|
(86.9)
|
|
|
(1.4)
|
|
|
—
|
|
|
7.7
|
|
|
0.5
|
|
|
—
|
|
|
(7.8)
|
|
|
(87.9)
|
|
Income from
continuing operations, net of taxes
|
|
194.8
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
(1.1)
|
|
|
25.0
|
|
|
21.0
|
|
|
242.3
|
|
Income/(loss) from
discontinued operations, net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
|
194.8
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
(1.1)
|
|
|
25.0
|
|
|
21.0
|
|
|
242.3
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.6)
|
|
|
—
|
|
|
1.5
|
|
Net income
attributable to Invesco Ltd. reconciled to adjusted net income
attributable to Invesco Ltd.
|
|
$201.9
|
|
|
$—
|
|
|
$—
|
|
|
$2.6
|
|
|
($1.1)
|
|
|
$19.4
|
|
|
$21.0
|
|
|
$243.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
24.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin
|
|
40.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
423.2
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
423.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from
continuing operations
|
|
$0.48
|
|
|
|
|
|
|
|
|
Adjusted diluted
EPS
|
|
$0.58
|
|
Diluted EPS from
discontinued operations
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
$0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through
26 for notes to the reconciliation.
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliation of U.S. GAAP Condensed Consolidated
Income Statement to Non-GAAP Condensed Consolidated Income
Statement Information
|
(Unaudited, in millions, other than per share
amounts)
|
Three months ended September 30,
2015
|
|
|
|
U.S.
GAAP
basis
|
|
Proportional
consolidation of joint ventures
|
|
Third party
distribution, service and advisory expenses
|
|
Acquisition /
Disposition related
|
|
Market appreciation /
depreciation of deferred compensation awards
|
|
CIP
|
|
Other reconciling
items
|
|
Non-
GAAP
basis
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
|
$1,016.9
|
|
|
$13.7
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$7.5
|
|
|
$—
|
|
|
$1,038.1
|
|
Service and
distribution fees
|
|
214.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
214.8
|
|
Performance
fees
|
|
15.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
17.6
|
|
Other
|
|
26.2
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.6
|
|
Third-party
distribution, service and advisory
|
|
—
|
|
|
(2.8)
|
|
|
(392.3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(395.1)
|
|
Total operating
revenues reconciled to net revenues
|
|
1,273.5
|
|
|
12.3
|
|
|
(392.3)
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
903.0
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation
|
|
337.6
|
|
|
4.9
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|
—
|
|
|
—
|
|
|
346.9
|
|
Third-party
distribution, service and advisory
|
|
392.3
|
|
|
—
|
|
|
(392.3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Marketing
|
|
24.9
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.8
|
|
Property, office and
technology
|
|
79.0
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79.9
|
|
General and
administrative
|
|
87.0
|
|
|
1.4
|
|
|
—
|
|
|
(2.7)
|
|
|
—
|
|
|
(8.7)
|
|
|
—
|
|
|
77.0
|
|
Total operating
expenses
|
|
920.8
|
|
|
8.1
|
|
|
(392.3)
|
|
|
(2.7)
|
|
|
4.4
|
|
|
(8.7)
|
|
|
—
|
|
|
529.6
|
|
Operating income
reconciled to adjusted operating income
|
|
352.7
|
|
|
4.2
|
|
|
—
|
|
|
2.7
|
|
|
(4.4)
|
|
|
18.2
|
|
|
—
|
|
|
373.4
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
|
8.2
|
|
|
(3.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
|
4.2
|
|
Interest and dividend
income
|
|
2.4
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
(0.3)
|
|
|
1.5
|
|
|
—
|
|
|
4.2
|
|
Interest
expense
|
|
(20.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.4)
|
|
Other gains and
losses, net
|
|
0.9
|
|
|
0.4
|
|
|
—
|
|
|
(18.4)
|
|
|
12.1
|
|
|
—
|
|
|
(1.6)
|
|
|
(6.6)
|
|
Other
income/(expense) of CSIP, net
|
|
(3.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.6)
|
|
CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income of
CIP
|
|
64.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64.7)
|
|
|
—
|
|
|
—
|
|
Interest expense of
CIP
|
|
(45.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45.9
|
|
|
—
|
|
|
—
|
|
Other gains/(losses) of
CIP, net
|
|
(17.3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
Income from
continuing operations before income taxes
|
|
341.7
|
|
|
1.4
|
|
|
—
|
|
|
(15.7)
|
|
|
7.4
|
|
|
18.0
|
|
|
(1.6)
|
|
|
351.2
|
|
Income tax
provision
|
|
(100.4)
|
|
|
(1.4)
|
|
|
—
|
|
|
11.4
|
|
|
(2.6)
|
|
|
—
|
|
|
—
|
|
|
(93.0)
|
|
Income from
continuing operations, net of taxes
|
|
241.3
|
|
|
—
|
|
|
—
|
|
|
(4.3)
|
|
|
4.8
|
|
|
18.0
|
|
|
(1.6)
|
|
|
258.2
|
|
Income/(loss) from
discontinued operations, net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
|
241.3
|
|
|
—
|
|
|
—
|
|
|
(4.3)
|
|
|
4.8
|
|
|
18.0
|
|
|
(1.6)
|
|
|
258.2
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
|
8.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8)
|
|
|
—
|
|
|
3.2
|
|
Net income
attributable to Invesco Ltd. reconciled to adjusted net income
attributable to Invesco Ltd.
|
|
$249.3
|
|
|
$—
|
|
|
$—
|
|
|
($4.3)
|
|
|
$4.8
|
|
|
$13.2
|
|
|
($1.6)
|
|
|
$261.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
27.7
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin
|
|
41.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
429.1
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
429.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from
continuing operations
|
|
$0.58
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS
|
|
$0.61
|
|
Diluted EPS from
discontinued operations
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
$0.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through 26 for notes to the
reconciliation.
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliation of U.S. GAAP Condensed
Consolidated Income Statement to Non-GAAP Condensed Consolidated
Income Statement Information
|
(Unaudited, in millions, other than per share
amounts)
|
Three months ended December 31,
2014
|
|
|
|
U.S.
GAAP
basis
|
|
Proportional consolidation of joint
ventures
|
|
Third party distribution, service and advisory
expenses
|
|
Acquisition / Disposition related
|
|
Market
appreciation /
depreciation
of deferred
compensation
awards
|
|
CIP
|
|
Other reconciling items
|
|
Non-
GAAP
basis
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
|
$1,009.5
|
|
|
$15.6
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$7.8
|
|
|
$—
|
|
|
$1,032.9
|
|
Service and distribution fees
|
|
217.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217.7
|
|
Performance fees
|
|
16.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
19.0
|
|
Other
|
|
32.7
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
|
34.1
|
|
Third-party distribution, service and
advisory
|
|
—
|
|
|
(3.4)
|
|
|
(394.5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(397.9)
|
|
Total operating revenues reconciled to net
revenues
|
|
1,276.7
|
|
|
14.0
|
|
|
(394.5)
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
|
—
|
|
|
905.8
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
|
345.7
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
(3.2)
|
|
|
—
|
|
|
—
|
|
|
347.0
|
|
Third-party distribution, service and
advisory
|
|
394.5
|
|
|
—
|
|
|
(394.5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Marketing
|
|
31.9
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.0
|
|
Property, office and technology
|
|
72.0
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
75.6
|
|
General and administrative
|
|
84.4
|
|
|
1.3
|
|
|
—
|
|
|
(2.7)
|
|
|
—
|
|
|
(9.0)
|
|
|
3.1
|
|
|
77.1
|
|
Total operating expenses
|
|
928.5
|
|
|
7.8
|
|
|
(394.5)
|
|
|
(2.7)
|
|
|
(3.2)
|
|
|
(9.0)
|
|
|
5.8
|
|
|
532.7
|
|
Operating income reconciled to adjusted operating
income
|
|
348.2
|
|
|
6.2
|
|
|
—
|
|
|
2.7
|
|
|
3.2
|
|
|
18.6
|
|
|
(5.8)
|
|
|
373.1
|
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
|
6.4
|
|
|
(5.1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
|
1.2
|
|
Interest and dividend income
|
|
4.5
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
(0.9)
|
|
|
1.1
|
|
|
—
|
|
|
5.5
|
|
Interest expense
|
|
(18.1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.1)
|
|
Other gains and losses, net
|
|
6.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8)
|
|
|
0.1
|
|
|
—
|
|
|
5.9
|
|
Other income/(expense) of CSIP, net
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income of CIP
|
|
56.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56.8)
|
|
|
—
|
|
|
—
|
|
Interest expense of CIP
|
|
(35.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35.8
|
|
|
—
|
|
|
—
|
|
Other gains/(losses) of CIP, net
|
|
(43.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
|
—
|
|
Income from continuing operations before
income
taxes
|
|
326.6
|
|
|
1.9
|
|
|
—
|
|
|
2.7
|
|
|
1.5
|
|
|
41.7
|
|
|
(5.8)
|
|
|
368.6
|
|
Income tax provision
|
|
(99.7)
|
|
|
(1.9)
|
|
|
—
|
|
|
5.1
|
|
|
(0.3)
|
|
|
—
|
|
|
0.7
|
|
|
(96.1)
|
|
Income from continuing operations, net of
taxes
|
|
226.9
|
|
|
—
|
|
|
—
|
|
|
7.8
|
|
|
1.2
|
|
|
41.7
|
|
|
(5.1)
|
|
|
272.5
|
|
Income/(loss) from discontinued operations, net
of
taxes
|
|
(1.0)
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
|
225.9
|
|
|
—
|
|
|
—
|
|
|
8.8
|
|
|
1.2
|
|
|
41.7
|
|
|
(5.1)
|
|
|
272.5
|
|
Net (income)/loss attributable to noncontrolling
interests in consolidated
entities
|
|
43.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43.8)
|
|
|
—
|
|
|
0.1
|
|
Net income attributable to Invesco Ltd. reconciled
to
adjusted net income attributable to
Invesco Ltd.
|
|
$269.8
|
|
|
$—
|
|
|
$—
|
|
|
$8.8
|
|
|
$1.2
|
|
|
($2.1)
|
|
|
($5.1)
|
|
|
$272.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
27.3
|
%
|
|
|
|
|
|
|
|
Adjusted operating margin
|
|
41.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
433.6
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
433.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from continuing
operations
|
|
$0.62
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS
|
|
$0.63
|
|
Diluted EPS from discontinued
operations
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through 26 for notes to the
reconciliation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliation of U.S. GAAP Condensed Consolidated
Income Statement to Non-GAAP Condensed
Consolidated Income Statement Information
|
(Unaudited, in millions, other than per share
amounts)
|
Year ended December 31,
2015
|
|
|
|
U.S.
GAAP
basis
|
|
Proportional consolidation of joint
ventures
|
|
Third party distribution, service and advisory
expenses
|
|
Acquisition / Disposition related
|
|
Market
appreciation /
depreciation
of deferred
compensation
awards
|
|
CIP
|
|
Other reconciling items
|
|
Non-
GAAP
basis
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
|
$4,061.1
|
|
|
$61.9
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$30.7
|
|
|
$—
|
|
|
$4,153.7
|
|
Service and distribution fees
|
|
855.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
855.4
|
|
Performance fees
|
|
85.9
|
|
|
6.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
101.3
|
|
Other
|
|
120.5
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125.7
|
|
Third-party distribution, service and
advisory
|
|
—
|
|
|
(13.0)
|
|
|
(1,579.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,592.9)
|
|
Total operating revenues reconciled to net
revenues
|
|
5,122.9
|
|
|
61.0
|
|
|
(1,579.9)
|
|
|
—
|
|
|
—
|
|
|
39.2
|
|
|
—
|
|
|
3,643.2
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
|
1,395.5
|
|
|
20.8
|
|
|
—
|
|
|
—
|
|
|
(4.3)
|
|
|
—
|
|
|
(12.2)
|
|
|
1,399.8
|
|
Third-party distribution, service and
advisory
|
|
1,579.9
|
|
|
—
|
|
|
(1,579.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Marketing
|
|
115.4
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118.5
|
|
Property, office and technology
|
|
312.0
|
|
|
3.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|
320.3
|
|
General and administrative
|
|
361.7
|
|
|
5.8
|
|
|
—
|
|
|
(12.8)
|
|
|
—
|
|
|
(24.0)
|
|
|
(19.8)
|
|
|
310.9
|
|
Total operating expenses
|
|
3,764.5
|
|
|
33.6
|
|
|
(1,579.9)
|
|
|
(12.8)
|
|
|
(4.3)
|
|
|
(24.0)
|
|
|
(27.6)
|
|
|
2,149.5
|
|
Operating income reconciled to adjusted operating
income
|
|
1,358.4
|
|
|
27.4
|
|
|
—
|
|
|
12.8
|
|
|
4.3
|
|
|
63.2
|
|
|
27.6
|
|
|
1,493.7
|
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
|
35.1
|
|
|
(22.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
14.0
|
|
Interest and dividend income
|
|
13.0
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
(1.0)
|
|
|
4.4
|
|
|
—
|
|
|
19.7
|
|
Interest expense
|
|
(81.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(81.7)
|
|
Other gains and losses, net
|
|
(1.5)
|
|
|
0.4
|
|
|
—
|
|
|
(27.1)
|
|
|
5.8
|
|
|
3.9
|
|
|
1.0
|
|
|
(17.5)
|
|
Other income/(expense) of CSIP, net
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income of CIP
|
|
253.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(253.0)
|
|
|
—
|
|
|
—
|
|
Interest expense of CIP
|
|
(188.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188.9
|
|
|
—
|
|
|
—
|
|
Other gains/(losses) of CIP, net
|
|
(37.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.0
|
|
|
—
|
|
|
—
|
|
Income from continuing operations before income
taxes
|
|
1,362.1
|
|
|
8.3
|
|
|
—
|
|
|
(14.3)
|
|
|
9.1
|
|
|
46.1
|
|
|
28.6
|
|
|
1,439.9
|
|
Income tax provision
|
|
(398.0)
|
|
|
(8.3)
|
|
|
—
|
|
|
28.3
|
|
|
(3.2)
|
|
|
—
|
|
|
(8.3)
|
|
|
(389.5)
|
|
Income from continuing operations, net of
taxes
|
|
964.1
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|
5.9
|
|
|
46.1
|
|
|
20.3
|
|
|
1,050.4
|
|
Income/(loss) from discontinued operations, net
of
taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
|
964.1
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|
5.9
|
|
|
46.1
|
|
|
20.3
|
|
|
1,050.4
|
|
Net (income)/loss attributable to noncontrolling
interests in consolidated
entities
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.7)
|
|
|
—
|
|
|
(1.7)
|
|
Net income attributable to Invesco Ltd. reconciled
to
adjusted net income attributable to
Invesco Ltd.
|
|
$968.1
|
|
|
$—
|
|
|
$—
|
|
|
$14.0
|
|
|
$5.9
|
|
|
$40.4
|
|
|
$20.3
|
|
|
$1,048.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
26.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating margin
|
|
41.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
429.3
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
429.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from continuing
operations
|
|
$2.26
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS
|
|
$2.44
|
|
Diluted EPS from discontinued
operations
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$2.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through 26 for notes to the
reconciliation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliation of U.S. GAAP Condensed Consolidated
Income Statement to Non-GAAP
Condensed Consolidated Income Statement
Information
|
(Unaudited, in millions, other than per share
amounts)
|
Year ended December 31,
2014
|
|
|
|
U.S.
GAAP
basis
|
|
Proportional consolidation of joint
ventures
|
|
Third party distribution, service and advisory
expenses
|
|
Acquisition / Disposition related
|
|
Market
appreciation /
depreciation
of deferred
compensation
awards
|
|
CIP
|
|
Other reconciling items
|
|
Non-
GAAP
basis
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
|
$4,054.1
|
|
|
$66.6
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$26.7
|
|
|
$—
|
|
|
$4,147.4
|
|
Service and distribution fees
|
|
893.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
893.1
|
|
Performance fees
|
|
61.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
70.2
|
|
Other
|
|
138.8
|
|
|
5.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6)
|
|
|
—
|
|
|
143.2
|
|
Third-party distribution, service and
advisory
|
|
—
|
|
|
(14.9)
|
|
|
(1,630.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,645.6)
|
|
Total operating revenues reconciled to net
revenues
|
|
5,147.1
|
|
|
56.7
|
|
|
(1,630.7)
|
|
|
—
|
|
|
—
|
|
|
35.2
|
|
|
—
|
|
|
3,608.3
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
|
1,394.5
|
|
|
18.4
|
|
|
—
|
|
|
—
|
|
|
(11.5)
|
|
|
—
|
|
|
(7.2)
|
|
|
1,394.2
|
|
Third-party distribution, service and
advisory
|
|
1,630.7
|
|
|
—
|
|
|
(1,630.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Marketing
|
|
112.1
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115.5
|
|
Property, office and technology
|
|
336.4
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.1)
|
|
|
306.7
|
|
General and administrative
|
|
396.5
|
|
|
5.6
|
|
|
—
|
|
|
(12.6)
|
|
|
—
|
|
|
(34.6)
|
|
|
(58.0)
|
|
|
296.9
|
|
Total operating expenses
|
|
3,870.2
|
|
|
30.8
|
|
|
(1,630.7)
|
|
|
(12.6)
|
|
|
(11.5)
|
|
|
(34.6)
|
|
|
(98.3)
|
|
|
2,113.3
|
|
Operating income reconciled to adjusted
operating
income
|
|
1,276.9
|
|
|
25.9
|
|
|
—
|
|
|
12.6
|
|
|
11.5
|
|
|
69.8
|
|
|
98.3
|
|
|
1,495.0
|
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
affiliates
|
|
32.8
|
|
|
(20.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
15.9
|
|
Interest and dividend income
|
|
13.1
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
(3.6)
|
|
|
3.3
|
|
|
—
|
|
|
16.8
|
|
Interest expense
|
|
(73.1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73.1)
|
|
Other gains and losses, net
|
|
28.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.6)
|
|
|
4.8
|
|
|
(0.2)
|
|
|
25.1
|
|
Other income/(expense) of CSIP, net
|
|
24.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.3
|
|
CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income of CIP
|
|
206.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(206.5)
|
|
|
—
|
|
|
—
|
|
Interest expense of CIP
|
|
(133.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133.9
|
|
|
—
|
|
|
—
|
|
Other gains/(losses) of CIP, net
|
|
20.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.4)
|
|
|
—
|
|
|
—
|
|
Income from continuing operations before income
taxes
|
|
1,395.1
|
|
|
9.0
|
|
|
—
|
|
|
12.6
|
|
|
0.3
|
|
|
(11.1)
|
|
|
98.1
|
|
|
1,504.0
|
|
Income tax provision
|
|
(390.6)
|
|
|
(9.0)
|
|
|
—
|
|
|
20.2
|
|
|
(0.6)
|
|
|
—
|
|
|
(19.5)
|
|
|
(399.5)
|
|
Income from continuing operations, net of
taxes
|
|
1,004.5
|
|
|
—
|
|
|
—
|
|
|
32.8
|
|
|
(0.3)
|
|
|
(11.1)
|
|
|
78.6
|
|
|
1,104.5
|
|
Income/(loss) from discontinued operations, net
of
taxes
|
|
(3.4)
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
|
1,001.1
|
|
|
—
|
|
|
—
|
|
|
36.2
|
|
|
(0.3)
|
|
|
(11.1)
|
|
|
78.6
|
|
|
1,104.5
|
|
Net (income)/loss attributable to noncontrolling
interests in consolidated
entities
|
|
(13.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
—
|
|
|
(9.7)
|
|
Net income attributable to Invesco Ltd. reconciled
to
adjusted net income attributable to
Invesco Ltd.
|
|
$988.1
|
|
|
$—
|
|
|
$—
|
|
|
$36.2
|
|
|
($0.3)
|
|
|
($7.8)
|
|
|
$78.6
|
|
|
$1,094.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
24.8
|
%
|
|
|
|
|
|
|
|
Adjusted operating margin
|
|
41.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
435.6
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
435.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from continuing
operations
|
|
$2.28
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS
|
|
$2.51
|
|
Diluted EPS from discontinued
operations
|
|
($0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$2.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through 26 for notes to the
reconciliation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Condensed Consolidated Balance Sheet Information
Excluding CIP
|
(a non-GAAP presentation, unaudited, in millions)
|
|
|
December 31, 2015
|
|
December 31, 2014
|
ADJUSTED ASSETS
|
|
|
|
Cash and cash equivalents
|
$1,851.4
|
|
|
$1,514.2
|
|
Unsettled fund receivables
|
566.3
|
|
|
732.4
|
|
Accounts receivable
|
533.0
|
|
|
549.7
|
|
Investments
|
1,087.6
|
|
|
980.3
|
|
Assets of consolidated sponsored investment products
(CSIP)
|
319.1
|
|
|
305.8
|
|
Assets held for policyholders
|
6,051.5
|
|
|
1,697.9
|
|
Prepaid assets
|
121.2
|
|
|
132.1
|
|
Other assets
|
107.0
|
|
|
79.5
|
|
Property, equipment and software,
net
|
426.9
|
|
|
402.6
|
|
Intangible assets, net
|
1,354.0
|
|
|
1,246.7
|
|
Goodwill
|
6,175.7
|
|
|
6,579.4
|
|
Total adjusted assets
|
$18,593.7
|
|
|
$14,220.6
|
|
ADJUSTED LIABILITIES
|
|
|
|
Accrued compensation and
benefits
|
$661.3
|
|
|
$667.3
|
|
Accounts payable and accrued
expenses
|
863.1
|
|
|
757.3
|
|
Policyholder payables
|
6,051.5
|
|
|
1,697.9
|
|
Unsettled fund payables
|
561.9
|
|
|
730.1
|
|
Long-term debt
|
2,072.8
|
|
|
1,576.8
|
|
Deferred tax liabilities, net
|
288.9
|
|
|
304.8
|
|
Total adjusted liabilities
|
10,499.5
|
|
|
5,734.2
|
|
|
|
|
|
ADJUSTED TEMPORARY EQUITY
|
|
|
|
Redeemable noncontrolling interests in
CSIP
|
167.3
|
|
|
165.5
|
|
|
|
|
|
ADJUSTED PERMANENT EQUITY
|
|
|
|
Equity attributable to Invesco
Ltd.:
|
|
|
|
Common shares
|
98.1
|
|
|
98.1
|
|
Additional paid-in-capital
|
6,197.7
|
|
|
6,133.6
|
|
Treasury shares
|
(2,404.1)
|
|
|
(1,898.1)
|
|
Retained earnings
|
4,459.7
|
|
|
3,905.7
|
|
Accumulated other comprehensive income/(loss), net of
tax
|
(466.1)
|
|
|
69.0
|
|
Total adjusted equity attributable to Invesco
Ltd.
|
7,885.3
|
|
|
8,308.3
|
|
Adjusted equity attributable to nonredeemable
noncontrolling interests in
consolidated
entities
|
41.6
|
|
|
12.6
|
|
Total adjusted permanent equity
|
7,926.9
|
|
|
8,320.9
|
|
Total adjusted liabilities, temporary and permanent
equity
|
$18,593.7
|
|
|
$14,220.6
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
U.S. GAAP Condensed Consolidated Balance
Sheets
|
(Unaudited, in millions)
|
|
|
December 31, 2015
|
|
December 31, 2014
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
$1,851.4
|
|
|
$1,514.2
|
|
Unsettled fund receivables
|
566.3
|
|
|
732.4
|
|
Accounts receivable
|
528.1
|
|
|
545.9
|
|
Investments
|
1,019.1
|
|
|
885.4
|
|
Assets of consolidated sponsored investment products
(CSIP)
|
319.1
|
|
|
305.8
|
|
Assets of consolidated investment products
(CIP):
|
|
|
|
Cash and cash equivalents of
CIP
|
363.3
|
|
|
404.0
|
|
Accounts receivable of CIP
|
173.5
|
|
|
161.3
|
|
Investments of CIP
|
6,016.1
|
|
|
5,762.8
|
|
Assets held for policyholders
|
6,051.5
|
|
|
1,697.9
|
|
Prepaid assets
|
121.2
|
|
|
132.1
|
|
Other assets
|
107.0
|
|
|
79.5
|
|
Property, equipment and software,
net
|
426.9
|
|
|
402.6
|
|
Intangible assets, net
|
1,354.0
|
|
|
1,246.7
|
|
Goodwill
|
6,175.7
|
|
|
6,579.4
|
|
Total assets
|
$25,073.2
|
|
|
$20,450.0
|
|
LIABILITIES
|
|
|
|
Accrued compensation and
benefits
|
$661.3
|
|
|
$667.3
|
|
Accounts payable and accrued
expenses
|
863.1
|
|
|
757.3
|
|
Liabilities of CIP:
|
|
|
|
Debt of CIP
|
5,437.0
|
|
|
5,149.6
|
|
Other liabilities of CIP
|
273.7
|
|
|
280.9
|
|
Policyholder payables
|
6,051.5
|
|
|
1,697.9
|
|
Unsettled fund payables
|
561.9
|
|
|
730.1
|
|
Long-term debt
|
2,072.8
|
|
|
1,576.8
|
|
Deferred tax liabilities, net
|
288.9
|
|
|
304.8
|
|
Total liabilities
|
16,210.2
|
|
|
11,164.7
|
|
|
|
|
|
TEMPORARY EQUITY
|
|
|
|
Redeemable noncontrolling interests in
CSIP
|
167.3
|
|
|
165.5
|
|
|
|
|
|
PERMANENT EQUITY
|
|
|
|
Equity attributable to Invesco
Ltd.:
|
|
|
|
Common shares
|
98.1
|
|
|
98.1
|
|
Additional paid-in-capital
|
6,197.7
|
|
|
6,133.6
|
|
Treasury shares
|
(2,404.1)
|
|
|
(1,898.1)
|
|
Retained earnings
|
4,439.6
|
|
|
3,926.0
|
|
Retained earnings appropriated for investors in
CIP
|
—
|
|
|
17.6
|
|
Accumulated other comprehensive income/(loss), net of
tax
|
(446.0)
|
|
|
48.8
|
|
Total equity attributable to Invesco
Ltd.
|
7,885.3
|
|
|
8,326.0
|
|
Equity attributable to nonredeemable noncontrolling
interests in
consolidated
entities
|
810.4
|
|
|
793.8
|
|
Total permanent equity
|
8,695.7
|
|
|
9,119.8
|
|
Total liabilities, temporary and permanent
equity
|
$25,073.2
|
|
|
$20,450.0
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliations of Condensed Consolidated Balance
Sheet Information Excluding CIP to
|
U.S. GAAP Condensed Consolidated Balance Sheets
(unaudited, in millions)
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Before
Consolidation
(non-GAAP)
|
|
Impact of
Consolidation
|
|
Total
(U.S. GAAP)
|
|
Before
Consolidation
(non-GAAP)
|
|
Impact of
Consolidation
|
|
Total
(U.S. GAAP)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$1,851.4
|
|
|
$—
|
|
|
$1,851.4
|
|
|
$1,514.2
|
|
|
$—
|
|
|
$1,514.2
|
|
Unsettled fund receivables
|
566.3
|
|
|
—
|
|
|
566.3
|
|
|
732.4
|
|
|
—
|
|
|
732.4
|
|
Accounts receivable
|
533.0
|
|
|
(4.9)
|
|
|
528.1
|
|
|
549.7
|
|
|
(3.8)
|
|
|
545.9
|
|
Investments
|
1,087.6
|
|
|
(68.5)
|
|
|
1,019.1
|
|
|
980.3
|
|
|
(94.9)
|
|
|
885.4
|
|
Assets of CSIP
|
319.1
|
|
|
—
|
|
|
319.1
|
|
|
305.8
|
|
|
—
|
|
|
305.8
|
|
Assets of CIP:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents of CIP
|
—
|
|
|
363.3
|
|
|
363.3
|
|
|
—
|
|
|
404.0
|
|
|
404.0
|
|
Accounts receivable of CIP
|
—
|
|
|
173.5
|
|
|
173.5
|
|
|
—
|
|
|
161.3
|
|
|
161.3
|
|
Investments of CIP
|
—
|
|
|
6,016.1
|
|
|
6,016.1
|
|
|
—
|
|
|
5,762.8
|
|
|
5,762.8
|
|
Assets held for policyholders
|
6,051.5
|
|
|
—
|
|
|
6,051.5
|
|
|
1,697.9
|
|
|
—
|
|
|
1,697.9
|
|
Prepaid assets
|
121.2
|
|
|
—
|
|
|
121.2
|
|
|
132.1
|
|
|
—
|
|
|
132.1
|
|
Other assets
|
107.0
|
|
|
—
|
|
|
107.0
|
|
|
79.5
|
|
|
—
|
|
|
79.5
|
|
Property, equipment and software,
net
|
426.9
|
|
|
—
|
|
|
426.9
|
|
|
402.6
|
|
|
—
|
|
|
402.6
|
|
Intangible assets, net
|
1,354.0
|
|
|
—
|
|
|
1,354.0
|
|
|
1,246.7
|
|
|
—
|
|
|
1,246.7
|
|
Goodwill
|
6,175.7
|
|
|
—
|
|
|
6,175.7
|
|
|
6,579.4
|
|
|
—
|
|
|
6,579.4
|
|
Total assets
|
$18,593.7
|
|
|
$6,479.5
|
|
|
$25,073.2
|
|
|
$14,220.6
|
|
|
$6,229.4
|
|
|
$20,450.0
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Accrued compensation and benefits
|
$661.3
|
|
|
$—
|
|
|
$661.3
|
|
|
$667.3
|
|
|
$—
|
|
|
$667.3
|
|
Accounts payable and accrued
expenses
|
863.1
|
|
|
—
|
|
|
863.1
|
|
|
757.3
|
|
|
—
|
|
|
757.3
|
|
Liabilities of CIP:
|
|
|
|
|
|
|
|
|
|
|
|
Debt of CIP
|
—
|
|
|
5,437.0
|
|
|
5,437.0
|
|
|
—
|
|
|
5,149.6
|
|
|
5,149.6
|
|
Other liabilities of CIP
|
—
|
|
|
273.7
|
|
|
273.7
|
|
|
—
|
|
|
280.9
|
|
|
280.9
|
|
Policyholder payables
|
6,051.5
|
|
|
—
|
|
|
6,051.5
|
|
|
1,697.9
|
|
|
—
|
|
|
1,697.9
|
|
Unsettled fund payables
|
561.9
|
|
|
—
|
|
|
561.9
|
|
|
730.1
|
|
|
—
|
|
|
730.1
|
|
Long-term debt
|
2,072.8
|
|
|
—
|
|
|
2,072.8
|
|
|
1,576.8
|
|
|
—
|
|
|
1,576.8
|
|
Deferred tax liabilities, net
|
288.9
|
|
|
—
|
|
|
288.9
|
|
|
304.8
|
|
|
—
|
|
|
304.8
|
|
Total liabilities
|
10,499.5
|
|
|
5,710.7
|
|
|
16,210.2
|
|
|
5,734.2
|
|
|
5,430.5
|
|
|
11,164.7
|
|
TEMPORARY EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests in
CSIP
|
167.3
|
|
|
—
|
|
|
167.3
|
|
|
165.5
|
|
|
—
|
|
|
165.5
|
|
PERMANENT EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to Invesco
Ltd.:
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
|
98.1
|
|
|
—
|
|
|
98.1
|
|
|
98.1
|
|
|
—
|
|
|
98.1
|
|
Additional paid-in-capital
|
6,197.7
|
|
|
—
|
|
|
6,197.7
|
|
|
6,133.6
|
|
|
—
|
|
|
6,133.6
|
|
Treasury shares
|
(2,404.1)
|
|
|
—
|
|
|
(2,404.1)
|
|
|
(1,898.1)
|
|
|
—
|
|
|
(1,898.1)
|
|
Retained earnings
|
4,459.7
|
|
|
(20.1)
|
|
|
4,439.6
|
|
|
3,905.7
|
|
|
20.3
|
|
|
3,926.0
|
|
Retained earnings appropriated for investors in
CIP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.6
|
|
|
17.6
|
|
Accumulated other comprehensive income/(loss),
net
of tax
|
(466.1)
|
|
|
20.1
|
|
|
(446.0)
|
|
|
69.0
|
|
|
(20.2)
|
|
|
48.8
|
|
Total equity attributable to Invesco
Ltd.
|
7,885.3
|
|
|
—
|
|
|
7,885.3
|
|
|
8,308.3
|
|
|
17.7
|
|
|
8,326.0
|
|
Equity attributable to nonredeemable
noncontrolling
interests in consolidated
entities
|
41.6
|
|
|
768.8
|
|
|
810.4
|
|
|
12.6
|
|
|
781.2
|
|
|
793.8
|
|
Total permanent equity
|
7,926.9
|
|
|
768.8
|
|
|
8,695.7
|
|
|
8,320.9
|
|
|
798.9
|
|
|
9,119.8
|
|
Total liabilities, temporary and permanent
equity
|
$18,593.7
|
|
|
$6,479.5
|
|
|
$25,073.2
|
|
|
$14,220.6
|
|
|
$6,229.4
|
|
|
$20,450.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See pages 23 through 26 for notes to the
reconciliation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Condensed Consolidated Cash Flow Statement
Information Excluding CIP
|
(a non-GAAP presentation, unaudited, in
millions)
|
|
|
Year ended December 31,
|
|
2015
|
|
2014
|
Adjusted operating activities:
|
|
|
|
U.S. GAAP net income
|
$964.2
|
|
|
$1,001.1
|
|
Consolidated investment product (CIP) net
(income)/loss
|
46.1
|
|
|
(11.1)
|
|
Net income adjusted to remove impact of
CIP
|
1,010.3
|
|
|
990.0
|
|
Adjustments to reconcile net income to net cash
provided by/(used in) operating activities:
|
|
|
|
Amortization and depreciation
|
93.6
|
|
|
89.4
|
|
Share-based compensation
expense
|
150.3
|
|
|
138.0
|
|
Other (gains)/losses, net
|
(2.4)
|
|
|
(32.9)
|
|
Other (gains)/losses of CSIP,
net
|
0.8
|
|
|
(13.6)
|
|
Equity in earnings of unconsolidated
affiliates
|
(36.8)
|
|
|
(36.8)
|
|
Dividends from unconsolidated
affiliates
|
18.7
|
|
|
19.6
|
|
Changes in operating assets and
liabilities:
|
|
|
|
(Increase)/decrease in cash held by
CSIP
|
(10.5)
|
|
|
1.3
|
|
(Purchase)/sale of trading investments,
net
|
(159.0)
|
|
|
(2.7)
|
|
(Increase)/decrease in
receivables
|
(4,472.9)
|
|
|
(244.4)
|
|
Increase/(decrease) in payables
|
4,438.3
|
|
|
168.2
|
|
Adjusted net cash provided by/(used in) operating
activities
|
1,030.4
|
|
|
1,076.1
|
|
|
|
|
|
Adjusted investing activities:
|
|
|
|
Purchase of property, equipment and
software
|
(124.5)
|
|
|
(133.2)
|
|
Purchase of available-for-sale
investments
|
(108.2)
|
|
|
(202.3)
|
|
Sale of available-for-sale
investments
|
113.4
|
|
|
169.0
|
|
Purchase of investments by CSIP
|
(527.5)
|
|
|
(683.4)
|
|
Sale of investments by CSIP
|
524.2
|
|
|
493.6
|
|
Purchase of other investments
|
(169.5)
|
|
|
(126.9)
|
|
Sale of other investments
|
111.6
|
|
|
73.7
|
|
Returns of capital and distributions from
unconsolidated partnership investments
|
51.0
|
|
|
41.5
|
|
Sale of business
|
—
|
|
|
60.8
|
|
Adjusted net cash provided by/(used in) investing
activities
|
(129.5)
|
|
|
(307.2)
|
|
|
|
|
|
Adjusted financing activities:
|
|
|
|
Proceeds from exercises of share
options
|
3.7
|
|
|
11.0
|
|
Purchases of treasury shares
|
(548.8)
|
|
|
(269.6)
|
|
Dividends paid
|
(454.5)
|
|
|
(424.0)
|
|
Excess tax benefits from share-based
compensation
|
21.2
|
|
|
24.0
|
|
(Repayment)/borrowing of unsettled fund
account
|
—
|
|
|
(35.7)
|
|
Third-party capital invested into
CSIP
|
31.2
|
|
|
167.1
|
|
Third-party capital distributed by
CSIP
|
(25.9)
|
|
|
(6.0)
|
|
Net proceeds from issuance of senior
notes
|
495.5
|
|
|
—
|
|
Payment of contingent
consideration
|
(11.3)
|
|
|
—
|
|
Adjusted net cash provided by/(used in) financing
activities
|
(488.9)
|
|
|
(533.2)
|
|
|
|
|
|
Increase /(decrease) in cash and cash
equivalents
|
412.0
|
|
|
235.7
|
|
Foreign exchange movement on cash and cash
equivalents
|
(74.8)
|
|
|
(52.7)
|
|
Cash and cash equivalents, beginning of
year
|
1,514.2
|
|
|
1,331.2
|
|
Cash and cash equivalents, end of
year
|
$1,851.4
|
|
|
$1,514.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
U.S. GAAP Condensed Consolidated Statements of Cash
Flows
|
(Unaudited, in millions)
|
|
|
Year ended December 31,
|
|
2015
|
|
2014
|
Operating activities:
|
|
|
|
Net income
|
$964.2
|
|
|
$1,001.1
|
|
Adjustments to reconcile net income to net cash
provided by/(used in) operating activities:
|
|
|
|
Amortization and depreciation
|
93.6
|
|
|
89.4
|
|
Share-based compensation
expense
|
150.3
|
|
|
138.0
|
|
Other (gains)/losses, net
|
1.5
|
|
|
(28.1)
|
|
Other (gains)/losses of CSIP,
net
|
0.8
|
|
|
(13.6)
|
|
Other (gains)/losses of CIP,
net
|
37.0
|
|
|
(20.4)
|
|
Equity in earnings of unconsolidated
affiliates
|
(35.1)
|
|
|
(32.8)
|
|
Dividends from unconsolidated
affiliates
|
18.7
|
|
|
19.6
|
|
Changes in operating assets and
liabilities:
|
|
|
|
(Increase)/decrease in cash held by
CIP
|
39.9
|
|
|
148.5
|
|
(Increase)/decrease in cash held by
CSIP
|
(10.5)
|
|
|
1.3
|
|
(Purchase)/sale of trading investments,
net
|
(159.0)
|
|
|
(2.7)
|
|
(Increase)/decrease in
receivables
|
(4,489.9)
|
|
|
(265.8)
|
|
Increase/(decrease) in payables
|
4,442.0
|
|
|
165.9
|
|
Net cash provided by/(used in) operating
activities
|
1,053.5
|
|
|
1,200.4
|
|
|
|
|
|
Investing activities:
|
|
|
|
Purchase of property, equipment and
software
|
(124.5)
|
|
|
(133.2)
|
|
Purchase of available-for-sale
investments
|
(44.9)
|
|
|
(113.8)
|
|
Sale of available-for-sale
investments
|
51.1
|
|
|
102.8
|
|
Purchase of investments by CIP
|
(4,080.7)
|
|
|
(5,565.9)
|
|
Sale of investments by CIP
|
3,543.2
|
|
|
4,022.9
|
|
Purchase of investments by CSIP
|
(527.5)
|
|
|
(683.4)
|
|
Sale of investments by CSIP
|
524.2
|
|
|
493.6
|
|
Purchase of other investments
|
(167.8)
|
|
|
(123.2)
|
|
Sale of other investments
|
111.6
|
|
|
73.7
|
|
Returns of capital and distributions from
unconsolidated partnership investments
|
50.5
|
|
|
38.5
|
|
Sale of business
|
—
|
|
|
60.8
|
|
Net cash provided by/(used in) investing
activities
|
(664.8)
|
|
|
(1,827.2)
|
|
|
|
|
|
Financing activities:
|
|
|
|
Proceeds from exercises of share
options
|
3.7
|
|
|
11.0
|
|
Purchases of treasury shares
|
(548.8)
|
|
|
(269.6)
|
|
Dividends paid
|
(454.5)
|
|
|
(424.0)
|
|
Excess tax benefits from share-based
compensation
|
21.2
|
|
|
24.0
|
|
(Repayment)/borrowing of unsettled fund
account
|
—
|
|
|
(35.7)
|
|
Third-party capital invested into
CIP
|
113.5
|
|
|
287.0
|
|
Third-party capital distributed by
CIP
|
(120.0)
|
|
|
(165.8)
|
|
Third-party capital invested into
CSIP
|
31.2
|
|
|
167.1
|
|
Third-party capital distributed by
CSIP
|
(25.9)
|
|
|
(6.0)
|
|
Borrowings of debt of CIP
|
2,091.8
|
|
|
1,996.3
|
|
Repayments of debt of CIP
|
(1,573.1)
|
|
|
(721.8)
|
|
Net proceeds from issuance of senior
notes
|
495.5
|
|
|
—
|
|
Payment of contingent
consideration
|
(11.3)
|
|
|
—
|
|
Net cash provided by/(used in) financing
activities
|
23.3
|
|
|
862.5
|
|
|
|
|
|
Increase/(decrease) in cash and cash
equivalents
|
412.0
|
|
|
235.7
|
|
Foreign exchange movement on cash and cash
equivalents
|
(74.8)
|
|
|
(52.7)
|
|
Cash and cash equivalents, beginning of
year
|
1,514.2
|
|
|
1,331.2
|
|
Cash and cash equivalents, end of
year
|
$1,851.4
|
|
|
$1,514.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Ltd.
|
Reconciliations of Condensed Consolidated Cash
Flow Information Excluding CIP to U.S. GAAP
Condensed
|
Consolidated
Statements of Cash Flows
|
(unaudited, in millions)
|
|
|
Year ended December 31, 2015
|
|
Year ended December 31, 2014
|
|
Before
Consolidation
(non-GAAP)
|
|
Impact of
Consolidation
|
|
Total
(U.S. GAAP)
|
|
Before
Consolidation
(non-GAAP)
|
|
Impact of
Consolidation
|
|
Total
(U.S. GAAP)
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$1,010.3
|
|
|
($46.1)
|
|
|
$964.2
|
|
|
$990.0
|
|
|
$11.1
|
|
|
$1,001.1
|
|
Amortization and depreciation
|
93.6
|
|
|
—
|
|
|
93.6
|
|
|
89.4
|
|
|
—
|
|
|
89.4
|
|
Share-based compensation expense
|
150.3
|
|
|
—
|
|
|
150.3
|
|
|
138.0
|
|
|
—
|
|
|
138.0
|
|
Other (gains)/losses, net
|
(2.4)
|
|
|
3.9
|
|
|
1.5
|
|
|
(32.9)
|
|
|
4.8
|
|
|
(28.1)
|
|
Other (gains)/losses of CSIP, net
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
(13.6)
|
|
|
—
|
|
|
(13.6)
|
|
Other (gains)/losses of CIP, net
|
—
|
|
|
37.0
|
|
|
37.0
|
|
|
—
|
|
|
(20.4)
|
|
|
(20.4)
|
|
Equity in earnings of unconsolidated
affiliates
|
(36.8)
|
|
|
1.7
|
|
|
(35.1)
|
|
|
(36.8)
|
|
|
4.0
|
|
|
(32.8)
|
|
Dividends from unconsolidated
affiliates
|
18.7
|
|
|
—
|
|
|
18.7
|
|
|
19.6
|
|
|
—
|
|
|
19.6
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in cash held by
CIP
|
—
|
|
|
39.9
|
|
|
39.9
|
|
|
—
|
|
|
148.5
|
|
|
148.5
|
|
(Increase)/decrease in cash held by
CSIP
|
(10.5)
|
|
|
—
|
|
|
(10.5)
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
(Purchase)/sale of trading
investments
|
(159.0)
|
|
|
—
|
|
|
(159.0)
|
|
|
(2.7)
|
|
|
—
|
|
|
(2.7)
|
|
(Increase)/decrease in receivables
|
(4,472.9)
|
|
|
(17.0)
|
|
|
(4,489.9)
|
|
|
(244.4)
|
|
|
(21.4)
|
|
|
(265.8)
|
|
Increase/(decrease) in payables
|
4,438.3
|
|
|
3.7
|
|
|
4,442.0
|
|
|
168.2
|
|
|
(2.3)
|
|
|
165.9
|
|
Net cash provided by/(used in) operating
activities
|
1,030.4
|
|
|
23.1
|
|
|
1,053.5
|
|
|
1,076.1
|
|
|
124.3
|
|
|
1,200.4
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, equipment and
software
|
(124.5)
|
|
|
—
|
|
|
(124.5)
|
|
|
(133.2)
|
|
|
—
|
|
|
(133.2)
|
|
Purchase of available-for-sale
investments
|
(108.2)
|
|
|
63.3
|
|
|
(44.9)
|
|
|
(202.3)
|
|
|
88.5
|
|
|
(113.8)
|
|
Sale of available-for-sale
investments
|
113.4
|
|
|
(62.3)
|
|
|
51.1
|
|
|
169.0
|
|
|
(66.2)
|
|
|
102.8
|
|
Purchase of investments by CIP
|
—
|
|
|
(4,080.7)
|
|
|
(4,080.7)
|
|
|
—
|
|
|
(5,565.9)
|
|
|
(5,565.9)
|
|
Sale of investments by CIP
|
—
|
|
|
3,543.2
|
|
|
3,543.2
|
|
|
—
|
|
|
4,022.9
|
|
|
4,022.9
|
|
Purchase of investments by CSIP
|
(527.5)
|
|
|
—
|
|
|
(527.5)
|
|
|
(683.4)
|
|
|
—
|
|
|
(683.4)
|
|
Sale of investments by CSIP
|
524.2
|
|
|
—
|
|
|
524.2
|
|
|
493.6
|
|
|
—
|
|
|
493.6
|
|
Purchase of other investments
|
(169.5)
|
|
|
1.7
|
|
|
(167.8)
|
|
|
(126.9)
|
|
|
3.7
|
|
|
(123.2)
|
|
Sale of other investments
|
111.6
|
|
|
—
|
|
|
111.6
|
|
|
73.7
|
|
|
—
|
|
|
73.7
|
|
Returns of capital and distributions from
unconsolidated partnership
investments
|
51.0
|
|
|
(0.5)
|
|
|
50.5
|
|
|
41.5
|
|
|
(3.0)
|
|
|
38.5
|
|
Sale of business
|
—
|
|
|
—
|
|
|
—
|
|
|
60.8
|
|
|
—
|
|
|
60.8
|
|
Net cash provided by/(used in) investing
activities
|
(129.5)
|
|
|
(535.3)
|
|
|
(664.8)
|
|
|
(307.2)
|
|
|
(1,520.0)
|
|
|
(1,827.2)
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercises of share
options
|
3.7
|
|
|
—
|
|
|
3.7
|
|
|
11.0
|
|
|
—
|
|
|
11.0
|
|
Purchases of treasury shares
|
(548.8)
|
|
|
—
|
|
|
(548.8)
|
|
|
(269.6)
|
|
|
—
|
|
|
(269.6)
|
|
Dividends paid
|
(454.5)
|
|
|
—
|
|
|
(454.5)
|
|
|
(424.0)
|
|
|
—
|
|
|
(424.0)
|
|
Excess tax benefits from share-based
compensation
|
21.2
|
|
|
—
|
|
|
21.2
|
|
|
24.0
|
|
|
—
|
|
|
24.0
|
|
(Repayment)/borrowing of unsettled fund
account
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.7)
|
|
|
—
|
|
|
(35.7)
|
|
Third-party capital invested into
CIP
|
—
|
|
|
113.5
|
|
|
113.5
|
|
|
—
|
|
|
287.0
|
|
|
287.0
|
|
Third-party capital distributed by
CIP
|
—
|
|
|
(120.0)
|
|
|
(120.0)
|
|
|
—
|
|
|
(165.8)
|
|
|
(165.8)
|
|
Third-party capital invested into
CSIP
|
31.2
|
|
|
—
|
|
|
31.2
|
|
|
167.1
|
|
|
—
|
|
|
167.1
|
|
Third-party capital distributed by
CSIP
|
(25.9)
|
|
|
—
|
|
|
(25.9)
|
|
|
(6.0)
|
|
|
—
|
|
|
(6.0)
|
|
Borrowings of debt of CIP
|
—
|
|
|
2,091.8
|
|
|
2,091.8
|
|
|
—
|
|
|
1,996.3
|
|
|
1,996.3
|
|
Repayments of debt of CIP
|
—
|
|
|
(1,573.1)
|
|
|
(1,573.1)
|
|
|
—
|
|
|
(721.8)
|
|
|
(721.8)
|
|
Net proceeds from issuance of senior
notes
|
495.5
|
|
|
—
|
|
|
495.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Payment of contingent consideration
|
(11.3)
|
|
|
—
|
|
|
(11.3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net cash provided by/(used in) financing
activities
|
(488.9)
|
|
|
512.2
|
|
|
23.3
|
|
|
(533.2)
|
|
|
1,395.7
|
|
|
862.5
|
|
Increase/(decrease) in cash and cash
equivalents
|
412.0
|
|
|
—
|
|
|
412.0
|
|
|
235.7
|
|
|
—
|
|
|
235.7
|
|
Foreign exchange movement on cash and cash
equivalents
|
(74.8)
|
|
|
—
|
|
|
(74.8)
|
|
|
(52.7)
|
|
|
—
|
|
|
(52.7)
|
|
Cash and cash equivalents, beginning of
year
|
1,514.2
|
|
|
—
|
|
|
1,514.2
|
|
|
1,331.2
|
|
|
—
|
|
|
1,331.2
|
|
Cash and cash equivalents, end of
year
|
$1,851.4
|
|
|
$—
|
|
|
$1,851.4
|
|
|
$1,514.2
|
|
|
$—
|
|
|
$1,514.2
|
|
|
|
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See pages 23 through 26 for notes to the
reconciliation.
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Invesco
Ltd.
Notes
We are presenting the following non-GAAP performance
measures: net revenue (and by calculation, net revenue yield on
AUM), adjusted operating income (and by calculation, adjusted
operating margin), and adjusted net income attributable to Invesco
Ltd. (and by calculation, adjusted diluted earnings per share
(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 they
are consistent with internal management reporting. The most
directly comparable U.S. GAAP measures are operating revenues (and
by calculation, gross revenue yield on AUM), operating income (and
by calculation, operating margin), and net income attributable to
Invesco Ltd. (and by calculation, 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.
Notes 1 through 8 relate to the income statement
reconciliations presented on pages 12 through 16. Further
explanations of the reasons the company considers it appropriate to
present these adjustments in arriving at the non-GAAP measures can
be found in the company's Form 10-K.
Note 9 relates to the balance sheet and cash flow
statement reconciliations on pages 19 and 22,
respectively.
Note 10 relates to the U.S. GAAP effective tax rate and
the impact of non-controlling interests in consolidated investment
products (CIP) and consolidated sponsored investment products
(CSIP) on the rate.
Note 11 relates to debt balances included in the balance
sheet information on page 6 and in the balance sheets and balance
sheet reconciliations.
1.
Acquisition/disposition related adjustments
Acquisition/disposition related adjustments
are comprised of amounts incurred by the company in
connection with business combinations, including transaction
and integration expenses, costs related to pre-acquisition matters,
intangible asset amortization, changes in the fair value of a
contingent consideration liability and all related tax
effects. In addition, the net (income)/loss from discontinued
operations associated with the sale of the Atlantic Trust business
has been excluded from the non-GAAP income statement information.
Exclusion of this line item assists in evaluating the continuing
business performance and comparability with our results period to
period, and aids comparability with peer companies that may not
have similar discontinued operations.
Adjustment amounts related to acquisition and disposition
activities are as follows:
|
Quarterly
|
|
Year-to-date
|
|
in millions
|
Q4-15
|
|
Q3-15
|
|
Q4-14
|
|
2015
|
|
2014
|
|
Intangible amortization
|
2.7
|
|
|
2.7
|
|
|
2.7
|
|
|
10.6
|
|
|
12.6
|
|
|
Taxation on amortization
|
(0.4)
|
|
|
(0.4)
|
|
|
(0.4)
|
|
|
(1.5)
|
|
|
(1.6)
|
|
|
Deferred taxation
|
4.9
|
|
|
4.8
|
|
|
5.5
|
|
|
20.1
|
|
|
21.8
|
|
|
Change in the fair value of contingent
consideration
|
(8.7)
|
|
|
(18.4)
|
|
|
—
|
|
|
(27.1)
|
|
|
—
|
|
|
Taxation on changes in the fair value of contingent
consideration
|
3.3
|
|
|
7.0
|
|
|
—
|
|
|
10.3
|
|
|
—
|
|
|
Other acquisition-related items
|
0.9
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
Taxation on other acquisition-related
items
|
(0.1)
|
|
|
—
|
|
|
—
|
|
|
(0.6)
|
|
|
—
|
|
|
(Income)/loss from discontinued operations, net of
taxes
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
3.4
|
|
|
|
$2.6
|
|
|
($4.3)
|
|
|
$8.8
|
|
|
$14.0
|
|
|
$36.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
2. Third-party distribution,
service and advisory expenses
Third-party distribution, service and advisory expenses
include renewal commissions, management fee rebates and
distribution costs (12b-1 and marketing support) paid to brokers
and independent financial advisors, and other service and
administrative fees paid to third parties, which are all closely
linked to the revenue earned by the company from AUM but vary
extensively by geography due to differences in distribution
channels. The non-GAAP presentation nets these costs against
revenues to arrive at net revenues, which serves to reflect these
costs as revenue sharing activities and to remove distortions
caused by differing distribution channel fees.
3. Proportional share of net
revenues and operating income from joint venture
investments
The company has two joint ventures in China. U.S. GAAP requires classification of
the joint venture net income as equity in earnings of
unconsolidated affiliates. The non-GAAP adjustment proportionately
consolidates these joint ventures, serving to illustrate the
contribution of these joint ventures to the operations of the
business.
4. Consolidated investment
products (CIP)
Management and performance fees earned by the company,
which were eliminated from operating revenues upon consolidation of
the CIPs, were $10.0 million in the
fourth quarter (third quarter 2015: $9.5
million; fourth quarter 2014: $10.0
million; 2015: $39.2 million;
2014: $35.8 million). Other revenues
recorded by the CIPs were zero in the fourth quarter (third quarter
2015: zero; fourth quarter 2014: 0.4 million; 2015: zero; 2014:
$0.6 million). By deconsolidating
these products in the non-GAAP information, the management and
performance fees are added back while the other revenues are
excluded. Similarly, the operating expenses of the CIPs and impact
on interest income, interest expense, gains and losses, and
noncontrolling interests are removed in reconciling from the U.S.
GAAP income statement to the non-GAAP information. The
consolidation of the investment products resulted in a decrease of
$19.4 million in net income
attributable to Invesco Ltd. in the fourth quarter U.S. GAAP
earnings (third quarter 2015: $13.2
million decrease; fourth quarter 2014: $2.1 million increase; 2015: $40.4 million decrease; 2014: $7.8 million increase). The above adjustments
remove this impact.
5. Market appreciation /
depreciation of deferred compensation awards
This adjustment relates to deferred cash compensation that
is linked in value to investment products. The change in
compensation expense and the investment income or loss, inclusive
of interest and dividend income, are adjusted in arriving at the
non-GAAP information and, net of the applicable taxation, result in
a net income addition or deduction.
|
Quarterly
|
|
Year-to-date
|
|
in millions
|
Q4-15
|
|
Q3-15
|
|
Q4-14
|
|
2015
|
|
2014
|
|
Market (depreciation)/appreciation of compensation
liability
|
$3.5
|
|
|
($4.4)
|
|
|
$3.2
|
|
|
4.3
|
|
|
11.5
|
|
|
Investment (gain)/loss included in other gains and
losses, net
|
(5.1)
|
|
|
11.8
|
|
|
(1.7)
|
|
|
4.8
|
|
|
(11.2)
|
|
|
Net taxation on deferred compensation
adjustments
|
0.5
|
|
|
(2.6)
|
|
|
(0.3)
|
|
|
(3.2)
|
|
|
(0.6)
|
|
|
|
($1.1)
|
|
|
$4.8
|
|
|
$1.2
|
|
|
5.9
|
|
|
(0.3)
|
|
|
|
|
|
|
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|
|
6. Other reconciling
items
|
Quarterly
|
|
Year-to-date
|
in millions
|
Q4-15
|
|
Q3-15
|
|
Q4-14
|
|
2015
|
2014
|
|
Business optimization
charges: (a)
|
|
|
|
|
|
|
|
|
|
Employee compensation
|
$12.2
|
|
|
$—
|
|
|
$—
|
|
|
$
|
12.2
|
|
|
$7.2
|
|
Consulting and temporary labor
|
2.0
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
—
|
|
Property, office and technology
|
2.0
|
|
|
—
|
|
|
(2.7)
|
|
|
(4.4
|
|
33.1
|
|
Taxation on business optimization
charges
|
(5.1)
|
|
|
—
|
|
|
0.3
|
|
|
(3.8
|
|
(8.7)
|
|
Regulatory charges
(b)
|
12.6
|
|
|
—
|
|
|
—
|
|
|
12.6
|
|
31.1
|
|
Legal fees for
regulatory charges (b)
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
0.5
|
|
Taxation on
regulatory-related charges (b)
|
(2.7)
|
|
|
—
|
|
|
—
|
|
|
(2.7
|
|
(0.1)
|
|
Foreign exchange
hedge amortization (e)
|
(0.5)
|
|
|
(1.6)
|
|
|
—
|
|
|
1.0
|
|
(0.2)
|
|
Fund reimbursement
expense (c)
|
—
|
|
|
—
|
|
|
1.6
|
|
|
4.7
|
|
31.1
|
|
Taxation fund
reimbursement expense (c)
|
—
|
|
|
—
|
|
|
(0.6)
|
|
|
(1.8
|
|
(11.7)
|
|
U.K. FSCS levy refund
(d)
|
—
|
|
|
—
|
|
|
(4.7)
|
|
|
—
|
|
(4.7)
|
|
Taxation on U.K. FSCS
levy refund (d)
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
1.0
|
|
|
$21.0
|
|
|
($1.6)
|
|
|
($5.1)
|
|
|
$20.3
|
|
$78.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a.
Business optimization: Operating expenses for the fourth
quarter of 2015 include costs associated with a business
transformation initiative that includes severance costs of
$12.2 million, and consulting and
temporary labor costs of $2.0
million. Separately, property related
charges of $2.0 million associated
with vacating leased properties as part of a ongoing location
strategy were recorded in the fourth quarter of 2015(fourth quarter
2014: $2.7 million credit; 2015:
$4.4 million credit; 2014;
$33.1 million charge).
b.
General and administrative expenses for the fourth quarter of
2015 include a provision of $12.6
million pertaining to regulatory investigations and related
legal fees of $0.5
million. This includes $7.6 million associated with our private equity
business.
Operating expenses in 2014 include a charge of
$31.1 million in respect of the
penalty under a settlement of an enforcement proceeding reached
with the U.K. Financial Conduct Authority (FCA) pertaining to the
company's compliance with certain FCA rules and regulations for the
period from May 2008 to November 2012. This charge, together with
settlement-related legal costs of $0.5
million, was recorded in general and administrative
expenses.
c.
Included within general and administrative expenses for 2015
is a charge of $4.7 million (fourth
quarter 2014: $1.6 million; 2014:
$31.1 million) in respect of a
multi-year fund reimbursement expense associated with historical
private equity management fees. The charge resulted primarily from
using a more appropriate methodology regarding the calculation of
offsets to management fees.
d.
Included within general and administrative expenses for the
fourth quarter 2014 is a credit of $4.7
million related to the partial refund of a 2010 levy from
the U.K. Financial Services Compensation Scheme.
e.
Included within other gains and losses, net is the
mark-to-market of foreign exchange put option contracts intended to
provide protection against the impact of a significant decline in
the Pound Sterling/U.S. Dollar foreign exchange rate. These
contracts provided coverage through March
31, 2016. The adjustment from U.S. GAAP to non-GAAP earnings
removes the impact of market volatility; therefore, the company's
non-GAAP results include only the amortization of the cost of the
contracts during the contract period.
Each of these other reconciling items has been adjusted
from U.S. GAAP to arrive at the company's non-GAAP financial
measures for the reasons either outlined in the paragraphs above,
due to the unique character and magnitude of the reconciling item,
or because the item represents a continuation of a reconciling item
adjusted from U.S. GAAP in a prior period.
7. Definition of operating margin
and adjusted operating margin
Operating margin is equal to operating income divided by
operating revenues. Adjusted operating margin is equal to adjusted
operating income divided by net revenues.
8. Definition of adjusted diluted
EPS
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 in this earnings release and the calculated
earnings per share amounts under the two class method.
9. Balance sheets and cash flow
information excluding CIP
U.S. GAAP condensed consolidated balance sheets and
condensed consolidated statements of cash flows reflect the
consolidation of CIP. The majority of the company's CIP balances
are CLO-related. The collateral assets of the CLOs are held solely
to satisfy the obligations of the CLOs. The company has no right to
the benefits from, nor does it bear the risks associated with, the
collateral assets held by the CLOs, beyond the company's minimal
direct investments in, and management fees generated from, CLOs. If
the company were to liquidate, the collateral assets would not be
available to the general creditors of the company, and as a result,
the company does not consider them to be company assets.
Additionally, the investors in the CLOs have no recourse to the
general credit of the company for the notes issued by the CLOs. The
company therefore does not consider this debt to be a company
liability. Similarly, cash held by CIP is not available for general
use by Invesco, nor is Invesco cash available for general use by
its CIP.
By deconsolidating the CIP in the condensed consolidated
balance sheet information excluding CIP, the assets, liabilities
and equity of the CIP are removed and the company's equity interest
in the investment products, accounted for as equity method and
available-for-sale investments, are replaced. The company considers
this a more representative presentation of the company's financial
position, and calculations made therefrom, such as debt-to-equity
ratios, are more meaningful excluding these balances.
The condensed consolidated cash flow information excluding
CIP present the cash flows of the company separately and before
consolidation of CIP, as 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
for the reasons noted.
10. U.S. GAAP Effective Tax Rate
The effective tax rate on continuing operations increased
to 30.8% for the fourth quarter, from 29.4% for the third quarter
2015 and increased from 30.5% for the fourth quarter 2014. The
impact of the inclusion of non-controlling interests in CIP and
CSIP increased our effective tax rate by 0.7% for the fourth
quarter, compared to an increase of 0.7% for the third quarter 2015
and an increase of 3.6% for the fourth quarter 2014.
11. Long-term Debt
The company adopted ASU 2015-03, "Simplifying the
Presentation of Debt Issuance Costs," as of December 31, 2015 on a retrospective basis to all
prior balance sheet periods presented. As a result of the
retrospective adoption, the Company reclassified unamortized debt
issuance costs of $15.9 million and
$12.5 million as
of December 31, 2015 and December 31, 2014,
respectively, from Other Assets to Long-Term Debt within its
consolidated balance sheets.
Invesco
Ltd.
Quarterly Assets Under
Management
(in billions)
|
Q4-15
|
|
Q3-15
|
|
% Change
|
|
Q4-14
|
Beginning Assets
|
$755.8
|
|
|
$803.6
|
|
|
(5.9)
|
%
|
|
$789.6
|
|
Long-term inflows
|
43.0
|
|
|
43.5
|
|
|
(1.1)
|
%
|
|
46.0
|
|
Long-term outflows
|
(39.1)
|
|
|
(47.4)
|
|
|
(17.5)
|
%
|
|
(43.5)
|
|
Long-term net flows
|
3.9
|
|
|
(3.9)
|
|
|
N/A
|
|
2.5
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
(0.9)
|
|
|
N/A
|
|
(3.2)
|
|
Net flows in institutional money market
funds
|
(1.8)
|
|
|
(1.5)
|
|
|
20.0
|
%
|
|
—
|
|
Total net flows
|
4.1
|
|
|
(6.3)
|
|
|
N/A
|
|
(0.7)
|
|
Market gains and
losses/reinvestment
|
21.0
|
|
|
(35.6)
|
|
|
N/A
|
|
10.5
|
|
Foreign currency translation
|
(5.3)
|
|
|
(5.9)
|
|
|
(10.2)
|
%
|
|
(7.0)
|
|
Ending Assets
|
$775.6
|
|
|
$755.8
|
|
|
2.6
|
%
|
|
$792.4
|
|
|
|
|
|
|
|
|
|
Average long-term AUM
|
$678.2
|
|
|
$685.5
|
|
|
(1.1)
|
%
|
|
$676.3
|
|
Average AUM
|
$783.7
|
|
|
$788.9
|
|
|
(0.7)
|
%
|
|
$789.8
|
|
|
|
|
|
|
|
|
|
Gross revenue yield on
AUM(a)
|
63.8
|
bps
|
|
65.1
|
bps
|
|
|
|
65.0
|
bps
|
Gross revenue yield on AUM before performance
fees(a)
|
62.9
|
bps
|
|
64.3
|
bps
|
|
|
|
64.2
|
bps
|
Net revenue yield on
AUM(b)
|
45.2
|
bps
|
|
45.8
|
bps
|
|
|
|
45.9
|
bps
|
Net revenue yield on AUM before performance
fees(b)
|
44.3
|
bps
|
|
44.9
|
bps
|
|
|
|
44.9
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By active/passive (in billions)
|
Total AUM
|
|
Active(e)
|
|
Passive(e)
|
September 30, 2015
|
$755.8
|
|
|
$624.1
|
|
|
$131.7
|
|
Long-term inflows
|
43.0
|
|
|
33.2
|
|
|
9.8
|
|
Long-term outflows
|
(39.1)
|
|
|
(29.7)
|
|
|
(9.4)
|
|
Long-term net flows
|
3.9
|
|
|
3.5
|
|
|
0.4
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
—
|
|
|
2.0
|
|
Net flows in institutional money market
funds
|
(1.8)
|
|
|
(2.1)
|
|
|
0.3
|
|
Total net flows
|
4.1
|
|
|
1.4
|
|
|
2.7
|
|
Market gains and
losses/reinvestment
|
21.0
|
|
|
16.3
|
|
|
4.7
|
|
Foreign currency translation
|
(5.3)
|
|
|
(5.3)
|
|
|
—
|
|
December 31, 2015
|
$775.6
|
|
|
$636.5
|
|
|
$139.1
|
|
|
|
|
|
|
|
Average AUM
|
$783.7
|
|
|
$644.6
|
|
|
$139.1
|
|
Gross revenue yield on
AUM(a)
|
63.8bps
|
|
74.5bps
|
|
14.7bps
|
Net revenue yield on
AUM(b)
|
45.2bps
|
|
51.8bps
|
|
14.7bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in billions)
|
Total
|
|
Retail
|
|
Institutional
|
September 30, 2015
|
$755.8
|
|
|
$499.4
|
|
|
$256.4
|
|
Long-term inflows
|
43.0
|
|
|
32.6
|
|
|
10.4
|
|
Long-term outflows
|
(39.1)
|
|
|
(32.6)
|
|
|
(6.5)
|
|
Long-term net flows
|
3.9
|
|
|
—
|
|
|
3.9
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(1.8)
|
|
|
—
|
|
|
(1.8)
|
|
Total net flows
|
4.1
|
|
|
2.0
|
|
|
2.1
|
|
Market gains and
losses/reinvestment
|
21.0
|
|
|
17.9
|
|
|
3.1
|
|
Foreign currency translation
|
(5.3)
|
|
|
(4.5)
|
|
|
(0.8)
|
|
December 31, 2015
|
$775.6
|
|
|
$514.8
|
|
|
$260.8
|
|
|
|
|
|
|
|
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)
|
September 30, 2015
|
$755.8
|
|
|
$352.4
|
|
|
$185.5
|
|
|
$50.1
|
|
|
$66.8
|
|
|
$101.0
|
|
Long-term inflows
|
43.0
|
|
|
21.3
|
|
|
11.0
|
|
|
2.8
|
|
|
0.7
|
|
|
7.2
|
|
Long-term outflows
|
(39.1)
|
|
|
(21.0)
|
|
|
(8.0)
|
|
|
(4.1)
|
|
|
(1.0)
|
|
|
(5.0)
|
|
Long-term net flows
|
3.9
|
|
|
0.3
|
|
|
3.0
|
|
|
(1.3)
|
|
|
(0.3)
|
|
|
2.2
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(1.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8)
|
|
|
—
|
|
Total net flows
|
4.1
|
|
|
2.3
|
|
|
3.0
|
|
|
(1.3)
|
|
|
(2.1)
|
|
|
2.2
|
|
Market gains and
losses/reinvestment
|
21.0
|
|
|
19.1
|
|
|
0.4
|
|
|
0.3
|
|
|
(0.1)
|
|
|
1.3
|
|
Foreign currency translation
|
(5.3)
|
|
|
(2.9)
|
|
|
(1.0)
|
|
|
(1.0)
|
|
|
—
|
|
|
(0.4)
|
|
December 31, 2015
|
$775.6
|
|
|
$370.9
|
|
|
$187.9
|
|
|
$48.1
|
|
|
$64.6
|
|
|
$104.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$783.7
|
|
|
$374.8
|
|
|
$187.7
|
|
|
$49.4
|
|
|
$68.7
|
|
|
$103.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client domicile: (in
billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental Europe
|
|
Asia
|
September 30, 2015
|
$755.8
|
|
|
$499.7
|
|
|
$21.8
|
|
|
$103.1
|
|
|
$74.1
|
|
|
$57.1
|
|
Long-term inflows
|
43.0
|
|
|
25.0
|
|
|
0.8
|
|
|
3.7
|
|
|
7.3
|
|
|
6.2
|
|
Long-term outflows
|
(39.1)
|
|
|
(25.2)
|
|
|
(1.2)
|
|
|
(3.4)
|
|
|
(6.6)
|
|
|
(2.7)
|
|
Long-term net flows
|
3.9
|
|
|
(0.2)
|
|
|
(0.4)
|
|
|
0.3
|
|
|
0.7
|
|
|
3.5
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(1.8)
|
|
|
(2.8)
|
|
|
0.1
|
|
|
(0.1)
|
|
|
—
|
|
|
1.0
|
|
Total net flows
|
4.1
|
|
|
(1.0)
|
|
|
(0.3)
|
|
|
0.2
|
|
|
0.7
|
|
|
4.5
|
|
Market gains and
losses/reinvestment
|
21.0
|
|
|
12.0
|
|
|
1.0
|
|
|
3.8
|
|
|
2.0
|
|
|
2.2
|
|
Foreign currency translation
|
(5.3)
|
|
|
—
|
|
|
(0.8)
|
|
|
(2.9)
|
|
|
(1.4)
|
|
|
(0.2)
|
|
December 31, 2015
|
$775.6
|
|
|
$510.7
|
|
|
$21.7
|
|
|
$104.2
|
|
|
$75.4
|
|
|
$63.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these
tables.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Year-to-Date Assets Under
Management
(in billions)
|
December 31, 2015
|
|
December 31, 2014
|
|
% Change
|
Beginning Assets
|
$792.4
|
|
|
$778.7
|
|
|
1.8
|
%
|
Long-term inflows
|
189.1
|
|
|
183.1
|
|
|
3.3
|
%
|
Long-term outflows
|
(172.9)
|
|
|
(175.0)
|
|
|
(1.2)
|
%
|
Long-term net flows
|
16.2
|
|
|
8.1
|
|
|
100.0
|
%
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(10.7)
|
|
|
(83.2)
|
%
|
Net flows in institutional money market
funds
|
(11.9)
|
|
|
(5.8)
|
|
|
105.2
|
%
|
Total net flows
|
2.5
|
|
|
(8.4)
|
|
|
N/A
|
Market gains and
losses/reinvestment
|
(2.6)
|
|
|
34.7
|
|
|
N/A
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
—
|
|
|
N/A
|
Foreign currency translation
|
(16.0)
|
|
|
(12.6)
|
|
|
27.0
|
%
|
Ending Assets
|
$775.6
|
|
|
$792.4
|
|
|
(2.1)
|
%
|
|
|
|
|
|
|
Average long-term AUM
|
$688.7
|
|
|
$673.5
|
|
|
2.3
|
%
|
Average AUM
|
$794.7
|
|
|
$790.3
|
|
|
0.6
|
%
|
|
|
|
|
|
|
Gross revenue yield on
AUM(a)
|
65.0
|
bps
|
|
65.5
|
bps
|
|
|
Gross revenue yield on AUM before performance
fees(a)
|
63.9
|
bps
|
|
64.8
|
bps
|
|
|
Net revenue yield on
AUM(b)
|
45.8
|
bps
|
|
45.7
|
bps
|
|
|
Net revenue yield on AUM before performance
fees(b)
|
44.6
|
bps
|
|
44.8
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By active/passive (in billions)
|
Total AUM
|
|
Active(e)
|
|
Passive(e)
|
December 31, 2014
|
$792.4
|
|
|
$651.0
|
|
|
$141.4
|
|
Long-term inflows
|
189.1
|
|
|
153.6
|
|
|
35.5
|
|
Long-term outflows
|
(172.9)
|
|
|
(139.5)
|
|
|
(33.4)
|
|
Long-term net flows
|
16.2
|
|
|
14.1
|
|
|
2.1
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
—
|
|
|
(1.8)
|
|
Net flows in institutional money market
funds
|
(11.9)
|
|
|
(12.3)
|
|
|
0.4
|
|
Total net flows
|
2.5
|
|
|
1.8
|
|
|
0.7
|
|
Market gains and
losses/reinvestment
|
(2.6)
|
|
|
(0.3)
|
|
|
(2.3)
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
—
|
|
|
(0.7)
|
|
Foreign currency translation
|
(16.0)
|
|
|
(16.0)
|
|
|
—
|
|
December 31, 2015
|
$775.6
|
|
|
$636.5
|
|
|
$139.1
|
|
|
|
|
|
|
|
Average AUM
|
$794.7
|
|
|
$653.6
|
|
|
$141.1
|
|
Gross revenue yield on
AUM(a)
|
65.0
|
bps
|
|
75.9
|
bps
|
|
14.5
|
bps
|
Net revenue yield on
AUM(b)
|
45.8
|
bps
|
|
52.6
|
bps
|
|
14.5
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in billions)
|
Total
|
|
Retail
|
|
Institutional
|
December 31, 2014
|
$792.4
|
|
|
$532.5
|
|
|
$259.9
|
|
Long-term inflows
|
189.1
|
|
|
139.1
|
|
|
50.0
|
|
Long-term outflows
|
(172.9)
|
|
|
(136.3)
|
|
|
(36.6)
|
|
Long-term net flows
|
16.2
|
|
|
2.8
|
|
|
13.4
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(11.9)
|
|
|
—
|
|
|
(11.9)
|
|
Total net flows
|
2.5
|
|
|
1.0
|
|
|
1.5
|
|
Market gains and
losses/reinvestment
|
(2.6)
|
|
|
(4.7)
|
|
|
2.1
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
(0.7)
|
|
|
—
|
|
Foreign currency translation
|
(16.0)
|
|
|
(13.3)
|
|
|
(2.7)
|
|
December 31, 2015
|
$775.6
|
|
|
$514.8
|
|
|
$260.8
|
|
|
|
|
|
|
|
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, 2014
|
$792.4
|
|
|
$384.4
|
|
|
$181.6
|
|
|
$50.6
|
|
|
$76.5
|
|
|
$99.3
|
|
Long-term inflows
|
189.1
|
|
|
89.2
|
|
|
45.5
|
|
|
16.1
|
|
|
3.7
|
|
|
34.6
|
|
Long-term outflows
|
(172.9)
|
|
|
(94.5)
|
|
|
(35.2)
|
|
|
(14.7)
|
|
|
(3.9)
|
|
|
(24.6)
|
|
Long-term net flows
|
16.2
|
|
|
(5.3)
|
|
|
10.3
|
|
|
1.4
|
|
|
(0.2)
|
|
|
10.0
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(11.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.9)
|
|
|
—
|
|
Total net flows
|
2.5
|
|
|
(7.1)
|
|
|
10.3
|
|
|
1.4
|
|
|
(12.1)
|
|
|
10.0
|
|
Market gains and
losses/reinvestment
|
(2.6)
|
|
|
2.1
|
|
|
(1.4)
|
|
|
(0.4)
|
|
|
0.2
|
|
|
(3.1)
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7)
|
|
Foreign currency translation
|
(16.0)
|
|
|
(8.5)
|
|
|
(2.6)
|
|
|
(3.5)
|
|
|
—
|
|
|
(1.4)
|
|
December 31, 2015
|
$775.6
|
|
|
$370.9
|
|
|
$187.9
|
|
|
$48.1
|
|
|
$64.6
|
|
|
$104.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$794.7
|
|
|
$386.6
|
|
|
$185.6
|
|
|
$51.2
|
|
|
$70.7
|
|
|
$100.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client domicile: (in
billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
December 31, 2014
|
$792.4
|
|
|
$532.1
|
|
|
$25.8
|
|
|
$105.1
|
|
|
$71.1
|
|
|
$58.3
|
|
Long-term inflows
|
189.1
|
|
|
99.1
|
|
|
3.7
|
|
|
18.8
|
|
|
37.5
|
|
|
30.0
|
|
Long-term outflows
|
(172.9)
|
|
|
(97.3)
|
|
|
(4.2)
|
|
|
(17.9)
|
|
|
(29.2)
|
|
|
(24.3)
|
|
Long-term net flows
|
16.2
|
|
|
1.8
|
|
|
(0.5)
|
|
|
0.9
|
|
|
8.3
|
|
|
5.7
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
(11.9)
|
|
|
(13.9)
|
|
|
—
|
|
|
0.7
|
|
|
(0.3)
|
|
|
1.6
|
|
Total net flows
|
2.5
|
|
|
(13.9)
|
|
|
(0.5)
|
|
|
1.6
|
|
|
8.0
|
|
|
7.3
|
|
Market gains and
losses/reinvestment
|
(2.6)
|
|
|
(6.8)
|
|
|
0.9
|
|
|
3.0
|
|
|
1.3
|
|
|
(1.0)
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
(0.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
(16.0)
|
|
|
—
|
|
|
(4.5)
|
|
|
(5.5)
|
|
|
(5.0)
|
|
|
(1.0)
|
|
December 31, 2015
|
$775.6
|
|
|
$510.7
|
|
|
$21.7
|
|
|
$104.2
|
|
|
$75.4
|
|
|
$63.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these
tables.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Quarterly Assets Under Management -
Passive(e)
(in billions)
|
Q4-15
|
|
Q3-15
|
|
% Change
|
|
Q4-14
|
Beginning Assets
|
$131.7
|
|
|
$141.6
|
|
|
(7.0)
|
%
|
|
$142.1
|
|
Long-term inflows
|
9.8
|
|
|
6.8
|
|
|
44.1
|
%
|
|
9.6
|
|
Long-term outflows
|
(9.4)
|
|
|
(9.1)
|
|
|
3.3
|
%
|
|
(8.0)
|
|
Long-term net flows
|
0.4
|
|
|
(2.3)
|
|
|
N/A
|
|
1.6
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
(0.9)
|
|
|
N/A
|
|
(3.2)
|
|
Net flows in institutional money market
funds
|
0.3
|
|
|
0.1
|
|
|
200.0
|
%
|
|
—
|
|
Total net flows
|
2.7
|
|
|
(3.1)
|
|
|
(187.1)
|
%
|
|
(1.6)
|
|
Market gains and
losses/reinvestment
|
4.7
|
|
|
(6.8)
|
|
|
(169.1)
|
%
|
|
1.1
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
N/A
|
|
(0.2)
|
|
Ending Assets
|
$139.1
|
|
|
$131.7
|
|
|
5.6
|
%
|
|
$141.4
|
|
|
|
|
|
|
|
|
|
Average long-term AUM
|
97.2
|
|
|
99.6
|
|
|
(2.4)
|
%
|
|
100.6
|
|
Average AUM
|
$139.1
|
|
|
$138.4
|
|
|
0.5
|
%
|
|
$142.1
|
|
|
|
|
|
|
|
|
|
Gross revenue yield on
AUM(a)
|
14.7
|
bps
|
|
14.9
|
bps
|
|
|
|
12.9
|
bps
|
Gross revenue yield on AUM before performance
fees(a)
|
14.7
|
bps
|
|
14.9
|
bps
|
|
|
|
12.9
|
bps
|
Net revenue yield on
AUM(b)
|
14.7
|
bps
|
|
14.9
|
bps
|
|
|
|
12.9
|
bps
|
Net revenue yield on AUM before performance
fees(b)
|
14.7
|
bps
|
|
14.9
|
bps
|
|
|
|
12.9
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in billions)
|
Total
|
|
Retail
|
|
Institutional
|
September 30, 2015
|
$131.7
|
|
|
$110.6
|
|
|
$21.1
|
|
Long-term inflows
|
9.8
|
|
|
9.8
|
|
|
—
|
|
Long-term outflows
|
(9.4)
|
|
|
(8.2)
|
|
|
(1.2)
|
|
Long-term net flows
|
0.4
|
|
|
1.6
|
|
|
(1.2)
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.3
|
|
|
—
|
|
|
0.3
|
|
Total net flows
|
2.7
|
|
|
3.6
|
|
|
(0.9)
|
|
Market gains and
losses/reinvestment
|
4.7
|
|
|
4.5
|
|
|
0.2
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$118.7
|
|
|
$20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By asset class: (in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market
|
|
Alternatives(c)
|
September 30, 2015
|
$131.7
|
|
|
$82.3
|
|
|
$39.7
|
|
|
$—
|
|
|
$0.1
|
|
|
$9.6
|
|
Long-term inflows
|
9.8
|
|
|
7.7
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
Long-term outflows
|
(9.4)
|
|
|
(6.2)
|
|
|
(2.3)
|
|
|
—
|
|
|
—
|
|
|
(0.9)
|
|
Long-term net flows
|
0.4
|
|
|
1.5
|
|
|
(0.9)
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
Total net flows
|
2.7
|
|
|
3.5
|
|
|
(0.9)
|
|
|
—
|
|
|
0.3
|
|
|
(0.2)
|
|
Market gains and
losses/reinvestment
|
4.7
|
|
|
5.2
|
|
|
(0.2)
|
|
|
—
|
|
|
—
|
|
|
(0.3)
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$91.0
|
|
|
$38.6
|
|
|
$—
|
|
|
$0.4
|
|
|
$9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$139.1
|
|
|
$90.0
|
|
|
$39.5
|
|
|
$—
|
|
|
$0.2
|
|
|
$9.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client domicile: (in
billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
September 30, 2015
|
$131.7
|
|
|
$127.5
|
|
|
$0.4
|
|
|
$—
|
|
|
$1.8
|
|
|
$2.0
|
|
Long-term inflows
|
9.8
|
|
|
9.7
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
Long-term outflows
|
(9.4)
|
|
|
(9.2)
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
Long-term net flows
|
0.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
Net flows in Invesco PowerShares QQQ
fund
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
Total net flows
|
2.7
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
0.3
|
|
Market gains and
losses/reinvestment
|
4.7
|
|
|
4.4
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$134.4
|
|
|
$0.4
|
|
|
$—
|
|
|
$1.9
|
|
|
$2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these
tables.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Year-to-Date Assets Under Management -
Passive(e)
(in billions)
|
December 31, 2015
|
|
December 31, 2014
|
|
% Change
|
Beginning Assets
|
$141.4
|
|
|
$139.7
|
|
|
1.2
|
%
|
Long-term inflows
|
35.5
|
|
|
32.8
|
|
|
8.2
|
%
|
Long-term outflows
|
(33.4)
|
|
|
(26.8)
|
|
|
24.6
|
%
|
Long-term net flows
|
2.1
|
|
|
6.0
|
|
|
(65.0)
|
%
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(10.7)
|
|
|
(83.2)
|
%
|
Net flows in institutional money market
funds
|
0.4
|
|
|
—
|
|
|
N/A
|
Total net flows
|
0.7
|
|
|
(4.7)
|
|
|
N/A
|
Market gains and
losses/reinvestment
|
(2.3)
|
|
|
6.8
|
|
|
N/A
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
—
|
|
|
N/A
|
Foreign currency translation
|
—
|
|
|
(0.4)
|
|
|
N/A
|
Ending Assets
|
$139.1
|
|
|
$141.4
|
|
|
(1.6)
|
%
|
|
|
|
|
|
|
Average long-term AUM
|
101.2
|
|
|
99.1
|
|
|
2.1
|
%
|
Average AUM
|
$141.1
|
|
|
$142.8
|
|
|
(1.2)
|
%
|
|
|
|
|
|
|
Gross revenue yield on
AUM(a)
|
14.5
|
bps
|
|
13.0
|
bps
|
|
|
Gross revenue yield on AUM before performance
fees(a)
|
14.5
|
bps
|
|
13.0
|
bps
|
|
|
Net revenue yield on
AUM(b)
|
14.5
|
bps
|
|
13.0
|
bps
|
|
|
Net revenue yield on AUM before performance
fees(b)
|
14.5
|
bps
|
|
13.0
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By channel: (in billions)
|
Total
|
|
Retail
|
|
Institutional
|
December 31, 2014
|
$141.4
|
|
|
$119.7
|
|
|
$21.7
|
|
Long-term inflows
|
35.5
|
|
|
32.3
|
|
|
3.2
|
|
Long-term outflows
|
(33.4)
|
|
|
(29.4)
|
|
|
(4.0)
|
|
Long-term net flows
|
2.1
|
|
|
2.9
|
|
|
(0.8)
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.4
|
|
|
—
|
|
|
0.4
|
|
Total net flows
|
0.7
|
|
|
1.1
|
|
|
(0.4)
|
|
Market gains and
losses/reinvestment
|
(2.3)
|
|
|
(1.4)
|
|
|
(0.9)
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
(0.7)
|
|
|
—
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$118.7
|
|
|
$20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By asset class: (in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market
|
|
Alternatives(c)
|
December 31, 2014
|
$141.4
|
|
|
$88.2
|
|
|
$41.1
|
|
|
$—
|
|
|
$—
|
|
|
$12.1
|
|
Long-term inflows
|
35.5
|
|
|
25.8
|
|
|
5.9
|
|
|
—
|
|
|
—
|
|
|
3.8
|
|
Long-term outflows
|
(33.4)
|
|
|
(22.1)
|
|
|
(6.3)
|
|
|
—
|
|
|
—
|
|
|
(5.0)
|
|
Long-term net flows
|
2.1
|
|
|
3.7
|
|
|
(0.4)
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
Total net flows
|
0.7
|
|
|
1.9
|
|
|
(0.4)
|
|
|
—
|
|
|
0.4
|
|
|
(1.2)
|
|
Market gains and
losses/reinvestment
|
(2.3)
|
|
|
0.9
|
|
|
(2.1)
|
|
|
—
|
|
|
—
|
|
|
(1.1)
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7)
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$91.0
|
|
|
$38.6
|
|
|
$—
|
|
|
$0.4
|
|
|
$9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$141.1
|
|
|
$89.4
|
|
|
$41.1
|
|
|
$—
|
|
|
$0.1
|
|
|
$10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client domicile: (in
billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
December 31, 2014
|
$141.4
|
|
|
$137.6
|
|
|
$0.2
|
|
|
$—
|
|
|
$1.8
|
|
|
$1.8
|
|
Long-term inflows
|
35.5
|
|
|
33.3
|
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
|
1.5
|
|
Long-term outflows
|
(33.4)
|
|
|
(31.3)
|
|
|
—
|
|
|
—
|
|
|
(0.6)
|
|
|
(1.5)
|
|
Long-term net flows
|
2.1
|
|
|
2.0
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in Invesco PowerShares QQQ
fund
|
(1.8)
|
|
|
(1.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market
funds
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
Total net flows
|
0.7
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
Market gains and
losses/reinvestment
|
(2.3)
|
|
|
(2.7)
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.2
|
|
Acquisitions/dispositions,
net(f)
|
(0.7)
|
|
|
(0.7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
$139.1
|
|
|
$134.4
|
|
|
$0.4
|
|
|
$—
|
|
|
$1.9
|
|
|
$2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these
tables.
|
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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 fourth quarter for our JVs in China was $6.6 billion
(third quarter 2015: $6.0 billion; fourth quarter 2014: $4.7
billion). For year to date AUM, our share of the average AUM in the
twelve months of 2015 for our JVs in China was $6.1 billion (twelve
months of 2014: $4.9 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. The company evaluates
net revenue yield instead. See the Reconciliations of U.S. GAAP to
Non-GAAP information on pages 12 through 16 of this release for a
reconciliation of operating revenues to net
revenues.
|
(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 12 through 16 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, private capital - direct, private capital - fund of funds,
private direct real estate (Asian, European and U.S.), Public Real
Estate Securities (U.S. and Global) and senior secured
loans.
|
(d)
|
Ending AUM as of
December 31, 2015 includes $58.5 billion in institutional
money market AUM and $42.9 billion in PowerShares QQQ AUM. Ending
retail money market AUM as of December 31, 2015, included in
long-term AUM, were $6.1 billion.
|
(e)
|
Passive AUM includes
ETFs, UITs, non-fee earning leverage and other passive mandates.
Active AUM are total AUM less Passive AUM.
|
(f)
|
Dispositions during
the first quarter 2015 resulted in a $0.7 billion decrease in AUM
representing exchange traded notes that did not transfer over as
part of the agreement with Deutsche Bank to transition the
investment management of the PowerShares DB suite of commodity
exchange traded funds to Invesco.
|
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
|
12
|
%
|
9
|
%
|
32
|
%
|
4
|
%
|
5
|
%
|
33
|
%
|
|
U.S. Growth
|
100
|
%
|
95
|
%
|
30
|
%
|
51
|
%
|
95
|
%
|
34
|
%
|
|
U.S. Value
|
46
|
%
|
52
|
%
|
31
|
%
|
46
|
%
|
52
|
%
|
98
|
%
|
|
Sector
|
24
|
%
|
60
|
%
|
76
|
%
|
25
|
%
|
9
|
%
|
12
|
%
|
|
U.K.
|
100
|
%
|
100
|
%
|
100
|
%
|
91
|
%
|
100
|
%
|
100
|
%
|
|
Canadian
|
27
|
%
|
27
|
%
|
56
|
%
|
21
|
%
|
37
|
%
|
46
|
%
|
|
Asian
|
75
|
%
|
98
|
%
|
82
|
%
|
72
|
%
|
74
|
%
|
72
|
%
|
|
Continental European
|
98
|
%
|
98
|
%
|
100
|
%
|
58
|
%
|
99
|
%
|
95
|
%
|
|
Global
|
85
|
%
|
70
|
%
|
87
|
%
|
83
|
%
|
83
|
%
|
93
|
%
|
|
Global Ex U.S. and Emerging Markets
|
8
|
%
|
90
|
%
|
98
|
%
|
2
|
%
|
90
|
%
|
98
|
%
|
Other
|
|
|
|
|
|
|
|
|
Alternatives
|
76
|
%
|
65
|
%
|
71
|
%
|
34
|
%
|
45
|
%
|
64
|
%
|
|
Balanced
|
61
|
%
|
40
|
%
|
44
|
%
|
52
|
%
|
92
|
%
|
100
|
%
|
Fixed Income
|
|
|
|
|
|
|
|
|
Money Market
|
89
|
%
|
70
|
%
|
70
|
%
|
91
|
%
|
97
|
%
|
97
|
%
|
|
U.S. Fixed Income
|
96
|
%
|
92
|
%
|
93
|
%
|
93
|
%
|
84
|
%
|
97
|
%
|
|
Global Fixed Income
|
94
|
%
|
93
|
%
|
97
|
%
|
62
|
%
|
92
|
%
|
68
|
%
|
|
Stable Value
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: AUM measured
in the one-, three-, and five-year peer group rankings represents
58%, 57%, and 57% of total Invesco AUM, respectively, and AUM
measured versus benchmark on a one-, three-, and five-year basis
represents 71%, 69%, and 67% of total Invesco AUM, respectively, as
of 12/31/2015. Peer group rankings are sourced from a widely-used
third party ranking agency in each fund's market (Lipper,
Morningstar, IMA, Russell, Mercer, eVestment Alliance, SITCA, Value
Research) and are asset-weighted in USD. 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 GIPS
composite are applied to all products within each GIPS composite.
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.
Performance assumes the reinvestment of dividends. Past performance
is not indicative of future results and may not reflect an
investor's experience.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/invesco-reports-results-for-the-year-and-three-months-ended-december-31-2015-300211343.html
SOURCE Invesco Ltd.