ATLANTA, July 28, 2016
/PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported
financial results for the three months ended June 30,
2016.
"Strong investment performance and a continued focus on helping
clients meet their investment objectives produced long-term net
inflows of $4.5 billion for the
quarter," said Martin L. Flanagan,
president and CEO of Invesco. "Invesco also returned total
shareholder capital of $318 million
during the quarter, and announced a second-quarter cash dividend of
28 cents. The solid results for
the firm came in spite of increased volatility relating to the UK's
vote to leave the European Union."
|
Q2-16
|
|
Q1-16
|
|
Q2-16 vs.
Q1-16
|
|
Q2-15
|
|
Q2-16 vs.
Q2-15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$1,189.4
|
m
|
|
$1,148.7
|
m
|
|
3.5
|
%
|
|
$1,318.1
|
m
|
|
(9.8)
|
%
|
|
|
Operating
income
|
$301.5
|
m
|
|
$274.4
|
m
|
|
9.9
|
%
|
|
$364.0
|
m
|
|
(17.2)
|
%
|
|
|
Operating
margin
|
25.3
|
%
|
|
23.9
|
%
|
|
|
|
27.6
|
%
|
|
|
|
|
Net income
attributable to Invesco Ltd.
|
$225.5
|
m
|
|
$161.0
|
m
|
|
40.1
|
%
|
|
$257.3
|
m
|
|
(12.4)
|
%
|
|
|
Diluted
EPS
|
$0.54
|
|
|
$0.38
|
|
|
42.1
|
%
|
|
$0.60
|
|
|
(10.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Financial
Measures(1)
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$856.6
|
m
|
|
$818.1
|
m
|
|
4.7
|
%
|
|
$936.6
|
m
|
|
(8.5)
|
%
|
|
|
Adjusted operating
income
|
$330.4
|
m
|
|
$307.1
|
m
|
|
7.6
|
%
|
|
$390.2
|
m
|
|
(15.3)
|
%
|
|
|
Adjusted operating
margin
|
38.6
|
%
|
|
37.5
|
%
|
|
|
|
41.7
|
%
|
|
|
|
|
Adjusted net income
attributable to Invesco Ltd.
|
$233.0
|
m
|
|
$204.8
|
m
|
|
13.8
|
%
|
|
$271.4
|
m
|
|
(14.1)
|
%
|
|
|
Adjusted diluted
EPS
|
$0.56
|
|
|
$0.49
|
|
|
14.3
|
%
|
|
$0.63
|
|
|
(11.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under
Management
|
|
|
|
|
|
|
|
|
|
|
|
Ending AUM
|
$779.6
|
bn
|
|
$771.5
|
bn
|
|
1.0
|
%
|
|
$803.6
|
bn
|
|
(3.0)
|
%
|
|
|
Average
AUM
|
$784.5
|
bn
|
|
$747.5
|
bn
|
|
4.9
|
%
|
|
$810.9
|
bn
|
|
(3.3)
|
%
|
|
|
|
|
(1)
|
The adjusted
financial measures are all non-GAAP financial measures. See
the information on pages 8 and 9
for a reconciliation to their most directly comparable U.S. GAAP
measures.
|
Assets Under Management
Total assets under management (AUM) at June 30, 2016, were
$779.6 billion (March 31, 2016:
$771.5 billion), an increase of
$8.1 billion during the second
quarter. Total net inflows were $2.7
billion for the second quarter, as detailed below:
|
Summary of net
flows (in billions)
|
|
Q2-16
|
|
Q1-16
|
|
Q2-15
|
|
Active
|
|
$—
|
|
|
$0.5
|
|
|
$5.4
|
|
|
Passive
|
|
4.5
|
|
|
(1.8)
|
|
|
0.5
|
|
|
Long-term net
flows
|
|
4.5
|
|
|
(1.3)
|
|
|
5.9
|
|
|
Invesco PowerShares
QQQ
|
|
(3.8)
|
|
|
(2.6)
|
|
|
(0.3)
|
|
|
Money
market
|
|
2.0
|
|
|
3.8
|
|
|
(2.6)
|
|
|
Total net
flows
|
|
$2.7
|
|
|
($0.1)
|
|
|
$3.0
|
|
|
|
|
|
|
|
|
Net market gains led to increases of $10.7 billion in AUM during the second quarter,
compared to market losses of $3.0
billion in the first quarter 2016. Foreign exchange rate
movements led to a $7.7 billion
decrease in AUM during the second quarter, compared to a
$2.6 billion increase in the first
quarter 2016. The acquisition of the controlling interest in our
Indian asset management joint venture added $2.4 billion to AUM during the second
quarter. Average AUM during the second quarter were
$784.5 billion, compared to
$747.5 billion for the first quarter
2016, an increase of 4.9%. Further analysis is included in the
supplementary schedules to this release.
Operating Results
This section discusses the company's second quarter 2016
results, as compared to the first quarter 2016, and comments on
significant items that have impacted the company's results as
presented in accordance with U.S. GAAP.
Operating revenues increased $40.7
million (3.5%) to $1,189.4
million in the second quarter, from $1,148.7 million in the first quarter 2016. The
change was primarily due to increased investment management fees.
Foreign exchange rate changes increased second quarter operating
revenues by $8.7 million compared to
the first quarter 2016.
Investment management fees increased $33.1 million (3.6%) to $946.7 million in the second quarter, from
$913.6 million in the first quarter
2016. The increase reflects the higher average AUM during the
second quarter compared to the first quarter 2016. Foreign exchange
rate changes increased second quarter management fees by
$7.7 million when compared to first
quarter 2016.
Service and distribution fees increased $5.7 million (2.9%) to $203.4 million in the second quarter, from
$197.7 million in the first quarter
2016. The increase in service and distribution fees reflects
the higher average AUM for products that receive these fees in the
second quarter. Foreign exchange rate changes increased second
quarter service and distribution fees by $0.5 million when compared to first quarter
2016.
Performance fees were $8.9 million
in the second quarter, compared to $14.5
million in the first quarter 2016. The second quarter
performance fees include $5.1 million
generated from bank loan products. Foreign exchange rate changes
increased second quarter performance fees by $0.1 million when compared to first quarter
2016.
Other revenues increased by $7.5
million (32.8%) to $30.4
million in the second quarter, compared to $22.9 million in the first quarter 2016,
primarily due to increased transaction fees from real estate.
Foreign exchange rate changes increased other revenues by
$0.4 million in the second quarter
when compared to the first quarter 2016.
Operating expenses increased $13.6
million (1.6%) to $887.9
million in the second quarter, from $874.3 million in the first quarter 2016.
The increase in operating expenses includes a $6.1 million increase in general and
administrative expenses recorded by consolidated investment
products. Business optimization charges associated with our ongoing
transformation initiative increased $3.5
million to $10.3 million in
the second quarter of 2016, from $6.8
million in the first quarter 2016. Foreign exchange rate
changes increased second quarter operating expenses by $6.4 million when compared to the first quarter
2016.
Third-party distribution, service and advisory expenses
increased by $1.2 million (0.3%) to
$348.4 million in the second quarter
from $347.2 million in the first
quarter 2016. Foreign exchange rate changes increased third-party
distribution, service and advisory expenses by $2.3 million in the second quarter when compared
to the first quarter 2016.
Employee compensation expenses increased by $5.9 million (1.7%) to $350.3 million in the second quarter, from
$344.4 million in the first quarter
2016. Employee compensation in the second quarter includes an
increase in sales commissions and other variable compensation
costs, a full quarter of higher base salaries following the annual
merit increases that were effective from March 1, and an increase in deferred compensation
expenses for the awards granted in the first quarter. These
increases were partly offset by reduced payroll taxes. Additionally
the first quarter included $5.4
million in compensation costs associated with the Jemstep
acquisition. Foreign exchange rate changes increased second
quarter employee compensation expenses by $2.8 million when compared to the first quarter
2016.
Marketing expenses increased by $3.4
million (13.7%) to $28.3
million in the second quarter, from $24.9 million in the first quarter 2016
reflecting a seasonal increase in client events. Foreign
exchange rate changes increased second quarter marketing expenses
by $0.3 million when compared to the
first quarter 2016.
Property, office and technology expenses increased $2.4 million (3.0%) to $82.3 million in the second quarter, from
$79.9 million in the first quarter
2016, the increase reflecting higher technology costs. Foreign
exchange rate changes increased second quarter property, office and
technology expenses by $0.5 million
when compared to the first quarter 2016.
General and administrative expenses increased $0.7 million (0.9%) to $78.6 million in the second quarter, from
$77.9 million in the first quarter
2016. General and administrative expenses for the second quarter
include a $6.1 million increase in
expenses recorded by our consolidated investment products
associated with product launch costs, a $10.9 million reduction in expenses pertaining to
regulatory investigations as we recorded a settlement credit of
$4.9 million in the second quarter
(first quarter 2016: $6.0 million
charge), and a $2.4 million increase
in professional services fees associated with the business
optimization initiative. Foreign exchange rate changes
increased second quarter general and administrative expenses by
$0.5 million when compared to the
first quarter 2016.
Equity in earning of unconsolidated affiliates increased
$16.8 million to $4.6 million in the second quarter from losses of
$12.2 million in the first quarter
2016. The first quarter included a non-cash impairment charge
of $17.8 million related to the
investment in our Indian asset management joint venture. The
charge related entirely to the devaluation of the Indian Rupee
against the U.S. Dollar over the period since the 2013
purchase.
Non-operating other income and expenses in the second quarter
also included a $37.9 million CIP
gain attributable to market-driven gains of investments held by the
consolidated funds. This compared to a first quarter 2016 CIP
loss of $7.5 million.
Other gains and losses, net was a net loss in the second quarter
of $4.2 million compared to a net
loss of $4.7 million in the first
quarter. The components and variances are included in the table
below:
|
Summary of Other
gains and losses, net (in millions)
|
|
Q2-16
|
|
Q1-16
|
|
Change
|
|
Investment
gains/(losses)
|
|
0.4
|
|
|
(1.9)
|
|
|
$2.3
|
|
|
Market valuation
gains/(losses) in deferred compensation plan investments
|
|
3.6
|
|
|
(1.7)
|
|
|
5.3
|
|
|
Market valuation
gains/(losses) on acquisition-related contingent
consideration
|
|
(15.1)
|
|
|
3.5
|
|
|
(18.6)
|
|
|
Market valuation
gains/(losses) on foreign exchange hedge contract
|
|
6.6
|
|
|
2.5
|
|
|
4.1
|
|
|
Foreign exchange
gains/(losses) on intercompany loans
|
|
0.3
|
|
|
(7.1)
|
|
|
7.4
|
|
|
|
($4.2)
|
|
|
($4.7)
|
|
|
$0.5
|
|
|
|
|
|
|
|
|
The acquisition-related contingent consideration gains and
losses relate to the investment management contracts acquired from
Deutsche Bank in the first quarter of 2015.
The effective tax rate decreased to 26.1% for the second
quarter, from 31.3% for the first quarter 2016. The impact of the
inclusion of non-controlling interests in CIP decreased our
effective tax rate by 1.0% for the second quarter, compared to an
increase of 0.4% for the first quarter 2016. First quarter 2016
included a 2.2% rate increase as a result of the non-cash
impairment charge related to the 49% investment in our Indian asset
management company. Second quarter 2016 included a 0.5% rate
decrease as a result of adjustments related to changes in the fair
value of contingent consideration discussed above. The remainder of
the rate movement for the second quarter 2016 was primarily due to
changes in the mix of pre-tax income.
Capital Management
As of June 30, 2016, the company's cash and cash
equivalents were $1,446.2 million,
with long-term debt of $2,072.7
million. The credit facility balance was zero at both
June 30, 2016 and March 31, 2016.
Dividends paid in the second quarter were $117.6 million. Today the company is announcing a
second-quarter cash dividend of 28.0
cents. The dividend is payable on September 2, 2016, to
shareholders of record at the close of business on August 18,
2016, with an ex-dividend date of August 16, 2016.
During the second quarter the company repurchased $200.0 million of its common shares on the open
market, representing 7.4 million shares at a weighted average share
price of $27.14. This amount
includes $120.0 million, representing
4.7 million shares, out of the $150.0
million accelerated share repurchase agreement announced on
June 30, 2016.
On July 22, 2016, the company's
board of directors authorized an additional $1.5 billion for the share repurchase program
with no stated expiration date.
Headcount
As of June 30, 2016, the company had 6,796 employees,
compared to 6,552 employees as of March 31, 2016. The
headcount increase is primarily attributable to our purchase of our
Indian asset management company, as mentioned below.
Business Acquisitions
On April 5, 2016, the company
increased its ownership in its Indian asset management company,
previously our joint venture in India, from 49% to 100%.
Invesco is an independent investment management firm dedicated
to delivering an investment experience that helps people get more
out of life. NYSE: IVZ; www.invesco.com.
Members of the investment community and general public are
invited to listen to the conference call today, July 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 Thursday, August 11, 2016 at 5:00 p.m. ET by calling 1-800-925-3886 for U.S.
and Canadian callers or 1-203-369-3963 for international callers. A
presentation highlighting the company's performance will be
available during a live Webcast and on Invesco's Website at
www.invesco.com.
This release, and comments made in the associated conference
call today, may include "forward-looking statements."
Forward-looking statements include information concerning future
results of our operations, expenses, earnings, liquidity, cash flow
and capital expenditures, industry or market conditions, assets
under management, geopolitical events and their potential impact on
the company, acquisitions and divestitures, debt and our ability to
obtain additional financing or make payments, regulatory
developments, demand for and pricing of our products and other
aspects of our business or general economic conditions. In
addition, words such as "believes," "expects," "anticipates,"
"intends," "plans," "estimates," "projects," "forecasts," and
future or conditional verbs such as "will," "may," "could,"
"should," and "would" as well as any other statement that
necessarily depends on future events, are intended to identify
forward-looking statements.
Forward-looking statements are not guarantees, and they involve
risks, uncertainties and assumptions. Although we make such
statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ
materially from our expectations. We caution investors not to rely
unduly on any forward-looking statements and urge you to carefully
consider the risks described in our most recent Form 10-K and
subsequent Forms 10-Q, filed with the Securities and Exchange
Commission. You may obtain these reports from the SEC's website at
www.sec.gov. We expressly disclaim any obligation to update the
information in any public disclosure if any forward-looking
statement later turns out to be inaccurate.
|
Invesco
Ltd.
Condensed
Consolidated Income Statements
(Unaudited, in
millions, other than per share amounts)
|
|
|
|
Q2-16
|
|
Q1-16
|
|
%
Change
|
|
Q2-15
|
|
%
Change
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Investment
management fees
|
$946.7
|
|
|
$913.6
|
|
|
3.6
|
%
|
|
$1,055.7
|
|
|
(10.3)
|
%
|
|
Service and
distribution fees
|
203.4
|
|
|
197.7
|
|
|
2.9
|
%
|
|
219.6
|
|
|
(7.4)
|
%
|
|
Performance
fees
|
8.9
|
|
|
14.5
|
|
|
(38.6)
|
%
|
|
6.7
|
|
|
32.8
|
%
|
|
Other
|
30.4
|
|
|
22.9
|
|
|
32.8
|
%
|
|
36.1
|
|
|
(15.8)
|
%
|
|
Total operating
revenues
|
1,189.4
|
|
|
1,148.7
|
|
|
3.5
|
%
|
|
1,318.1
|
|
|
(9.8)
|
%
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
348.4
|
|
|
347.2
|
|
|
0.3
|
%
|
|
413.3
|
|
|
(15.7)
|
%
|
|
Employee
compensation
|
350.3
|
|
|
344.4
|
|
|
1.7
|
%
|
|
347.2
|
|
|
0.9
|
%
|
|
Marketing
|
28.3
|
|
|
24.9
|
|
|
13.7
|
%
|
|
29.7
|
|
|
(4.7)
|
%
|
|
Property, office
and technology
|
82.3
|
|
|
79.9
|
|
|
3.0
|
%
|
|
74.8
|
|
|
10.0
|
%
|
|
General and
administrative
|
78.6
|
|
|
77.9
|
|
|
0.9
|
%
|
|
89.1
|
|
|
(11.8)
|
%
|
|
Total operating
expenses
|
887.9
|
|
|
874.3
|
|
|
1.6
|
%
|
|
954.1
|
|
|
(6.9)
|
%
|
|
Operating
income
|
301.5
|
|
|
274.4
|
|
|
9.9
|
%
|
|
364.0
|
|
|
(17.2)
|
%
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings
of unconsolidated affiliates
|
4.6
|
|
|
(12.2)
|
|
|
N/A
|
|
|
12.0
|
|
|
(61.7)
|
%
|
|
Interest and
dividend income
|
2.5
|
|
|
3.6
|
|
|
(30.6)
|
%
|
|
2.6
|
|
|
(3.8)
|
%
|
|
Interest
expense
|
(22.1)
|
|
|
(23.9)
|
|
|
(7.5)
|
%
|
|
(19.6)
|
|
|
12.8
|
%
|
|
Other gains and
losses, net
|
(4.2)
|
|
|
(4.7)
|
|
|
(10.6)
|
%
|
|
(8.8)
|
|
|
(52.3)
|
%
|
|
Other
income/(expense) of CIP, net
|
37.9
|
|
|
(7.5)
|
|
|
N/A
|
|
|
(1.9)
|
|
|
N/A
|
|
|
Other
income/(expense) of CSIP, net
|
—
|
|
|
—
|
|
|
N/A
|
|
|
5.1
|
|
|
N/A
|
|
|
Income before
income taxes
|
320.2
|
|
|
229.7
|
|
|
39.4
|
%
|
|
353.4
|
|
|
(9.4)
|
%
|
|
Income tax
provision
|
(83.7)
|
|
|
(71.9)
|
|
|
16.4
|
%
|
|
(109.4)
|
|
|
(23.5)
|
%
|
|
Net
income
|
236.5
|
|
|
157.8
|
|
|
49.9
|
%
|
|
244.0
|
|
|
(3.1)
|
%
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
(11.0)
|
|
|
3.2
|
|
|
N/A
|
|
|
13.3
|
|
|
N/A
|
|
|
Net income
attributable to Invesco Ltd.
|
$225.5
|
|
|
$161.0
|
|
|
40.1
|
%
|
|
$257.3
|
|
|
(12.4)
|
%
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
$0.54
|
|
|
$0.38
|
|
|
42.1
|
%
|
|
$0.60
|
|
|
(10.0)
|
%
|
|
---diluted
|
$0.54
|
|
|
$0.38
|
|
|
42.1
|
%
|
|
$0.60
|
|
|
(10.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
418.9
|
|
|
418.7
|
|
|
0.0
|
%
|
|
431.9
|
|
|
(3.0)
|
%
|
|
---diluted
|
419.1
|
|
|
418.9
|
|
|
0.0
|
%
|
|
432.2
|
|
|
(3.0)
|
%
|
|
Invesco
Ltd.
Condensed
Consolidated Income Statements
(Unaudited, in
millions, other than per share amounts)
|
|
|
|
Six months ended
June 30,
|
|
|
|
2016
|
|
2015
|
|
%
Change
|
|
Operating
revenues:
|
|
|
|
|
|
|
Investment
management fees
|
$1,860.3
|
|
|
$2,057.1
|
|
|
(9.6)
|
%
|
|
Service and
distribution fees
|
401.1
|
|
|
433.0
|
|
|
(7.4)
|
%
|
|
Performance
fees
|
23.4
|
|
|
53.5
|
|
|
(56.3)
|
%
|
|
Other
|
53.3
|
|
|
66.1
|
|
|
(19.4)
|
%
|
|
Total operating
revenues
|
2,338.1
|
|
|
2,609.7
|
|
|
(10.4)
|
%
|
|
Operating
expenses:
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
695.6
|
|
|
812.4
|
|
|
(14.4)
|
%
|
|
Employee
compensation
|
694.7
|
|
|
708.1
|
|
|
(1.9)
|
%
|
|
Marketing
|
53.2
|
|
|
56.4
|
|
|
(5.7)
|
%
|
|
Property, office
and technology
|
162.2
|
|
|
151.7
|
|
|
6.9
|
%
|
|
General and
administrative
|
156.5
|
|
|
179.0
|
|
|
(12.6)
|
%
|
|
Total operating
expenses
|
1,762.2
|
|
|
1,907.6
|
|
|
(7.6)
|
%
|
|
Operating
income
|
575.9
|
|
|
702.1
|
|
|
(18.0)
|
%
|
|
Other
income/(expense):
|
|
|
|
|
|
|
Equity in earnings
of unconsolidated affiliates
|
(7.6)
|
|
|
23.8
|
|
|
N/A
|
|
|
Interest and
dividend income
|
6.1
|
|
|
5.1
|
|
|
19.6
|
%
|
|
Interest
expense
|
(46.0)
|
|
|
(38.3)
|
|
|
20.1
|
%
|
|
Other gains and
losses, net
|
(8.9)
|
|
|
(6.1)
|
|
|
45.9
|
%
|
|
Other
income/(expense) of CIP, net
|
30.4
|
|
|
37.6
|
|
|
(19.1)
|
%
|
|
Other
income/(expense) of CSIP, net
|
—
|
|
|
14.5
|
|
|
N/A
|
|
|
Income before
income taxes
|
549.9
|
|
|
738.7
|
|
|
(25.6)
|
%
|
|
Income tax
provision
|
(155.6)
|
|
|
(210.7)
|
|
|
(26.2)
|
%
|
|
Net
income
|
394.3
|
|
|
528.0
|
|
|
(25.3)
|
%
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
(7.8)
|
|
|
(11.1)
|
|
|
(29.7)
|
%
|
|
Net income
attributable to Invesco Ltd.
|
$386.5
|
|
|
$516.9
|
|
|
(25.2)
|
%
|
|
Earnings per
share:
|
|
|
|
|
|
|
---basic
|
$0.92
|
|
|
$1.20
|
|
|
(23.3)
|
%
|
|
---diluted
|
$0.92
|
|
|
$1.20
|
|
|
(23.3)
|
%
|
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
---basic
|
418.8
|
|
|
432.0
|
|
|
(3.1)
|
%
|
|
---diluted
|
419.1
|
|
|
432.3
|
|
|
(3.1)
|
%
|
Invesco Ltd.
Non-GAAP Information
and Reconciliations
We are presenting the following non-GAAP performance measures:
net revenues (and by calculation, net revenue yield on AUM),
adjusted operating income, adjusted operating margin,
adjusted net income attributable to Invesco Ltd., and adjusted
diluted EPS. We believe these non-GAAP measures provide greater
transparency into our business on an ongoing operations basis and
allow more appropriate comparisons with industry peers. Management
uses these performance measures to evaluate the business and for
internal management reporting. The most directly comparable U.S.
GAAP measures are operating revenues (and by calculation, gross
revenue yield on AUM), operating income, operating margin, net
income attributable to Invesco Ltd., and diluted EPS. Non-GAAP
measures should not be considered as substitutes for any measures
derived in accordance with U.S. GAAP and may not be comparable to
other similarly titled measures of other companies.
The following are reconciliations between the presented non-GAAP
measures and the most directly comparable U.S. GAAP measures. These
measures are described more fully in the company's Forms 10-K and
10-Q. Refer to these public filings for additional
information about the company' non-GAAP performance measures.
In addition, a reconciliation of adjusted operating expenses is
provided below, together with reconciliations of the U.S.
GAAP operating expense lines to provide further analysis of the
non-GAAP adjustments.
Reconciliation of Operating revenues to Net revenues:
|
in
millions
|
Q2-16
|
|
Q1-16
|
|
Q2-15
|
|
|
Operating revenues,
U.S. GAAP basis
|
1,189.4
|
|
|
1,148.7
|
|
|
1,318.1
|
|
|
|
Proportional share of
revenues, net of third-party distribution, service and advisory
expenses, from joint venture investments
|
10.5
|
|
|
11.1
|
|
|
21.4
|
|
|
|
Third party
distribution, service and advisory expenses
|
(348.4)
|
|
|
(347.2)
|
|
|
(413.3)
|
|
|
|
CIP
|
5.1
|
|
|
5.5
|
|
|
10.4
|
|
|
|
Net
revenues
|
856.6
|
|
|
818.1
|
|
|
936.6
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating income to Adjusted operating
income:
|
in
millions
|
Q2-16
|
|
Q1-16
|
|
Q2-15
|
|
|
Operating income,
U.S. GAAP basis
|
301.5
|
|
|
274.4
|
|
|
364.0
|
|
|
|
Proportional share of
net operating income from joint venture investments
|
4.2
|
|
|
3.3
|
|
|
12.1
|
|
|
|
CIP
|
13.0
|
|
|
7.3
|
|
|
11.9
|
|
|
|
Business
combinations
|
4.5
|
|
|
9.5
|
|
|
2.6
|
|
|
|
Compensation expense
related to market valuation changes in deferred compensation
plans
|
1.8
|
|
|
(0.2)
|
|
|
1.3
|
|
|
|
Business optimization
expenses
|
10.3
|
|
|
6.8
|
|
|
(6.4)
|
|
|
|
Regulatory-related
(credits)/charges
|
(4.9)
|
|
|
6.0
|
|
|
—
|
|
|
|
Fund reimbursement
expense
|
—
|
|
|
—
|
|
|
4.7
|
|
|
|
Adjusted operating
income
|
330.4
|
|
|
307.1
|
|
|
390.2
|
|
|
|
|
|
|
|
|
|
|
Operating margin
(1)
|
25.3
|
%
|
|
23.9
|
%
|
|
27.6
|
%
|
|
|
Adjusted operating
margin (2)
|
38.6
|
%
|
|
37.5
|
%
|
|
41.7
|
%
|
|
Reconciliation of Net income attributable to Invesco Ltd. to
Adjusted net income attributable to Invesco Ltd.
|
in
millions
|
Q2-16
|
|
Q1-16
|
|
Q2-15
|
|
|
Net income
attributable to Invesco Ltd., U.S. GAAP basis
|
225.5
|
|
|
161.0
|
|
|
257.3
|
|
|
|
CIP, eliminated upon
consolidation
|
(8.0)
|
|
|
8.4
|
|
|
(0.4)
|
|
|
|
Business
combinations:
|
|
|
|
|
|
|
|
Changes in the fair
value of contingent consideration
|
15.1
|
|
|
(3.5)
|
|
|
—
|
|
|
|
Other-than-temporary
impairment
|
—
|
|
|
17.8
|
|
|
—
|
|
|
|
Other business
combination-related adjustments
|
4.5
|
|
|
9.5
|
|
|
2.6
|
|
|
|
Deferred compensation
plan market valuation changes and dividend income less compensation
expense
|
(2.0)
|
|
|
1.4
|
|
|
4.5
|
|
|
|
Business optimization
expenses
|
10.3
|
|
|
6.8
|
|
|
(6.4)
|
|
|
|
Regulatory-related
(credits)/charges
|
(4.9)
|
|
|
6.0
|
|
|
—
|
|
|
|
Foreign exchange
hedge
|
(8.4)
|
|
|
(1.4)
|
|
|
6.2
|
|
|
|
Fund reimbursement
expense
|
—
|
|
|
—
|
|
|
4.7
|
|
|
|
Taxation:
|
|
|
|
|
|
|
|
Taxation on business
combinations
|
(1.7)
|
|
|
3.5
|
|
|
4.8
|
|
|
|
Taxation on deferred
compensation plan market valuation changes and dividend income less
compensation expense
|
0.7
|
|
|
(0.3)
|
|
|
(1.4)
|
|
|
|
Taxation on business
optimization charges
|
(3.2)
|
|
|
(2.3)
|
|
|
1.3
|
|
|
|
Taxation on
regulatory-related (credits)/charges
|
1.9
|
|
|
(2.3)
|
|
|
—
|
|
|
|
Taxation on foreign
exchange hedge
|
3.2
|
|
|
0.2
|
|
|
—
|
|
|
|
Taxation on fund
reimbursement expense
|
—
|
|
|
—
|
|
|
(1.8)
|
|
|
|
Adjusted net income
attributable to Invesco Ltd. (4)
|
233.0
|
|
|
204.8
|
|
|
271.4
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - diluted
|
419.1
|
|
|
418.9
|
|
|
432.2
|
|
|
|
Diluted
EPS
|
$0.54
|
|
|
$0.38
|
|
|
$0.60
|
|
|
|
Adjusted diluted EPS
(3)
|
$0.56
|
|
|
$0.49
|
|
|
$0.63
|
|
|
|
|
|
(1)
|
Operating margin is
equal to operating income divided by operating revenues.
|
|
(2)
|
Adjusted operating
margin is equal to adjusted operating income divided by net
revenues.
|
|
(3)
|
Adjusted diluted EPS
is equal to adjusted net income attributable to Invesco Ltd.
divided by the weighted average number of common and restricted
shares outstanding. There is no difference between the
calculated earnings per share amounts presented above and the
calculated earnings per share amounts under the two class
method.
|
|
(4)
|
The effective tax
rate on adjusted net income attributable to Invesco Ltd. is 26.5%
(first quarter 2016: 26.5%; second quarter 2015: 28.7%).
|
Reconciliation of Operating expenses to Adjusted operating
expenses:
|
in
millions
|
Q2-16
|
|
Q1-16
|
|
Q2-15
|
|
|
Operating expenses,
U.S. GAAP basis
|
887.9
|
|
|
874.3
|
|
|
954.1
|
|
|
|
Proportional share of
revenues, net of third-party distribution expenses, from joint
venture investments
|
6.3
|
|
|
7.8
|
|
|
9.3
|
|
|
|
Third party
distribution, service and advisory expenses
|
(348.4)
|
|
|
(347.2)
|
|
|
(413.3)
|
|
|
|
CIP
|
(7.9)
|
|
|
(1.8)
|
|
|
(1.5)
|
|
|
|
Business
combinations
|
(4.5)
|
|
|
(9.5)
|
|
|
(2.6)
|
|
|
|
Compensation expense
related to market valuation changes in deferred compensation
plans
|
(1.8)
|
|
|
0.2
|
|
|
(1.3)
|
|
|
|
Business
optimization
|
(10.3)
|
|
|
(6.8)
|
|
|
6.4
|
|
|
|
Regulatory-related
credits/(charges)
|
4.9
|
|
|
(6.0)
|
|
|
—
|
|
|
|
Fund reimbursement
settlement costs
|
—
|
|
|
—
|
|
|
(4.7)
|
|
|
|
Adjusted operating
expenses
|
526.2
|
|
|
511.0
|
|
|
546.4
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation, U.S. GAAP basis
|
350.3
|
|
|
344.4
|
|
|
347.2
|
|
|
|
Proportional
consolidation of joint ventures
|
4.1
|
|
|
5.1
|
|
|
5.5
|
|
|
|
Business
combinations
|
(0.3)
|
|
|
(5.4)
|
|
|
—
|
|
|
|
Market
appreciation/depreciation of deferred compensation
awards
|
(1.8)
|
|
|
0.2
|
|
|
(1.3)
|
|
|
|
Business
optimization
|
(4.4)
|
|
|
(4.0)
|
|
|
—
|
|
|
|
Adjusted employee
compensation
|
347.9
|
|
|
340.3
|
|
|
351.4
|
|
|
|
|
|
|
|
|
|
|
Marketing, U.S. GAAP
basis
|
28.3
|
|
|
24.9
|
|
|
29.7
|
|
|
|
Proportional
consolidation of joint ventures
|
0.7
|
|
|
0.5
|
|
|
1.0
|
|
|
|
Adjusted
marketing
|
29.0
|
|
|
25.4
|
|
|
30.7
|
|
|
|
|
|
|
|
|
|
|
Property, office and
technology, U.S. GAAP basis
|
82.3
|
|
|
79.9
|
|
|
74.8
|
|
|
|
Proportional
consolidation of joint ventures
|
0.9
|
|
|
0.9
|
|
|
1.0
|
|
|
|
Business
optimization
|
(0.4)
|
|
|
0.3
|
|
|
6.4
|
|
|
|
Adjusted property,
office and technology
|
82.8
|
|
|
81.1
|
|
|
82.2
|
|
|
|
|
|
|
|
|
|
|
General and
administrative, U.S. GAAP basis
|
78.6
|
|
|
77.9
|
|
|
89.1
|
|
|
|
Proportional
consolidation of joint ventures
|
0.6
|
|
|
1.3
|
|
|
1.8
|
|
|
|
Business
combinations
|
(4.2)
|
|
|
(4.1)
|
|
|
(2.6)
|
|
|
|
CIP
|
(7.9)
|
|
|
(1.8)
|
|
|
(1.5)
|
|
|
|
Business
optimization
|
(5.5)
|
|
|
(3.1)
|
|
|
—
|
|
|
|
Regulatory-related
credits/(charges)
|
4.9
|
|
|
(6.0)
|
|
|
—
|
|
|
|
Fund reimbursement
settlement costs
|
—
|
|
|
—
|
|
|
(4.7)
|
|
|
|
Adjusted general and
administrative
|
66.5
|
|
|
64.2
|
|
|
82.1
|
|
|
|
|
|
|
|
|
|
|
Invesco
Ltd.
Quarterly Assets
Under Management
|
|
|
|
(in
billions)
|
Q2-16
|
|
Q1-16
|
|
%
Change
|
|
Q2-15
|
|
Beginning
Assets
|
$771.5
|
|
|
$775.6
|
|
|
(0.5)
|
%
|
|
$798.3
|
|
|
Long-term
inflows
|
45.8
|
|
|
42.8
|
|
|
7.0
|
%
|
|
52.1
|
|
|
Long-term
outflows
|
(41.3)
|
|
|
(44.1)
|
|
|
(6.3)
|
%
|
|
(46.2)
|
|
|
Long-term net
flows
|
4.5
|
|
|
(1.3)
|
|
|
N/A
|
|
|
5.9
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(2.6)
|
|
|
46.2
|
%
|
|
(0.3)
|
|
|
Net flows in
institutional money market funds
|
2.0
|
|
|
3.8
|
|
|
(47.4)
|
%
|
|
(2.6)
|
|
|
Total net
flows
|
2.7
|
|
|
(0.1)
|
|
|
N/A
|
|
|
3.0
|
|
|
Market gains and
losses/reinvestment
|
10.7
|
|
|
(3.0)
|
|
|
N/A
|
|
|
(6.2)
|
|
|
Acquisitions/dispositions, net
|
2.4
|
|
|
(3.6)
|
|
|
N/A
|
|
|
—
|
|
|
Foreign currency
translation
|
(7.7)
|
|
|
2.6
|
|
|
N/A
|
|
|
8.5
|
|
|
Ending
Assets
|
$779.6
|
|
|
$771.5
|
|
|
1.0
|
%
|
|
$803.6
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$681.8
|
|
|
$649.2
|
|
|
5.0
|
%
|
|
$706.1
|
|
|
Average
AUM
|
$784.5
|
|
|
$747.5
|
|
|
4.9
|
%
|
|
$810.9
|
|
|
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
61.3
|
bps
|
|
62.1
|
bps
|
|
|
|
65.6
|
bps
|
|
Gross revenue
yield on AUM before performance fees(a)
|
60.9
|
bps
|
|
61.3
|
bps
|
|
|
|
65.2
|
bps
|
|
Net revenue yield
on AUM(b)
|
43.7
|
bps
|
|
43.8
|
bps
|
|
|
|
46.2
|
bps
|
|
Net revenue yield
on AUM before performance fees(b)
|
43.2
|
bps
|
|
42.9
|
bps
|
|
|
|
45.6
|
bps
|
|
(in
billions)
|
Total
AUM
|
|
Active(e)
|
|
Passive(e)
|
|
March 31,
2016
|
$771.5
|
|
|
$640.4
|
|
|
$131.1
|
|
|
Long-term
inflows
|
45.8
|
|
|
33.5
|
|
|
12.3
|
|
|
Long-term
outflows
|
(41.3)
|
|
|
(33.5)
|
|
|
(7.8)
|
|
|
Long-term net
flows
|
4.5
|
|
|
—
|
|
|
4.5
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
—
|
|
|
(3.8)
|
|
|
Net flows in
institutional money market funds
|
2.0
|
|
|
1.9
|
|
|
0.1
|
|
|
Total net
flows
|
2.7
|
|
|
1.9
|
|
|
0.8
|
|
|
Market gains and
losses/reinvestment
|
10.7
|
|
|
9.2
|
|
|
1.5
|
|
|
Acquisitions/dispositions, net
|
2.4
|
|
|
2.4
|
|
|
—
|
|
|
Foreign currency
translation
|
(7.7)
|
|
|
(7.8)
|
|
|
0.1
|
|
|
June 30,
2016
|
$779.6
|
|
|
$646.1
|
|
|
$133.5
|
|
|
|
|
|
|
|
|
Average
AUM
|
$784.5
|
|
|
$652.8
|
|
|
$131.7
|
|
|
Gross revenue
yield on AUM(a)
|
61.3
|
bps
|
|
70.9
|
bps
|
|
14.6
|
bps
|
|
Net revenue yield
on AUM(b)
|
43.7
|
bps
|
|
49.5
|
bps
|
|
14.6
|
bps
|
|
|
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
Retail
|
|
Institutional
|
|
March 31,
2016
|
$771.5
|
|
|
$507.7
|
|
|
$263.8
|
|
|
Long-term
inflows
|
45.8
|
|
|
34.8
|
|
|
11.0
|
|
|
Long-term
outflows
|
(41.3)
|
|
|
(35.3)
|
|
|
(6.0)
|
|
|
Long-term net
flows
|
4.5
|
|
|
(0.5)
|
|
|
5.0
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
Total net
flows
|
2.7
|
|
|
(4.3)
|
|
|
7.0
|
|
|
Market gains and
losses/reinvestment
|
10.7
|
|
|
7.8
|
|
|
2.9
|
|
|
Acquisitions/dispositions, net
|
2.4
|
|
|
0.4
|
|
|
2.0
|
|
|
Foreign currency
translation
|
(7.7)
|
|
|
(7.3)
|
|
|
(0.4)
|
|
|
June 30,
2016
|
$779.6
|
|
|
$504.3
|
|
|
$275.3
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Quarterly Assets
Under Management (continued)
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market (d)
|
|
Alternatives(c)
|
|
March 31,
2016
|
$771.5
|
|
|
$359.5
|
|
|
$187.1
|
|
|
$46.8
|
|
|
$68.6
|
|
|
$109.5
|
|
|
Long-term
inflows
|
45.8
|
|
|
20.5
|
|
|
12.0
|
|
|
3.2
|
|
|
1.0
|
|
|
9.1
|
|
|
Long-term
outflows
|
(41.3)
|
|
|
(27.0)
|
|
|
(6.4)
|
|
|
(3.0)
|
|
|
(0.8)
|
|
|
(4.1)
|
|
|
Long-term net
flows
|
4.5
|
|
|
(6.5)
|
|
|
5.6
|
|
|
0.2
|
|
|
0.2
|
|
|
5.0
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
Total net
flows
|
2.7
|
|
|
(10.3)
|
|
|
5.6
|
|
|
0.2
|
|
|
2.2
|
|
|
5.0
|
|
|
Market gains and
losses/reinvestment
|
10.7
|
|
|
3.5
|
|
|
3.4
|
|
|
1.6
|
|
|
—
|
|
|
2.2
|
|
|
Acquisitions/dispositions, net
|
2.4
|
|
|
0.4
|
|
|
1.6
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
Foreign currency
translation
|
(7.7)
|
|
|
(4.3)
|
|
|
(1.4)
|
|
|
(1.2)
|
|
|
(0.1)
|
|
|
(0.7)
|
|
|
June 30,
2016
|
$779.6
|
|
|
$348.8
|
|
|
$196.3
|
|
|
$47.4
|
|
|
$71.1
|
|
|
$116.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$784.5
|
|
|
$357.0
|
|
|
$193.7
|
|
|
$47.7
|
|
|
$72.8
|
|
|
$113.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
|
March 31,
2016
|
$771.5
|
|
|
$507.5
|
|
|
$22.9
|
|
|
$99.2
|
|
|
$74.9
|
|
|
$67.0
|
|
|
Long-term
inflows
|
45.8
|
|
|
27.7
|
|
|
0.8
|
|
|
3.2
|
|
|
6.1
|
|
|
8.0
|
|
|
Long-term
outflows
|
(41.3)
|
|
|
(25.6)
|
|
|
(1.0)
|
|
|
(3.8)
|
|
|
(7.0)
|
|
|
(3.9)
|
|
|
Long-term net
flows
|
4.5
|
|
|
2.1
|
|
|
(0.2)
|
|
|
(0.6)
|
|
|
(0.9)
|
|
|
4.1
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
2.0
|
|
|
(1.1)
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
Total net
flows
|
2.7
|
|
|
(2.8)
|
|
|
0.2
|
|
|
(0.6)
|
|
|
(0.9)
|
|
|
6.8
|
|
|
Market gains and
losses/reinvestment
|
10.7
|
|
|
7.9
|
|
|
0.1
|
|
|
1.7
|
|
|
0.3
|
|
|
0.7
|
|
|
Acquisitions/dispositions, net
|
2.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
Foreign currency
translation
|
(7.7)
|
|
|
(0.1)
|
|
|
(0.1)
|
|
|
(6.5)
|
|
|
(1.5)
|
|
|
0.5
|
|
|
June 30,
2016
|
$779.6
|
|
|
$512.5
|
|
|
$23.1
|
|
|
$93.8
|
|
|
$72.8
|
|
|
$77.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Year-to-Date
Assets Under Management
|
|
|
|
(in
billions)
|
June
30,
2016
|
|
June 30,
2015
|
|
%
Change
|
|
Beginning
Assets
|
$775.6
|
|
|
$792.4
|
|
|
(2.1)
|
%
|
|
Long-term
inflows
|
88.6
|
|
|
102.6
|
|
|
(13.6)
|
%
|
|
Long-term
outflows
|
(85.4)
|
|
|
(86.4)
|
|
|
(1.2)
|
%
|
|
Long-term net
flows
|
3.2
|
|
|
16.2
|
|
|
(80.2)
|
%
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(2.9)
|
|
|
120.7
|
%
|
|
Net flows in
institutional money market funds
|
5.8
|
|
|
(8.6)
|
|
|
N/A
|
|
|
Total net
flows
|
2.6
|
|
|
4.7
|
|
|
(44.7)
|
%
|
|
Market gains and
losses/reinvestment
|
7.7
|
|
|
12.0
|
|
|
(35.8)
|
%
|
|
Acquisitions/dispositions, net
|
(1.2)
|
|
|
(0.7)
|
|
|
71.4
|
%
|
|
Foreign currency
translation
|
(5.1)
|
|
|
(4.8)
|
|
|
6.3
|
%
|
|
Ending
Assets
|
$779.6
|
|
|
$803.6
|
|
|
(3.0)
|
%
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$665.5
|
|
|
$695.5
|
|
|
(4.3)
|
%
|
|
Average
AUM
|
$766.0
|
|
|
$803.2
|
|
|
(4.6)
|
%
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
61.7
|
bps
|
|
65.5
|
bps
|
|
|
|
Gross revenue
yield on AUM before performance fees(a)
|
61.1
|
bps
|
|
64.1
|
bps
|
|
|
|
Net revenue yield
on AUM(b)
|
43.7
|
bps
|
|
46.2
|
bps
|
|
|
|
Net revenue yield
on AUM before performance fees(b)
|
43.1
|
bps
|
|
44.6
|
bps
|
|
|
|
(in
billions)
|
Total
AUM
|
|
Active(e)
|
|
Passive(e)
|
|
December 31,
2015
|
$775.6
|
|
|
$636.5
|
|
|
$139.1
|
|
|
Long-term
inflows
|
88.6
|
|
|
66.4
|
|
|
22.2
|
|
|
Long-term
outflows
|
(85.4)
|
|
|
(65.9)
|
|
|
(19.5)
|
|
|
Long-term net
flows
|
3.2
|
|
|
0.5
|
|
|
2.7
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
—
|
|
|
(6.4)
|
|
|
Net flows in
institutional money market funds
|
5.8
|
|
|
6.0
|
|
|
(0.2)
|
|
|
Total net
flows
|
2.6
|
|
|
6.5
|
|
|
(3.9)
|
|
|
Market gains and
losses/reinvestment
|
7.7
|
|
|
6.4
|
|
|
1.3
|
|
|
Acquisitions/dispositions, net
|
(1.2)
|
|
|
2.0
|
|
|
(3.2)
|
|
|
Foreign currency
translation
|
(5.1)
|
|
|
(5.3)
|
|
|
0.2
|
|
|
June 30,
2016
|
$779.6
|
|
|
$646.1
|
|
|
$133.5
|
|
|
|
|
|
|
|
|
Average
AUM
|
$766.0
|
|
|
$636.7
|
|
|
$129.3
|
|
|
Gross revenue
yield on AUM(a)
|
61.7
|
bps
|
|
71.5
|
bps
|
|
14.2
|
bps
|
|
Net revenue yield
on AUM(b)
|
43.7
|
bps
|
|
49.7
|
bps
|
|
14.2
|
bps
|
|
|
|
|
|
|
|
By channel: (in
billions)
|
Total
|
|
Retail
|
|
Institutional
|
|
December 31,
2015
|
$775.6
|
|
|
$514.8
|
|
|
$260.8
|
|
|
Long-term
inflows
|
88.6
|
|
|
67.9
|
|
|
20.7
|
|
|
Long-term
outflows
|
(85.4)
|
|
|
(71.1)
|
|
|
(14.3)
|
|
|
Long-term net
flows
|
3.2
|
|
|
(3.2)
|
|
|
6.4
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
5.8
|
|
|
—
|
|
|
5.8
|
|
|
Total net
flows
|
2.6
|
|
|
(9.6)
|
|
|
12.2
|
|
|
Market gains and
losses/reinvestment
|
7.7
|
|
|
4.7
|
|
|
3.0
|
|
|
Acquisitions/dispositions, net
|
(1.2)
|
|
|
0.4
|
|
|
(1.6)
|
|
|
Foreign currency
translation
|
(5.1)
|
|
|
(6.0)
|
|
|
0.9
|
|
|
June 30,
2016
|
$779.6
|
|
|
$504.3
|
|
|
$275.3
|
|
|
|
|
|
|
|
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,
2015
|
$775.6
|
|
|
$370.9
|
|
|
$187.9
|
|
|
$48.1
|
|
|
$64.6
|
|
|
$104.1
|
|
|
Long-term
inflows
|
88.6
|
|
|
40.9
|
|
|
21.7
|
|
|
5.2
|
|
|
2.0
|
|
|
18.8
|
|
|
Long-term
outflows
|
(85.4)
|
|
|
(51.6)
|
|
|
(16.5)
|
|
|
(6.6)
|
|
|
(1.8)
|
|
|
(8.9)
|
|
|
Long-term net
flows
|
3.2
|
|
|
(10.7)
|
|
|
5.2
|
|
|
(1.4)
|
|
|
0.2
|
|
|
9.9
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
5.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
—
|
|
|
Total net
flows
|
2.6
|
|
|
(17.1)
|
|
|
5.2
|
|
|
(1.4)
|
|
|
6.0
|
|
|
9.9
|
|
|
Market gains and
losses/reinvestment
|
7.7
|
|
|
(2.0)
|
|
|
5.4
|
|
|
1.0
|
|
|
0.2
|
|
|
3.1
|
|
|
Acquisitions/dispositions, net
|
(1.2)
|
|
|
0.4
|
|
|
(1.1)
|
|
|
—
|
|
|
0.4
|
|
|
(0.9)
|
|
|
Foreign currency
translation
|
(5.1)
|
|
|
(3.4)
|
|
|
(1.1)
|
|
|
(0.3)
|
|
|
(0.1)
|
|
|
(0.2)
|
|
|
June 30,
2016
|
$779.6
|
|
|
$348.8
|
|
|
$196.3
|
|
|
$47.4
|
|
|
$71.1
|
|
|
$116.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$766.0
|
|
|
$350.7
|
|
|
$189.5
|
|
|
$46.7
|
|
|
$70.0
|
|
|
$109.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
|
December 31,
2015
|
$775.6
|
|
|
$510.7
|
|
|
$21.7
|
|
|
$104.2
|
|
|
$75.4
|
|
|
$63.6
|
|
|
Long-term
inflows
|
88.6
|
|
|
52.1
|
|
|
1.8
|
|
|
7.4
|
|
|
12.7
|
|
|
14.6
|
|
|
Long-term
outflows
|
(85.4)
|
|
|
(52.3)
|
|
|
(2.2)
|
|
|
(8.8)
|
|
|
(15.2)
|
|
|
(6.9)
|
|
|
Long-term net
flows
|
3.2
|
|
|
(0.2)
|
|
|
(0.4)
|
|
|
(1.4)
|
|
|
(2.5)
|
|
|
7.7
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
5.8
|
|
|
3.9
|
|
|
0.4
|
|
|
(0.8)
|
|
|
—
|
|
|
2.3
|
|
|
Total net
flows
|
2.6
|
|
|
(2.7)
|
|
|
—
|
|
|
(2.2)
|
|
|
(2.5)
|
|
|
10.0
|
|
|
Market gains and
losses/reinvestment
|
7.7
|
|
|
8.2
|
|
|
(0.1)
|
|
|
0.7
|
|
|
(1.0)
|
|
|
(0.1)
|
|
|
Acquisitions/dispositions, net
|
(1.2)
|
|
|
(3.6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
Foreign currency
translation
|
(5.1)
|
|
|
(0.1)
|
|
|
1.5
|
|
|
(8.9)
|
|
|
0.9
|
|
|
1.5
|
|
|
June 30,
2016
|
$779.6
|
|
|
$512.5
|
|
|
$23.1
|
|
|
$93.8
|
|
|
$72.8
|
|
|
$77.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Quarterly Assets
Under Management - Passive(e)
|
|
|
|
(in
billions)
|
Q2-16
|
|
Q1-16
|
|
%
Change
|
|
Q2-15
|
|
Beginning
Assets
|
$131.1
|
|
|
$139.1
|
|
|
(5.8)
|
%
|
|
$143.0
|
|
|
Long-term
inflows
|
12.3
|
|
|
9.9
|
|
|
24.2
|
%
|
|
9.0
|
|
|
Long-term
outflows
|
(7.8)
|
|
|
(11.7)
|
|
|
(33.3)
|
%
|
|
(8.5)
|
|
|
Long-term net
flows
|
4.5
|
|
|
(1.8)
|
|
|
N/A
|
|
|
0.5
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(2.6)
|
|
|
46.2
|
%
|
|
(0.3)
|
|
|
Net flows in
institutional money market funds
|
0.1
|
|
|
(0.3)
|
|
|
N/A
|
|
|
—
|
|
|
Total net
flows
|
0.8
|
|
|
(4.7)
|
|
|
N/A
|
|
|
0.2
|
|
|
Market gains and
losses/reinvestment
|
1.5
|
|
|
(0.2)
|
|
|
N/A
|
|
|
(1.6)
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
(3.2)
|
|
|
N/A
|
|
|
—
|
|
|
Foreign currency
translation
|
0.1
|
|
|
0.1
|
|
|
—
|
%
|
|
—
|
|
|
Ending
Assets
|
$133.5
|
|
|
$131.1
|
|
|
1.8
|
%
|
|
$141.6
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$95.1
|
|
|
$89.4
|
|
|
6.4
|
%
|
|
$104.9
|
|
|
Average
AUM
|
$131.7
|
|
|
$126.9
|
|
|
3.8
|
%
|
|
$144.2
|
|
|
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
14.6
|
bps
|
|
13.8
|
bps
|
|
|
|
15.3
|
bps
|
|
Gross revenue
yield on AUM before
performance fees(a)
|
14.6
|
bps
|
|
13.8
|
bps
|
|
|
|
15.3
|
bps
|
|
Net revenue yield
on AUM(b)
|
14.6
|
bps
|
|
13.8
|
bps
|
|
|
|
15.3
|
bps
|
|
Net revenue yield
on AUM before performance fees(b)
|
14.6
|
bps
|
|
13.8
|
bps
|
|
|
|
15.3
|
bps
|
|
By channel: (in
billions)
|
Total
|
|
Retail
|
|
Institutional
|
|
March 31,
2016
|
$131.1
|
|
|
$115.7
|
|
|
$15.4
|
|
|
Long-term
inflows
|
12.3
|
|
|
11.3
|
|
|
1.0
|
|
|
Long-term
outflows
|
(7.8)
|
|
|
(7.7)
|
|
|
(0.1)
|
|
|
Long-term net
flows
|
4.5
|
|
|
3.6
|
|
|
0.9
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
Total net
flows
|
0.8
|
|
|
(0.2)
|
|
|
1.0
|
|
|
Market gains and
losses/reinvestment
|
1.5
|
|
|
1.5
|
|
|
—
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2016
|
$133.5
|
|
|
$117.0
|
|
|
$16.5
|
|
|
|
|
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market
|
|
Alternatives(c)
|
|
March 31,
2016
|
$131.1
|
|
|
$87.1
|
|
|
$35.6
|
|
|
$—
|
|
|
$0.1
|
|
|
$8.3
|
|
|
Long-term
inflows
|
12.3
|
|
|
7.7
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
Long-term
outflows
|
(7.8)
|
|
|
(6.5)
|
|
|
(0.7)
|
|
|
—
|
|
|
—
|
|
|
(0.6)
|
|
|
Long-term net
flows
|
4.5
|
|
|
1.2
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Total net
flows
|
0.8
|
|
|
(2.6)
|
|
|
2.8
|
|
|
—
|
|
|
0.1
|
|
|
0.5
|
|
|
Market gains and
losses/reinvestment
|
1.5
|
|
|
0.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2016
|
$133.5
|
|
|
$84.9
|
|
|
$38.9
|
|
|
$—
|
|
|
$0.2
|
|
|
$9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$131.7
|
|
|
$85.4
|
|
|
$37.4
|
|
|
$—
|
|
|
$0.1
|
|
|
$8.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Quarterly Assets
Under Management - Passive(e) (continued)
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
|
March 31,
2016
|
$131.1
|
|
|
$126.7
|
|
|
$0.4
|
|
|
$—
|
|
|
$1.8
|
|
|
$2.2
|
|
|
Long-term
inflows
|
12.3
|
|
|
12.1
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Long-term
outflows
|
(7.8)
|
|
|
(7.6)
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
|
Long-term net
flows
|
4.5
|
|
|
4.5
|
|
|
0.1
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(3.8)
|
|
|
(3.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
Total net
flows
|
0.8
|
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
(0.1)
|
|
|
0.1
|
|
|
Market gains and
losses/reinvestment
|
1.5
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Acquisitions/dispositions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
June 30,
2016
|
$133.5
|
|
|
$128.9
|
|
|
$0.5
|
|
|
$—
|
|
|
$1.7
|
|
|
$2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Year-to-date
Assets Under Management - Passive(e)
|
|
|
|
(in
billions)
|
June 30,
2016
|
|
June 30,
2015
|
|
%
Change
|
|
Beginning
Assets
|
$139.1
|
|
|
$141.4
|
|
|
(1.6)
|
%
|
|
Long-term
inflows
|
22.2
|
|
|
18.9
|
|
|
17.5
|
%
|
|
Long-term
outflows
|
(19.5)
|
|
|
(14.9)
|
|
|
30.9
|
%
|
|
Long-term net
flows
|
2.7
|
|
|
4.0
|
|
|
(32.5)
|
%
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(2.9)
|
|
|
120.7
|
%
|
|
Net flows in
institutional money market funds
|
(0.2)
|
|
|
—
|
|
|
N/A
|
|
|
Total net
flows
|
(3.9)
|
|
|
1.1
|
|
|
N/A
|
|
|
Market gains and
losses/reinvestment
|
1.3
|
|
|
(0.2)
|
|
|
N/A
|
|
|
Acquisitions/dispositions, net
|
(3.2)
|
|
|
(0.7)
|
|
|
357.1
|
%
|
|
Foreign currency
translation
|
0.2
|
|
|
—
|
|
|
N/A
|
|
|
Ending
Assets
|
$133.5
|
|
|
$141.6
|
|
|
(5.7)
|
%
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$92.2
|
|
|
$104.1
|
|
|
(11.4)
|
%
|
|
Average
AUM
|
$129.3
|
|
|
$143.5
|
|
|
(9.9)
|
%
|
|
|
|
|
|
|
|
Gross revenue
yield on AUM(a)
|
14.2
|
bps
|
|
14.3
|
bps
|
|
|
|
Gross revenue
yield on AUM before performance fees(a)
|
14.2
|
bps
|
|
14.3
|
bps
|
|
|
|
Net revenue yield
on AUM(b)
|
14.2
|
bps
|
|
14.3
|
bps
|
|
|
|
Net revenue yield
on AUM before performance fees(b)
|
14.2
|
bps
|
|
14.3
|
bps
|
|
|
|
By channel: (in
billions)
|
Total
|
|
Retail
|
|
Institutional
|
|
December 31,
2015
|
$139.1
|
|
|
$118.7
|
|
|
$20.4
|
|
|
Long-term
inflows
|
22.2
|
|
|
21.2
|
|
|
1.0
|
|
|
Long-term
outflows
|
(19.5)
|
|
|
(17.9)
|
|
|
(1.6)
|
|
|
Long-term net
flows
|
2.7
|
|
|
3.3
|
|
|
(0.6)
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(0.2)
|
|
|
—
|
|
|
(0.2)
|
|
|
Total net
flows
|
(3.9)
|
|
|
(3.1)
|
|
|
(0.8)
|
|
|
Market gains and
losses/reinvestment
|
1.3
|
|
|
1.4
|
|
|
(0.1)
|
|
|
Acquisitions/dispositions, net
|
(3.2)
|
|
|
—
|
|
|
(3.2)
|
|
|
Foreign currency
translation
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
June 30,
2016
|
$133.5
|
|
|
$117.0
|
|
|
$16.5
|
|
|
|
|
|
|
|
|
By asset class:
(in billions)
|
Total
|
|
Equity
|
|
Fixed
Income
|
|
Balanced
|
|
Money
Market
|
|
Alternatives(c)
|
|
December 31,
2015
|
$139.1
|
|
|
91.0
|
|
|
38.6
|
|
|
—
|
|
|
0.4
|
|
|
$9.1
|
|
|
Long-term
inflows
|
22.2
|
|
|
14.8
|
|
|
5.6
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
Long-term
outflows
|
(19.5)
|
|
|
(14.8)
|
|
|
(3.3)
|
|
|
—
|
|
|
—
|
|
|
(1.4)
|
|
|
Long-term net
flows
|
2.7
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(0.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
|
Total net
flows
|
(3.9)
|
|
|
(6.4)
|
|
|
2.3
|
|
|
—
|
|
|
(0.2)
|
|
|
0.4
|
|
|
Market gains and
losses/reinvestment
|
1.3
|
|
|
0.3
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
Acquisitions/dispositions, net
|
(3.2)
|
|
|
—
|
|
|
(2.7)
|
|
|
—
|
|
|
—
|
|
|
(0.5)
|
|
|
Foreign currency
translation
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
June 30,
2016
|
$133.5
|
|
|
$84.9
|
|
|
$38.9
|
|
|
$—
|
|
|
$0.2
|
|
|
$9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
AUM
|
$129.3
|
|
|
$84.1
|
|
|
$36.4
|
|
|
$—
|
|
|
$0.2
|
|
|
$8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
Year-to-date
Assets Under Management - Passive(e)
(continued)
|
|
|
|
By client
domicile: (in billions)
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental
Europe
|
|
Asia
|
|
December 31,
2015
|
$139.1
|
|
|
134.4
|
|
|
0.4
|
|
|
—
|
|
|
1.9
|
|
|
2.4
|
|
|
Long-term
inflows
|
22.2
|
|
|
21.8
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
Long-term
outflows
|
(19.5)
|
|
|
(19.0)
|
|
|
(0.1)
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
|
Long-term net
flows
|
2.7
|
|
|
2.8
|
|
|
0.1
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
|
Net flows in
Invesco PowerShares QQQ fund
|
(6.4)
|
|
|
(6.4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net flows in
institutional money market funds
|
(0.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
Total net
flows
|
(3.9)
|
|
|
(3.6)
|
|
|
0.1
|
|
|
—
|
|
|
(0.2)
|
|
|
(0.2)
|
|
|
Market gains and
losses/reinvestment
|
1.3
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Acquisitions/dispositions, net
|
(3.2)
|
|
|
(3.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency
translation
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
June 30,
2016
|
$133.5
|
|
|
$128.9
|
|
|
$0.5
|
|
|
$—
|
|
|
$1.7
|
|
|
$2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
|
Invesco
Ltd.
|
|
Footnotes to the
Assets Under Management Tables
|
|
|
(a)
|
Gross revenue yield
on AUM is equal to annualized total operating revenues divided by
average AUM, excluding China joint venture (JV) AUM. For quarterly
AUM, our share of the average AUM in the second quarter for our JVs
in China was $8.6 billion (first quarter 2016: $7.6 billion; second
quarter 2015: $6.9 billion). For year to date, our share of the
average AUM for our JVs in China in the six months ended June 30,
2016 was $8.1 billion (six months ended June 30, 2015: $6.0
billion). It is appropriate to exclude the average AUM of our China
JVs for purposes of computing gross revenue yield on AUM, because
the revenues resulting from these AUM are not presented in our
operating revenues. Under U.S. GAAP, our share of the net income of
the JVs is recorded as equity in earnings of unconsolidated
affiliates on our Condensed Consolidated Statements of Income.
Gross revenue yield, the most comparable U.S. GAAP-based measure to
net revenue yield, is not considered a meaningful effective fee
rate measure. The numerator of the gross revenue yield measure,
operating revenues, excludes the management fees earned from CIP;
however, the denominator of the measure includes the AUM of these
investment products. Therefore, the gross revenue yield measure is
not considered representative of the company's true effective fee
rate from AUM.
|
|
|
|
(b)
|
Net revenue yield on
AUM is equal to annualized net revenues divided by average
AUM. See the reconciliations of U.S. GAAP to Non-GAAP
Information on pages 8 and 9 of this release for a reconciliation
of operating revenues to net revenues.
|
|
|
|
(c)
|
The alternatives
asset class includes absolute return, commodities, currencies,
financial structures, global macro, long/short equity, managed
futures, multi-alternatives, private capital - direct, private
capital - fund of funds, private direct real estate, public real
estate securities, senior secured loans and custom
solutions.
|
|
|
|
(d)
|
Ending AUM as of
June 30, 2016 includes $63.1 billion in institutional money
market AUM and $34.8 billion in PowerShares QQQ AUM. Ending retail
money market AUM as of June 30, 2016, included in long-term
AUM, were $8.0 billion.
|
|
|
|
(e)
|
Passive AUM includes
ETFs, UITs, non-fee earning leverage and other passive mandates.
Active AUM are total AUM less Passive AUM.
|
|
Invesco
Ltd.
Investment
Capabilities Performance Overview
|
|
|
|
|
Benchmark
Comparison
|
Peer Group
Comparison
|
|
|
% of AUM Ahead of
Benchmark
|
% of AUM In Top Half
of
Peer Group
|
|
Equities
|
|
1yr
|
3yr
|
5yr
|
1yr
|
3yr
|
5yr
|
|
U.S. Core
|
3
|
%
|
0
|
%
|
0
|
%
|
4
|
%
|
6
|
%
|
17
|
%
|
|
U.S.
Growth
|
28
|
%
|
28
|
%
|
28
|
%
|
37
|
%
|
95
|
%
|
36
|
%
|
|
U.S. Value
|
30
|
%
|
34
|
%
|
35
|
%
|
33
|
%
|
33
|
%
|
33
|
%
|
|
Sector
|
1
|
%
|
3
|
%
|
3
|
%
|
6
|
%
|
5
|
%
|
16
|
%
|
|
U.K.
|
65
|
%
|
100
|
%
|
100
|
%
|
92
|
%
|
93
|
%
|
100
|
%
|
|
Canadian
|
29
|
%
|
21
|
%
|
48
|
%
|
21
|
%
|
21
|
%
|
46
|
%
|
|
Asian
|
93
|
%
|
90
|
%
|
89
|
%
|
77
|
%
|
78
|
%
|
78
|
%
|
|
European
|
51
|
%
|
77
|
%
|
100
|
%
|
54
|
%
|
79
|
%
|
74
|
%
|
|
Global
|
39
|
%
|
53
|
%
|
66
|
%
|
48
|
%
|
67
|
%
|
80
|
%
|
|
Global Ex U.S. and
Emerging Markets
|
86
|
%
|
98
|
%
|
98
|
%
|
99
|
%
|
99
|
%
|
98
|
%
|
|
Fixed
Income
|
|
|
|
|
|
|
|
|
Money
Market
|
96
|
%
|
68
|
%
|
68
|
%
|
97
|
%
|
98
|
%
|
98
|
%
|
|
U.S. Fixed
Income
|
62
|
%
|
95
|
%
|
96
|
%
|
93
|
%
|
90
|
%
|
98
|
%
|
|
Global Fixed
Income
|
23
|
%
|
43
|
%
|
54
|
%
|
18
|
%
|
16
|
%
|
65
|
%
|
|
Stable
Value
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Other
|
|
|
|
|
|
|
|
|
Alternatives
|
56
|
%
|
28
|
%
|
52
|
%
|
62
|
%
|
11
|
%
|
26
|
%
|
|
Balanced
|
56
|
%
|
54
|
%
|
59
|
%
|
40
|
%
|
95
|
%
|
100
|
%
|
|
|
|
Note: AUM
measured in the one-, three-, and five-year peer group rankings
represents 59%, 58%, and 57% of total Invesco AUM, respectively,
and AUM measured versus benchmark on a one-, three-, and five-year
basis represents 74%, 70%, and 68% of total Invesco AUM,
respectively, as of 6/30/2016. Peer group rankings are sourced from
a widely-used third party ranking agency in each fund's market
(Lipper, Morningstar, IA, Russell, Mercer, eVestment Alliance,
SITCA, Value Research) and are asset-weighted in 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. Performance assumes the reinvestment of dividends.
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.
|
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SOURCE Invesco Ltd.