Invesco Ltd. IVZ
Q3 2010 Earnings Call Transcript

Operator: Ken Worthington, JPMC.

Kenneth Worthington - JPMorgan: Couple of questions on distribution. What kind of impact are you noticing thus far from LPL and Edward Jones in terms of retail sales and then talk about the whole selling effort there? And then separately more on Van Kampen, you had been talking about elevating Van Kampen on various platforms, how is that going?

Martin L. Flanagan - President and CEO: So just with those two organizations, obviously very-very strong organizations. Edward Jones, continued to just be very strong and probably the reason as we matched off against Edward Jones there were the fewest changes. So the leadership on our side had not changed. The wholesaling forces really did not change at all. So we just continue to move forward from that point of view. It continues to be a very strong relationship, and as we mentioned earlier, there was a broader array of products now that Jones has put on their platform, and from I'll call the traditional Invesco part of the business. LPO, our preferred partner right now and literally just completed – it is a – as you enter into new relationships like that, there's been a broad effort and, I'd say early days, but one of the highlights is that we completed a – what they call sort of a client engagement plan and there we received the top marks within their system. Again, I'd say that's early days, but we expect that to be very strong relationship going forward. Ken I am sorry, what was the third, last one?

Kenneth Worthington - JPMorgan: On the Van Kampen side, in discussions with platforms like Merrill Lynch and UBS to elevate the Van Kampen status there. How was that going, and I guess, over what time period do you think that starts the season is it multiple quarters, could we see something from either LPL or Van Kampen, 4Q, 1Q or do you think it takes longer than that?

Martin L. Flanagan - President and CEO: I think – again, much of what I talked about earlier, I call them sort of leading indicators, right? So the broadening of funds on platforms is I think prerequisite for ultimate success, and as I mentioned, yes, that's just improved quite dramatically. So Van Kampen and to some of the platforms that were less strong and that has gone very, very well, and if you look at their performance in the key areas that, U.S. value in particular, and the broader muni bond platform that we have now, very, very strong. I don't think you're going to see – I think we are hopefully going Ken – what kind of flows you are going to see. It's all going to be fully dependent upon really when do investors start to look to U.S. value equity as an asset class, and what I do feel when that starts to happen we're going to participate very-very nicely, because it sets a very strong track record. So, I personally think Ken, this is a multiple quarter effort and the other reality is that if you look at the performance, if you look at the depth and breadth of the organization, the platforms that are being accepted and the firms on to the different platforms, that's very-very good. We still have some work to do. We are a new name in the retail channels, I mean, that's a fundamental fact. So, as I've said, if you put us against a firm that's been operating with a single name for 15 years in the channel, they will run ahead of us, out of the box. But I'd say, we are making very-very good progress along the way to be a very-very important partner.