Improving Equity and Credit Markets Have Lifted Invesco's AUM, but Headwinds to Flows Persist

For a long time, Invesco was a top pick for us among the traditional U.S.-based asset managers we cover, having generated solid organic growth in assets under management (1.7% annually on average during 2008-17) with a broadly diversified platform (including a niche ETF product platform), despite generating below-average levels of operating profitability (primarily because of the costs associated with its more retail-centric distribution platform).