Weaker Equity and Credit Markets in the Near Term Won't Sidetrack Invesco's Improved Flow Picture

Invesco was once a top pick among the traditional US-based asset managers we cover, having generated solid organic assets under management growth with its long-term managed assets (1.7% annually on average during 2008-17) and operating with a diversified platform. We held this opinion despite the firm generating below-average operating profitability, primarily because this was the cost of business for it in its more retail-centric distribution platform.