Improved Equity and Credit Market Conditions Should Boost Invesco's Flows and AUM Levels

Invesco was once a top pick among the traditional US-based asset managers we cover, generating 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 even though the firm generated below-average operating profitability, primarily because this was the cost of doing business in its more retail-centric platform.