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Invesco Ltd IVZ

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Morningstar’s Analysis

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Outflows Continue to Mar Invesco's Results; Company Cuts Dividend 50% to Enhance Liquidity

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat Invesco's first-quarter results that would alter our long-term view of the firm. We are leaving our $11.50 per share fair value estimate in place. Invesco closed out March 2020 with $1.053 trillion in managed assets, down 14.1% sequentially but up 10.3% on a year-over-year basis. Excluding the OppenheimerFunds acquisition, which added $224 billion in AUM during May 2019, managed assets were down 13.2% on a year-over-year basis. Outflows from long-term AUM, of $19 billion during the March quarter were better than our forecast for $27 billion, but when adding in other net flows (primarily nonmanagement fee-earning AUM) the firm lost $28 billion to outflows during the period (on par with our forecast for $29 billion in net outflows).

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Company Profile

Business Description

Invesco provides investment management services to retail (67% of managed assets) and institutional (33%) clients. At the end of May 2020, the firm had $1.143 trillion in assets under management spread out among its equity (47% of AUM), balanced (5%), fixed-income (23%), alternative investment (15%), and money market (10%) operations. Passive products accounted for 25% of Invesco's total AUM--42% of the company's equity operations and 15% of its fixed-income platform--at the end of May 2020. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside of the U.S., with just over 30% of its AUM sourced from Canada (2%), the U.K. (5%), continental Europe (12%), and Asia (11%).

1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe
Atlanta, GA, 30309, Bermuda
T +1 404 892-0896
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 8,757