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Invesco Ltd IVZ

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Morningstar’s Analysis

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A Merger Between Invesco and SSgA Would Create a Behemoth With More Than $5 Trillion in AUM

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We were surprised to see news this week about a potential tie-up between narrow-moat Invesco and SSgA, the asset management arm of wide-moat custodian bank State Street. If true, it would result in a firm with combined assets under management (as of June 2021) of $5.40 trillion, positioning it well over the $4 trillion mark where the top tier of traditional asset managers--BlackRock ($9.50 trillion in AUM), Vanguard ($7.90 trillion) and Fidelity ($4.20 trillion)--reside.

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Company Profile

Business Description

Invesco provides investment management services to retail (70% of managed assets) and institutional (30%) clients. At the end of June 2021, the firm had $1.525 trillion in assets under management spread out among its equity (52% of AUM), balanced (6%), fixed-income (21%), alternative investment (12%), and money market (9%) operations. Passive products account for 30% of Invesco's total AUM, including 48% of the company's equity operations and 14% of its fixed-income platform. 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 the U.S., with close to one third of its AUM sourced from Canada (2%), the U.K. (4%), continental Europe (11%), and Asia (15%).

1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe
Atlanta, GA, 30309
T +1 404 892-0896
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 8,483