Today, 7:44 AM
Today, 7:21 AM
- Q2 adjusted net income of $233M or $0.56 per share vs. $271.4M and $0.63 one year ago.
- Revenue of $856.6M fell 8.5% Y/Y, and adjusted operating income of $330.4M fell 15.3%.
- Ending AUM of $779.6B rose 1% for the quarter, and fell 3% Y/Y. Total net inflows of $2.7B during quarter, with active flat and long-term passive drawing in $4.5B. The QQQ saw outflows of $3.8B, and money markets inflows of $2B.
- $200M of stock bought back during quarter at average price of $27.14 each.
- CC at 9 ET
- Previously: Invesco beats by $0.02, beats on revenue (July 28)
- IVZ flat premarket
Today, 6:59 AM
Yesterday, 5:30 PM
- AB, ABMD, ACIW, ACOR, ADP, AEP, ALKS, ALLE, ALXN, AMT, APD, ARIA, AZN, BC, BCC, BCO, BCOR, BEN, BG, BGCP, BHI, BMS, BMY, BSX, BWA, BWEN, BZH, CAB, CBG, CBM, CELG, CFX, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRR, CRS, CS, CSH, CVI, CVRR, CWT, DBD, DFT, DLX, DOW, DSX, EME, EPD, EQM, EQT, EXLS, F, FCFS, FCN, FI, FIG, FITB, FLY, FSS, GLOP, GNC, GOV, GPI, GPN, GRUB, GTLS, HCA, HEES, HOG, HP, HSY, HTH, IART, IDA, IGT, INCR, INGR, IP, IPGP, IRDM, ITC, ITG, IVC, IVZ, KEM, LAD, LAZ, LDOS, LEA, LKQ, LLL, LPG, MA, MCS, MD, MDP, MDWD, MINI, MITK, MJN, MKTX, MMC, MNRO, MPC, MPLX, MSCI, MTH, MTRN, MVIS, NAP, NEWM, NICE, NMR, NOV, NTCT, NYT, OAK, ODFL, ORI, OSK, PAG, PCG, PES, PF, PJC, PNR, POT, PRLB, PTEN, PX, RDN, RDS.A, RPM, RTN, SCG, SEE, SERV, SFE, SPB, SPGI, SQBG, SQNS, STNG, SXC, SXCP, TCK, TFX, TGI, THRM, TKR, TMO, TPX, TREE, TRI, TZOO, UAN, UBSI, UTHR, VC, VGR, VIVO, VNTV, WCC, WILN, WRLD, WST, WWE, YNDX, ZBH
Mon, Jul. 25, 4:31 AM
- The Brexit led to severe withdrawals at M&G, Schroders (OTCPK:SHNWY), Fidelity and Invesco (NYSE:IVZ) in June, as equity funds domiciled in Europe suffered their largest monthly redemptions since September 2011.
- Investors pulled at least €1B from the each of the four large investment groups, which are either based in the U.K. or have large hubs in the country.
Tue, Jul. 12, 4:31 PM
- IVZ June 30 total AUM of $779.6B dips from $791.1B a month earlier.
- Equity AUM of $348.8B vs. $360.1B. Fixed-income AUM of $196.3B vs. $194.5B.
- Active AUM of $646.1B down from $657.7B.
- Passive AUM of $133.5B vs. $133.4B.
Thu, Jul. 7, 1:35 PM
- Continuing to benefit from the trend toward low-cost, index-tracking funds, Vanguard Group pulled in $148B in the first half of the year, topping last year's record H1 haul of $140B.
- The fund giant sports four of the top 10 ETF inflow recipients so far this year, the S&P 500 Index Fund (NYSEARCA:VOO), the FTSE Developed Markets ETF (NYSEARCA:VEA), the REIT Index Fund (NYSEARCA:VNQ), and the Total Bond Market Index Fund (NYSEARCA:BND).
- Eyeing with envy: BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM
Thu, Jun. 30, 11:29 AM
- Net outflows for Invesco's (IVZ +1.4%) EMEA business were $228M the day after the vote result, more than offsetting inflows of $137M the day before. Inflows have been modestly positive since.
- For the company overall, there were net inflows of $1.3B from June 1 to June 29.
- The largest impact to Invesco and other asset managers, says the company, will be from NAV/FX declines. Invesco has hedged 75% of its pound-based operating income through March 2017 through the use of put options.
- Invesco intends to quicken the pace of buybacks, by entering an accelerated share repurchase deal with Morgan Stanley for $150M of company stock. Final settlement of this plan is expected no later than Q3.
Wed, Jun. 29, 1:59 PM
- It's stock price already struggling over the past months, Invesco (NYSE:IVZ) tumbled another 20% or so in the two session after the Brexit vote amid fears of its exposure to the U.K. and a downgrade from Citi's William Katz.
- The selloff has gotten out of hand, says Wells Fargo's Christopher Harris, even as he cuts his EPS estimate for 2016 to $2.22 from $2.40 and his price target to $29-$33 from $36-$40 (current is $24.72).
- He notes the midpoint of his price range plus the dividend implies a total return opportunity of 35%.
- "One could make the argument that the move in IVZ’s stock has wiped out the value of well over half of the entire U.K. operation," he says.
- The stock's higher by 3.1% today.
Fri, Jun. 24, 3:13 PM
- With London's status as a financial hub, Brexit raises questions over just how firms - including U.S. asset managers - will do business on the Continent from the City (such as selling financial products) under the new regime.
- The good news, says Citi's William Katz, is the poor performance of most of the sector means investors may have already priced in falling NAVs and AUM.
- The worst of the fallout, says Katz, will hit those managers with the largest presence in the U.K., including Invesco (IVZ -13%) and Affiliated Mangers Group (AMG -10.8%). Again, the recent struggles for both these stocks means the blow could be softer than feared.
- While the whole affair could make for good buying opportunities for private-equity funds, that doesn't mean the stock prices of players like Carlyle Group (CG -2.8%), Blackstone (BX -5%), KKR (KKR -6%), Fortress (FIG -3.9%), and Oaktree (OAK -1.7%) couldn't come under a great deal of pressure in the short term.
Fri, Jun. 24, 11:58 AM
- The Too Big To Fail lenders are naturally among the day's big losers following the U.K. vote to leave the EU, but losses in the financial sector are wide and deep as - among other things - interest rates look to be a lot lower for a lot longer.
- Among asset managers, Invesco (IVZ -10.8%) - with a sizable U.K. exposure - is faring about the worst. WisdomTree (WETF -7.8%) takes a hit as the yen is the solo currency surging against the dollar, reducing demand for its popular hedged Japan ETF.
- It's wait till next year (or even 2018 if you believe short-term rate futures markets) for rate hikes, meaning regional lenders can't celebrate their passing of the Fed stress tests last night. Regions (RF -7.8%), KeyCorp (KEY -6.4%), PNC Financial (PNC -5.5%), U.S. Bancorp (USB -4.2%), BB&T (BBT -5.1%).
- Even lower rates put even more pressure on the business models of the life insurers: MetLife (MET -8.8%), Prudential (PRU -7.7%), Lincoln National (LNC -9.9%), Voya (VOYA -7%). Online brokers too: E*Trade (ETFC -9.4%), Schwab (SCHW -9.5%).
- ETFs: KRE, KBE, IAT, KBWB, QABA, KBWR, KRU, KRS, WDRW, DPST
Mon, Jun. 20, 2:31 PM
- "The latest trends include passive, smart beta, robo and alternatives to name a few," says analyst Daniel Fannon. "Invesco (IVZ +3.2%) checks the box with all of these buzz words in terms of its product capabilities."
- It's obviously got to be about a lot more than "checking the box," and Fannon says the company has at least shown a willingness to invest, whether through M&A or organically.
- Fannon remains a bull, with a $35 price target suggesting more than 20% upside from the current level.
Fri, Jun. 10, 8:04 AM
- IVZ May 31 AUM of $791.1B rose 0.95% from $783.7B a month earlier, with market gains, inflows, increase in money market AUM. FX negatively impacted AUM by $2.9B.
- Equity AUM of $360.1B vs. $358.4B; Fixed-income AUM of $194.5B vs. $192.6B.
- Active AUM of $657.7B vs. $653.6B; Passive AUM of $133.4B vs. $130.1B.
Wed, Jun. 1, 4:01 PM
- Struggling with a steady stream of outflows in recent years, traditional asset managers still have substantial free-cash flow generation and balance sheet liquidity.
- "We think many asset managers can remain dividend machines," says KBW's Robert Lee. While the rate of dividend growth should slow this year and next, there's still room for managements to boost payouts, particularly as outfits like BlackRock (NYSE:BLK), Franklin Resources (NYSE:BEN), Eaton Vance (NYSE:EV), Invesco (NYSE:IVZ), and Legg Mason (NYSE:LM) look to build long-term records of annual dividend growth.
Thu, May 26, 12:14 PM
- RIght now, the chance of an affirmative vote in the Brexit referendum is looking mighty slim, so it's hard to imagine much of an edge here. Nevertheless, the team at JPMorgan has identified 22 U.S. stocks with the highest U.K. exposure as a percent of revenue. These names would thus theoretically benefit from a "Remain" vote.
- Penske (NYSE:PAG), PPL Corp. (NYSE:PPL), PRA Health (NASDAQ:PRAH), Invesco (NYSE:IVZ), Xerox (NYSE:XRX), Ford (NYSE:F), Copart (NASDAQ:CPRT), CBRE Group (NYSE:CBG), Genesee & Wyoming (NYSE:GWR), eBay (NASDAQ:EBAY), Marsh & McLennan (NYSE:MMC), MSCI (NYSE:MSCI), ON Semi (NASDAQ:ON), Aon (NYSE:AON), PayPal (NASDAQ:PYPL), Crane (NYSE:CR), Maximus (NYSE:MMS), Legg Mason (NYSE:LM), Guidewire (NYSE:GWRE), Signet (NYSE:SIG), Fair Isaac (NYSE:FICO), DST Systems (NYSE:DST).
Tue, May 10, 4:27 PM
Invesco Ltd. is an independent global investment management firm. It provides a comprehensive range of enduring solutions for clients. Their retail products are primarily distributed through third-party financial intermediaries, including traditional broker-dealers, fund supermarkets, retirement... More
Industry: Asset Management
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