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Oct. 12, 2015, 4:54 PM
Oct. 12, 2015, 11:54 AM
- BAML's Savita Subramanian figures more than 41% of active managers are beating their benchmarks this year vs. only 19% who did so in 2014. At this pace, mutual funds are on track for their best relative performance since 2009.
- It's possibly some welcome news for shops like Legg Mason (LM), Gamco (GBL +0.2%), Janus (JNS -1.1%), Invesco (IVZ -0.7%), T. Rowe Price (TROW -2%), and AllianceBernstein (AB -1.8%), at least some of whom have been losing AUM to ETFs.
Oct. 12, 2015, 10:31 AM
- Organic growth should be lackluster at best for the asset management names, says analyst Robert Lee, but Invesco (IVZ -0.9%) should be at the top of that growth list as investments in new products and distribution begin to pay off. The stock is his top pick in the sector.
- To help counter general sector weakness, investors may want to consider shorting Janus (JNS -0.5%) as that company's stock trades a potentially unjustifiable valuation premium.
- Also from KBW, AllianceBernstein (AB -1.8%) is cut to Market Perform from Outperform.
Sep. 9, 2015, 4:12 PM
- IVZ August 31 AUM of $776.4B slipped from $806.7B one month earlier, a combination of market losses, FX, and outflows from both money market funds and the PowerShares QQQs.
- Equity AUM of $369.6B vs. $396.5B, with active equity AUM of $283.8B vs. $304.4B and passive equity AUM of $85.8B vs. $92.1B.
- Fixed income AUM of $185.8B vs. $187.9B
- Money market AUM of $68.5B vs. $69.9B.
Aug. 11, 2015, 4:46 PM
- Invesco (NYSE:IVZ) end-of-July total AUM of $806.7B vs. $803.6B a month earlier. Active total AUM of $663.3B vs. $662B. Passive of $143.4B vs. $141.6B.
- Equity AUM of $396.5B vs. $394.7B. Active equity AUM of $304.4B vs. $305.3B. Passive of $92.1B vs. $89.4B.
- Fixed income AUM of $187.9B vs. $187.5B. Active of $146.8B vs. $146.3B. Passive of $41.1B vs. $41.2B.
Jul. 30, 2015, 8:38 AM
- Invesco (NYSE:IVZ): Q2 EPS of $0.63 beats by $0.01.
- Revenue of $1.32B (+2.3% Y/Y) beats by $10M.
Jul. 13, 2015, 4:32 PM
- Invesco (NYSE:IVZ) June 30 AUM of $803.6B slips from $812.4B one month earlier.
- Equity AUM of $394.7B vs. $403.6B. Active AUM of $305.3B vs. $312.9B. Passive $89.4B vs. $90.7B.
- Fixed income AUM of $187.5B vs. $185.6B. Active AUM of $146.3B vs. $143.3B. Passive $41.2B vs. $42.3B.
Jun. 17, 2015, 7:58 AM
- Expecting a pickup in deal activity to boost profit growth at Affiliated Managers (NYSE:AMG), Citi names the stock its top pick among traditional asset managers for H2. AMG replaces Invesco (NYSE:IVZ), through Citi retains a Buy rating on that stock as well.
- Invesco is flat YTD, AMG is ahead by 5.5%.
Jun. 8, 2015, 2:41 PM
- Mid-teens asset growth will continue for ETFs over the coming years, says Goldman Sachs, citing growth in ETF-favoring RIAs, 401(k) rollovers, increasing use of auto-allocation products (robo-advisors), regulatory push into lower-cost products, geographic expansion, and innovation.
- Areas in ETFs with the fastest growth rates and biggest potential include those located outside the U.S., fixed-income - which has only half the share of assets relative to mutual funds as equity ETFs have - and smart beta, which has seen 30% organic growth over the last three years.
- Stocks of interest include: BlackRock (NYSE:BLK), Invesco (NYSE:IVZ), and WisdomTree (NASDAQ:WETF).
- Source: The Reformed Broker
Jun. 8, 2015, 9:56 AM
- Artisan Partners Asset Management (APAM +3.2%) is started at Conviction Buy with $53 price target at Goldman Sachs. Rated at Buy are Affiliated Managers Group (AMG -0.2%), BlackRock (BLK -0.1%), and Janus Capital (JNS -2.3%).
- Initiated with a Sell rating is Franklin Resources (BEN -0.7%).
- Started at Neutral are Fifth Street Asset Management (FSAM -0.9%), Invesco (IVZ +0.9%), Medley Management (MDLY -0.8%), Virtus Investment (VRTS -2.1%), and WisdomTree (WETF -0.9%).
May 19, 2015, 2:02 PM
- "Prior to the financial crisis, consolidation was a consistent profitable investment theme in financial stocks," says KBW. The reverse has been true since, and the "fragmentation" of the giants is creating the best opportunities in the sector.
- Taking a very rough measure, the team notes the eight largest banks have made 104 acquisitions since 2010 versus 228 divestitures. Two notable recent moves are RBS's spin-off of Citizens Financial Group and GE's promise to unload $200B of financial assets.
- For who might benefit, look to those on the buy side of some these "forced" sales. KBW's list: Colony Financial (NYSE:CLNY), Invesco (NYSE:IVZ), Oaktree Capital (NYSE:OAK), PrivateBancorp (NASDAQ:PVTB), Raymond James (NYSE:RJF), Signature Bank (NASDAQ:SBNY), and SVB Financial (NASDAQ:SIVB).
May 13, 2015, 12:02 PM
- Vanguard Group, Guggenheim Investments, and First Trust are among U.S. ETF providers lining up bank credit lines or expanding existing ones in order to meet a rash of redemptions in some future market panic, writes Ashley Lau and Michael Flaherty.
- At issue are ETFs in less liquid corners of the fixed-income world - bank loans (also known as senior or leveraged loans) and high-yield come to mind.
- State Street (NYSE:STT) and Invesco's (NYSE:IVZ) PowerShares have credit lines for their respective senior loan ETFs (SRLN, BKLN, VVR), with SRLN having exclusive access to $100M of the $300M total credit facility State Street has in place.
- BlackRock (NYSE:BLK) hasn't opened any lines for its bond funds as it doesn't trade in these less liquid areas, but it has opened a line for some its emerging market stock ETFs.
- Senior loan ETFs: BKLN, OXLC, PPR, EFR, VVR, PHD, SRLN, NSL, BGB, BGX, FCT, SNLN, EVF, ECC, AFT, BSL, TSLF, FTSL, TLI, BHL
Apr. 30, 2015, 7:55 AM
- Q1 income of $272.1M or $0.63 per share vs. $261.6M and $0.60 one year ago.
- Ending AUM of $798.3B up 1.4% Y/Y. Total net inflows of $1.7B for the quarter vs. $900M of outflows one year ago. Active fund inflows of $6.8B vs. $3.2B.
- Investment management fees of $1.023.6B down 0.9% from Q4. Service and distribution fees of $213.4M down 2%. Performance fees f $51.7M vs. $19M.
- Conference call at 9 ET
- Previously: Invesco beats by $0.03, beats on revenue (April 30)
- IVZ flat premarket
Apr. 30, 2015, 7:33 AM
- Invesco (NYSE:IVZ): Q1 EPS of $0.63 beats by $0.03.
- Revenue of $917.5M (+3.3% Y/Y) beats by $23.16M.
Apr. 13, 2015, 4:10 PM
- IVZ total AUM as of March 31 of $798.3B fell from $809.4B a month earlier, with negative forex contributing $5.3B of the declne.
- Fixed income AUM of $184.4B rose from $183.8B
- Equity AUM of $392.8B fell from $397.5B.
Mar. 11, 2015, 4:11 PM
- Aequitas NEO - backed by Royal Bank of Canada (NYSE:RY) and with investments from Invesco (NYSE:IVZ) and one of Canada's largest pension funds - is expected to launch late this month, reports the WSJ.
- The investments from Invesco and B.C. Investment Management give the new exchange a major source of volume and listings to be able to compete with TSE operator TMX Group, which already has its hands full with U.S. exchanges taking business.
Invesco Ltd is an investment management company operating in more than 20 countries. It provides retail and institutional clients with an array of investment management capabilities. It has presence in the institutional and retail markets.
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