Bermuda | 001-13908 | 98-0557567 | |||||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||
1555 Peachtree Street, N.E., | Suite 1800, | Atlanta, | GA | 30309 | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $.20 par value | IVZ | New York Stock Exchange |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. | ||||
(d) | Exhibits |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Invesco Ltd. | |||||
By: |
/s/ Kevin M. Carome
|
||||
Kevin M. Carome | |||||
Senior Managing Director and General Counsel |
Press Release
For immediate release
|
|||||||||||
Invesco Reports Results for the Three Months Ended June 30, 2022
|
Investor Relations Contacts: Media Relations Contact: |
Greg Ketron Matt Seitz Graham Galt |
404-724-4299 404-439-4853 404-439-3070 |
Net Flows: |
Summary of net flows (in billions) | Q2-22 | Q1-22 | Q2-21 | |||||||||||||||||
Active | $ | (11.3) | $ | 0.8 | $ | 2.1 | ||||||||||||||
Passive | 4.5 | 16.4 | 29.0 | |||||||||||||||||
Net long-term flows | (6.8) | 17.2 | 31.1 | |||||||||||||||||
Non-management fee earning AUM | (2.0) | (1.0) | 2.5 | |||||||||||||||||
Money market | 3.5 | 12.8 | 19.8 | |||||||||||||||||
Total net flows | $ | (5.3) | $ | 29.0 | $ | 53.4 | ||||||||||||||
Annualized long-term organic growth rate (1) |
(2.4) | % | 5.8 | % | 10.6 | % | ||||||||||||||
Second Quarter Highlights: |
Financial Results | Q2-22 | Q1-22 | Q2-22 vs. Q1-22 | Q2-21 | Q2-22 vs. Q2-21 | ||||||||||||||||||||||||
U.S. GAAP Financial Measures | |||||||||||||||||||||||||||||
Operating revenues | $1,530.4 | m | $1,629.4 | m | (6.1) | % | $1,721.4 | m | (11.1) | % | |||||||||||||||||||
Operating income | $344.7 | m | $377.7 | m | (8.7) | % | $470.9 | m | (26.8) | % | |||||||||||||||||||
Operating margin | 22.5 | % | 23.2 | % | 27.4 | % | |||||||||||||||||||||||
Net income attributable to Invesco Ltd. | $121.0 | m | $197.7 | m | (38.8) | % | $368.3 | m | (67.1) | % | |||||||||||||||||||
Diluted EPS | $0.26 | $0.43 | (39.5) | % | $0.79 | (67.1) | % | ||||||||||||||||||||||
Adjusted Financial Measures (1) |
|||||||||||||||||||||||||||||
Net revenues | $1,173.9 | m | $1,252.4 | m | (6.3) | % | $1,302.9 | m | (9.9) | % | |||||||||||||||||||
Adjusted operating income | $411.9 | m | $494.6 | m | (16.7) | % | $540.5 | m | (23.8) | % | |||||||||||||||||||
Adjusted operating margin | 35.1 | % | 39.5 | % | 41.5 | % | |||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. | $180.3 | m | $259.3 | m | (30.5) | % | $364.7 | m | (50.6) | % | |||||||||||||||||||
Adjusted diluted EPS | $0.39 | $0.56 | (30.4) | % | $0.78 | (50.0) | % | ||||||||||||||||||||||
Assets Under Management | |||||||||||||||||||||||||||||
Ending AUM | $1,390.4 | bn | $1,555.9 | bn | (10.6) | % | $1,525.0 | bn | (8.8) | % | |||||||||||||||||||
Average AUM | $1,457.2 | bn | $1,545.1 | bn | (5.7) | % | $1,480.2 | bn | (1.6) | % | |||||||||||||||||||
Headcount | 8,506 | 8,549 | (0.5) | % | 8,483 | 0.3 | % |
U.S. GAAP Operating Results: |
Adjusted(1) Operating Results: |
Capital Management: |
Q2-22 | Q1-22 | % Change | Q2-21 | % Change | |||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||
Investment management fees | $ | 1,113.5 | $ | 1,180.5 | (5.7) | % | $ | 1,247.4 | (10.7) | % | |||||||||||||||||||
Service and distribution fees | 353.8 | 379.0 | (6.6) | % | 401.0 | (11.8) | % | ||||||||||||||||||||||
Performance fees | 9.2 | 1.0 | 820.0 | % | 10.5 | (12.4) | % | ||||||||||||||||||||||
Other | 53.9 | 68.9 | (21.8) | % | 62.5 | (13.8) | % | ||||||||||||||||||||||
Total operating revenues | 1,530.4 | 1,629.4 | (6.1) | % | 1,721.4 | (11.1) | % | ||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 475.0 | 512.6 | (7.3) | % | 539.6 | (12.0) | % | ||||||||||||||||||||||
Employee compensation | 407.2 | 432.9 | (5.9) | % | 487.0 | (16.4) | % | ||||||||||||||||||||||
Marketing | 33.8 | 21.7 | 55.8 | % | 24.5 | 38.0 | % | ||||||||||||||||||||||
Property, office and technology | 135.0 | 132.0 | 2.3 | % | 127.2 | 6.1 | % | ||||||||||||||||||||||
General and administrative | 119.7 | 102.2 | 17.1 | % | 103.3 | 15.9 | % | ||||||||||||||||||||||
Transaction, integration and restructuring | 0.2 | 35.2 | (99.4) | % | (47.1) | N/A | |||||||||||||||||||||||
Amortization of intangible assets | 14.8 | 15.1 | (2.0) | % | 16.0 | (7.5) | % | ||||||||||||||||||||||
Total operating expenses | 1,185.7 | 1,251.7 | (5.3) | % | 1,250.5 | (5.2) | % | ||||||||||||||||||||||
Operating income | 344.7 | 377.7 | (8.7) | % | 470.9 | (26.8) | % | ||||||||||||||||||||||
Other income/(expense): | |||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 24.7 | 33.4 | (26.0) | % | 37.2 | (33.6) | % | ||||||||||||||||||||||
Interest and dividend income | 2.1 | 1.2 | 75.0 | % | 0.4 | 425.0 | % | ||||||||||||||||||||||
Interest expense | (25.8) | (23.2) | 11.2 | % | (24.6) | 4.9 | % | ||||||||||||||||||||||
Other gains and losses, net | (90.0) | (45.5) | 97.8 | % | 43.4 | N/A | |||||||||||||||||||||||
Other income/(expense) of CIP, net | 26.2 | (23.3) | N/A | 122.0 | (78.5) | % | |||||||||||||||||||||||
Income before income taxes | 281.9 | 320.3 | (12.0) | % | 649.3 | (56.6) | % | ||||||||||||||||||||||
Income tax provision | (63.0) | (82.8) | (23.9) | % | (154.2) | (59.1) | % | ||||||||||||||||||||||
Net income | 218.9 | 237.5 | (7.8) | % | 495.1 | (55.8) | % | ||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (38.7) | 19.4 | N/A | (67.6) | (42.8) | % | |||||||||||||||||||||||
Less: Dividends declared on preferred shares | (59.2) | (59.2) | — | % | (59.2) | — | % | ||||||||||||||||||||||
Net income attributable to Invesco Ltd. | $ | 121.0 | $ | 197.7 | (38.8) | % | $ | 368.3 | (67.1) | % | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
---basic | $0.27 | $0.43 | (37.2) | % | $0.80 | (66.3) | % | ||||||||||||||||||||||
---diluted | $0.26 | $0.43 | (39.5) | % | $0.79 | (67.1) | % | ||||||||||||||||||||||
Average common shares outstanding: | |||||||||||||||||||||||||||||
---basic | 456.5 | 459.5 | (0.7) | % | 462.8 | (1.4) | % | ||||||||||||||||||||||
---diluted | 459.5 | 462.4 | (0.6) | % | 466.2 | (1.4) | % |
in millions | Q2-22 | Q1-22 | Q2-21 | |||||||||||||||||
Operating revenues, U.S. GAAP basis | $ | 1,530.4 | $ | 1,629.4 | $ | 1,721.4 | ||||||||||||||
Invesco Great Wall (1) |
106.1 | 124.1 | 110.9 | |||||||||||||||||
Revenue Adjustments (2) |
||||||||||||||||||||
Investment management fees | (193.1) | (205.9) | (212.8) | |||||||||||||||||
Service and distribution fees | (240.3) | (257.7) | (269.7) | |||||||||||||||||
Other | (41.6) | (49.0) | (57.1) | |||||||||||||||||
Total Revenue Adjustments | $ | (475.0) | $ | (512.6) | $ | (539.6) | ||||||||||||||
CIP | 12.4 | 11.5 | 10.2 | |||||||||||||||||
Net revenues | $ | 1,173.9 | $ | 1,252.4 | $ | 1,302.9 | ||||||||||||||
in millions | Q2-22 | Q1-22 | Q2-21 | |||||||||||||||||
Operating income, U.S. GAAP basis | $ | 344.7 | $ | 377.7 | $ | 470.9 | ||||||||||||||
Invesco Great Wall (1) |
62.2 | 73.7 | 62.0 | |||||||||||||||||
CIP | 16.1 | 14.8 | 19.2 | |||||||||||||||||
Transaction, integration and restructuring (3) |
0.2 | 35.2 | (47.1) | |||||||||||||||||
Amortization of intangible assets | 14.8 | 15.1 | 16.0 | |||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | (26.1) | (21.9) | 19.5 | |||||||||||||||||
Adjusted operating income | $ | 411.9 | $ | 494.6 | $ | 540.5 | ||||||||||||||
Operating margin (4) |
22.5 | % | 23.2 | % | 27.4 | % | ||||||||||||||
Adjusted operating margin (5) |
35.1 | % | 39.5 | % | 41.5 | % |
in millions | Q2-22 | Q1-22 | Q2-21 | |||||||||||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | $ | 121.0 | $ | 197.7 | $ | 368.3 | ||||||||||||||
Transaction, integration and restructuring, net of tax (3) |
0.2 | 27.0 | (34.8) | |||||||||||||||||
Amortization of intangible assets and related tax benefits (6) |
18.6 | 18.8 | 21.8 | |||||||||||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax | 40.5 | 15.8 | (7.6) | |||||||||||||||||
Impact of tax rate changes (7) |
— | — | 17.0 | |||||||||||||||||
Adjusted net income attributable to Invesco Ltd. (8) |
$ | 180.3 | $ | 259.3 | $ | 364.7 | ||||||||||||||
Average common shares outstanding - diluted | 459.5 | 462.4 | 466.2 | |||||||||||||||||
Diluted EPS | $0.26 | $0.43 | $0.79 | |||||||||||||||||
Adjusted diluted EPS (9) |
$0.39 | $0.56 | $0.78 |
in millions | Q2-22 | Q1-22 | Q2-21 | |||||||||||||||||
Operating expenses, U.S. GAAP basis | $ | 1,185.7 | $ | 1,251.7 | $ | 1,250.5 | ||||||||||||||
Invesco Great Wall (1) |
43.9 | 50.4 | 48.9 | |||||||||||||||||
Third party distribution, service and advisory expenses | (475.0) | (512.6) | (539.6) | |||||||||||||||||
CIP | (3.7) | (3.3) | (9.0) | |||||||||||||||||
Transaction, integration and restructuring (3) |
(0.2) | (35.2) | 47.1 | |||||||||||||||||
Amortization of intangible assets | (14.8) | (15.1) | (16.0) | |||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | 26.1 | 21.9 | (19.5) | |||||||||||||||||
Adjusted operating expenses | $ | 762.0 | $ | 757.8 | $ | 762.4 | ||||||||||||||
Employee compensation, U.S. GAAP basis | $ | 407.2 | $ | 432.9 | $ | 487.0 | ||||||||||||||
Invesco Great Wall (1) |
34.8 | 40.4 | 39.5 | |||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | 26.1 | 21.9 | (19.5) | |||||||||||||||||
Adjusted employee compensation | $ | 468.1 | $ | 495.2 | $ | 507.0 | ||||||||||||||
Marketing, U.S. GAAP basis | $ | 33.8 | $ | 21.7 | $ | 24.5 | ||||||||||||||
Invesco Great Wall (1) |
2.6 | 4.4 | 4.1 | |||||||||||||||||
Adjusted marketing | $ | 36.4 | $ | 26.1 | $ | 28.6 | ||||||||||||||
Property, office and technology, U.S. GAAP basis | $ | 135.0 | $ | 132.0 | $ | 127.2 | ||||||||||||||
Invesco Great Wall (1) |
5.0 | 3.7 | 3.2 | |||||||||||||||||
Adjusted property, office and technology | $ | 140.0 | $ | 135.7 | $ | 130.4 | ||||||||||||||
General and administrative, U.S. GAAP basis | $ | 119.7 | $ | 102.2 | $ | 103.3 | ||||||||||||||
Invesco Great Wall (1) |
1.5 | 1.9 | 2.1 | |||||||||||||||||
CIP | (3.7) | (3.3) | (9.0) | |||||||||||||||||
Adjusted general and administrative | $ | 117.5 | $ | 100.8 | $ | 96.4 | ||||||||||||||
Transaction, integration and restructuring, U.S. GAAP basis (3) |
$ | 0.2 | $ | 35.2 | $ | (47.1) | ||||||||||||||
Transaction, integration and restructuring | (0.2) | (35.2) | 47.1 | |||||||||||||||||
Adjusted transaction, integration and restructuring | $ | — | $ | — | $ | — | ||||||||||||||
Amortization of intangible assets, U.S. GAAP basis | $ | 14.8 | $ | 15.1 | $ | 16.0 | ||||||||||||||
Amortization of intangible assets |
(14.8) | (15.1) | (16.0) | |||||||||||||||||
Adjusted amortization of intangibles | $ | — | $ | — | $ | — | ||||||||||||||
in billions | Q2-22 | Q1-22 | % Change | Q2-21 | |||||||||||||||||||
Beginning Assets | $1,555.9 | $1,610.9 | (3.4) | % | $1,404.1 | ||||||||||||||||||
Long-term inflows | 81.4 | 106.3 | (23.4) | % | 114.4 | ||||||||||||||||||
Long-term outflows | (88.2) | (89.1) | (1.0) | % | (83.3) | ||||||||||||||||||
Net long-term flows | (6.8) | 17.2 | N/A | 31.1 | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | (1.0) | 100.0 | % | 2.5 | ||||||||||||||||||
Net flows in money market funds | 3.5 | 12.8 | (72.7) | % | 19.8 | ||||||||||||||||||
Total net flows | (5.3) | 29.0 | N/A | 53.4 | |||||||||||||||||||
Reinvested distributions | 1.8 | 0.8 | 125.0 | % | 0.9 | ||||||||||||||||||
Market gains and losses | (142.3) | (80.9) | 75.9 | % | 65.6 | ||||||||||||||||||
Foreign currency translation | (19.7) | (3.9) | 405.1 | % | 1.0 | ||||||||||||||||||
Ending Assets | $1,390.4 | $1,555.9 | (10.6) | % | $1,525.0 | ||||||||||||||||||
Ending long-term AUM | $1,063.7 | $1,184.4 | (10.2) | % | $1,199.0 | ||||||||||||||||||
Average long-term AUM | $1,117.2 | $1,187.7 | (5.9) | % | $1,173.9 | ||||||||||||||||||
Average AUM | $1,457.2 | $1,545.1 | (5.7) | % | $1,480.2 | ||||||||||||||||||
Average QQQ AUM | $169.0 | $189.0 | (10.6) | % | $162.7 | ||||||||||||||||||
in billions | Total AUM | Active(d) |
Passive(d) |
||||||||||||||
March 31, 2022 | $1,555.9 | $1,042.7 | $513.2 | ||||||||||||||
Long-term inflows | 81.4 | 48.8 | 32.6 | ||||||||||||||
Long-term outflows | (88.2) | (60.1) | (28.1) | ||||||||||||||
Net long-term flows | (6.8) | (11.3) | 4.5 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | — | (2.0) | ||||||||||||||
Net flows in money market funds | 3.5 | 3.5 | — | ||||||||||||||
Total net flows | (5.3) | (7.8) | 2.5 | ||||||||||||||
Reinvested distributions | 1.8 | 1.8 | — | ||||||||||||||
Market gains and losses | (142.3) | (61.6) | (80.7) | ||||||||||||||
Foreign currency translation | (19.7) | (17.2) | (2.5) | ||||||||||||||
June 30, 2022 | $1,390.4 | $957.9 | $432.5 | ||||||||||||||
Average AUM | $1,457.2 | $989.2 | $468.0 | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
March 31, 2022 | $1,555.9 | $1,044.7 | $511.2 | ||||||||||||||
Long-term inflows | 81.4 | 62.4 | 19.0 | ||||||||||||||
Long-term outflows | (88.2) | (70.7) | (17.5) | ||||||||||||||
Net long-term flows | (6.8) | (8.3) | 1.5 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | 0.2 | (2.2) | ||||||||||||||
Net flows in money market funds | 3.5 | 0.4 | 3.1 | ||||||||||||||
Total net flows | (5.3) | (7.7) | 2.4 | ||||||||||||||
Reinvested distributions | 1.8 | 1.7 | 0.1 | ||||||||||||||
Market gains and losses | (142.3) | (132.6) | (9.7) | ||||||||||||||
Foreign currency translation | (19.7) | (7.3) | (12.4) | ||||||||||||||
June 30, 2022 | $1,390.4 | $898.8 | $491.6 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market (c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
March 31, 2022 | $1,555.9 | $780.0 | $323.9 | $79.5 | $162.0 | $210.5 | |||||||||||||||||||||||||||||
Long-term inflows | 81.4 | 35.9 | 29.1 | 3.1 | — | 13.3 | |||||||||||||||||||||||||||||
Long-term outflows | (88.2) | (43.6) | (24.3) | (5.4) | — | (14.9) | |||||||||||||||||||||||||||||
Net long-term flows | (6.8) | (7.7) | 4.8 | (2.3) | — | (1.6) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | 0.2 | (2.2) | — | — | — | |||||||||||||||||||||||||||||
Net flows in money market funds | 3.5 | — | — | — | 3.5 | — | |||||||||||||||||||||||||||||
Total net flows | (5.3) | (7.5) | 2.6 | (2.3) | 3.5 | (1.6) | |||||||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.0 | 0.4 | 0.1 | — | 0.3 | |||||||||||||||||||||||||||||
Market gains and losses | (142.3) | (121.9) | (11.6) | (1.8) | 0.6 | (7.6) | |||||||||||||||||||||||||||||
Foreign currency translation | (19.7) | (6.8) | (6.2) | (2.6) | (2.1) | (2.0) | |||||||||||||||||||||||||||||
June 30, 2022 | $1,390.4 | $644.8 | $309.1 | $72.9 | $164.0 | $199.6 | |||||||||||||||||||||||||||||
Average AUM | $1,457.2 | $701.9 | $313.4 | $74.0 | $159.7 | $208.2 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
March 31, 2022 | $1,555.9 | $1,091.5 | $239.8 | $169.7 | $54.9 | ||||||||||||||||||||||||
Long-term inflows | 81.4 | 49.0 | 15.4 | 15.1 | 1.9 | ||||||||||||||||||||||||
Long-term outflows | (88.2) | (52.9) | (15.3) | (16.2) | (3.8) | ||||||||||||||||||||||||
Net long-term flows | (6.8) | (3.9) | 0.1 | (1.1) | (1.9) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | (2.5) | 0.9 | (0.5) | 0.1 | ||||||||||||||||||||||||
Net flows in money market funds | 3.5 | 4.0 | (0.4) | (0.1) | — | ||||||||||||||||||||||||
Total net flows | (5.3) | (2.4) | 0.6 | (1.7) | (1.8) | ||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.7 | — | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | (142.3) | (116.3) | (3.5) | (19.3) | (3.2) | ||||||||||||||||||||||||
Foreign currency translation | (19.7) | (1.0) | (12.5) | (2.4) | (3.8) | ||||||||||||||||||||||||
June 30, 2022 | $1,390.4 | $973.5 | $224.4 | $146.3 | $46.2 | ||||||||||||||||||||||||
in billions | Q2-22 | Q1-22 | % Change | Q2-21 | |||||||||||||||||||
Beginning Assets | $ | 1,042.7 | $ | 1,082.5 | (3.7) | % | $ | 1,006.3 | |||||||||||||||
Long-term inflows | 48.8 | 61.7 | (20.9) | % | 61.1 | ||||||||||||||||||
Long-term outflows | (60.1) | (60.9) | (1.3) | % | (59.0) | ||||||||||||||||||
Net long-term flows | (11.3) | 0.8 | N/A | 2.1 | |||||||||||||||||||
Net flows in money market funds | 3.5 | 12.8 | (72.7) | % | 19.8 | ||||||||||||||||||
Total net flows | (7.8) | 13.6 | N/A | 21.9 | |||||||||||||||||||
Reinvested distributions | 1.8 | 0.8 | 125.0 | % | 0.9 | ||||||||||||||||||
Market gains and losses | (61.6) | (50.0) | 23.2 | % | 35.3 | ||||||||||||||||||
Foreign currency translation | (17.2) | (4.2) | 309.5 | % | 1.6 | ||||||||||||||||||
Ending Assets | $ | 957.9 | $ | 1,042.7 | (8.1) | % | $ | 1,066.0 | |||||||||||||||
Average long-term AUM | $ | 829.7 | $ | 895.6 | (7.4) | % | $ | 921.4 | |||||||||||||||
Average AUM | $ | 989.2 | $ | 1,050.0 | (5.8) | % | $ | 1,049.1 | |||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
March 31, 2022 | $1,042.7 | $581.9 | $460.8 | ||||||||||||||
Long-term inflows | 48.8 | 30.9 | 17.9 | ||||||||||||||
Long-term outflows | (60.1) | (43.8) | (16.3) | ||||||||||||||
Net long-term flows | (11.3) | (12.9) | 1.6 | ||||||||||||||
Net flows in money market funds | 3.5 | 0.4 | 3.1 | ||||||||||||||
Total net flows | (7.8) | (12.5) | 4.7 | ||||||||||||||
Reinvested distributions | 1.8 | 1.7 | 0.1 | ||||||||||||||
Market gains and losses | (61.6) | (55.5) | (6.1) | ||||||||||||||
Foreign currency translation | (17.2) | (6.6) | (10.6) | ||||||||||||||
June 30, 2022 | $957.9 | $509.0 | $448.9 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market(c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
March 31, 2022 | $1,042.7 | $347.9 | $283.3 | $78.5 | $162.0 | $171.0 | |||||||||||||||||||||||||||||
Long-term inflows | 48.8 | 13.7 | 23.8 | 3.1 | — | 8.2 | |||||||||||||||||||||||||||||
Long-term outflows | (60.1) | (24.5) | (21.6) | (5.4) | — | (8.6) | |||||||||||||||||||||||||||||
Net long-term flows | (11.3) | (10.8) | 2.2 | (2.3) | — | (0.4) | |||||||||||||||||||||||||||||
Net flows in money market funds | 3.5 | — | — | — | 3.5 | — | |||||||||||||||||||||||||||||
Total net flows | (7.8) | (10.8) | 2.2 | (2.3) | 3.5 | (0.4) | |||||||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.0 | 0.4 | 0.1 | — | 0.3 | |||||||||||||||||||||||||||||
Market gains and losses | (61.6) | (45.5) | (9.6) | (1.7) | 0.6 | (5.4) | |||||||||||||||||||||||||||||
Foreign currency translation | (17.2) | (5.1) | (5.7) | (2.6) | (2.1) | (1.7) | |||||||||||||||||||||||||||||
June 30, 2022 | $957.9 | $287.5 | $270.6 | $72.0 | $164.0 | $163.8 | |||||||||||||||||||||||||||||
Average AUM | $989.2 | $313.1 | $274.4 | $73.1 | $159.7 | $168.9 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
March 31, 2022 | $1,042.7 | $703.2 | $202.3 | $83.3 | $53.9 | ||||||||||||||||||||||||
Long-term inflows | 48.8 | 28.7 | 13.8 | 4.5 | 1.8 | ||||||||||||||||||||||||
Long-term outflows | (60.1) | (36.3) | (13.2) | (7.0) | (3.6) | ||||||||||||||||||||||||
Net long-term flows | (11.3) | (7.6) | 0.6 | (2.5) | (1.8) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | — | 0.1 | (0.1) | — | ||||||||||||||||||||||||
Net flows in money market funds | 3.5 | 4.0 | (0.4) | (0.1) | — | ||||||||||||||||||||||||
Total net flows | (7.8) | (3.6) | 0.3 | (2.7) | (1.8) | ||||||||||||||||||||||||
Reinvested distribution | 1.8 | 1.7 | — | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | (61.6) | (51.2) | (0.9) | (6.5) | (3.0) | ||||||||||||||||||||||||
Foreign currency translation | (17.2) | (1.0) | (10.4) | (2.0) | (3.8) | ||||||||||||||||||||||||
June 30, 2022 | $957.9 | $649.1 | $191.3 | $72.1 | $45.4 | ||||||||||||||||||||||||
in billions | Q2-22 | Q1-22 | % Change | Q2-21 | |||||||||||||||||||
Beginning Assets | $513.2 | $528.4 | (2.9) | % | $397.8 | ||||||||||||||||||
Long-term inflows | 32.6 | 44.6 | (26.9) | % | 53.3 | ||||||||||||||||||
Long-term outflows | (28.1) | (28.2) | (0.4) | % | (24.3) | ||||||||||||||||||
Net long-term flows | 4.5 | 16.4 | (72.6) | % | 29.0 | ||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | (1.0) | 100.0 | % | 2.5 | ||||||||||||||||||
Total net flows | 2.5 | 15.4 | (83.8) | % | 31.5 | ||||||||||||||||||
Market gains and losses | (80.7) | (30.9) | 161.2 | % | 30.3 | ||||||||||||||||||
Foreign currency translation | (2.5) | 0.3 | N/A | (0.6) | |||||||||||||||||||
Ending Assets | $432.5 | $513.2 | (15.7) | % | $459.0 | ||||||||||||||||||
Average long-term AUM | $287.5 | $292.1 | (1.6) | % | $252.5 | ||||||||||||||||||
Average AUM | $468.0 | $495.1 | (5.5) | % | $431.1 | ||||||||||||||||||
Average QQQ AUM | $169.0 | $189.0 | (10.6) | % | $162.7 | ||||||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
March 31, 2022 | $513.2 | $462.8 | $50.4 | ||||||||||||||
Long-term inflows | 32.6 | 31.5 | 1.1 | ||||||||||||||
Long-term outflows | (28.1) | (26.9) | (1.2) | ||||||||||||||
Net long-term flows | 4.5 | 4.6 | (0.1) | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | 0.2 | (2.2) | ||||||||||||||
Total net flows | 2.5 | 4.8 | (2.3) | ||||||||||||||
Market gains and losses | (80.7) | (77.1) | (3.6) | ||||||||||||||
Foreign currency translation | (2.5) | (0.7) | (1.8) | ||||||||||||||
June 30, 2022 | $432.5 | $389.8 | $42.7 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market(c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
March 31, 2022 | $513.2 | $432.1 | $40.6 | $1.0 | $— | $39.5 | |||||||||||||||||||||||||||||
Long-term inflows | 32.6 | 22.2 | 5.3 | — | — | 5.1 | |||||||||||||||||||||||||||||
Long-term outflows | (28.1) | (19.1) | (2.7) | — | — | (6.3) | |||||||||||||||||||||||||||||
Net long-term flows | 4.5 | 3.1 | 2.6 | — | — | (1.2) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | 0.2 | (2.2) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | 2.5 | 3.3 | 0.4 | — | — | (1.2) | |||||||||||||||||||||||||||||
Market gains and losses | (80.7) | (76.4) | (2.0) | (0.1) | — | (2.2) | |||||||||||||||||||||||||||||
Foreign currency translation | (2.5) | (1.7) | (0.5) | — | — | (0.3) | |||||||||||||||||||||||||||||
June 30, 2022 | $432.5 | $357.3 | $38.5 | $0.9 | $— | $35.8 | |||||||||||||||||||||||||||||
Average AUM | $468.0 | $388.8 | $39.0 | $0.9 | $— | $39.3 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
March 31, 2022 | $513.2 | $388.3 | $37.5 | $86.4 | $1.0 | ||||||||||||||||||||||||
Long-term inflows | 32.6 | 20.3 | 1.6 | 10.6 | 0.1 | ||||||||||||||||||||||||
Long-term outflows | (28.1) | (16.6) | (2.1) | (9.2) | (0.2) | ||||||||||||||||||||||||
Net long-term flows | 4.5 | 3.7 | (0.5) | 1.4 | (0.1) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.0) | (2.5) | 0.8 | (0.4) | 0.1 | ||||||||||||||||||||||||
Total net flows | 2.5 | 1.2 | 0.3 | 1.0 | — | ||||||||||||||||||||||||
Market gains and losses | (80.7) | (65.1) | (2.6) | (12.8) | (0.2) | ||||||||||||||||||||||||
Foreign currency translation | (2.5) | — | (2.1) | (0.4) | — | ||||||||||||||||||||||||
June 30, 2022 | $432.5 | $324.4 | $33.1 | $74.2 | $0.8 | ||||||||||||||||||||||||
in billions | June 30, 2022 | June 30, 2021 | % Change | |||||||||||||||||
Beginning Assets | $1,610.9 | $1,349.9 | 19.3 | % | ||||||||||||||||
Long-term inflows | 187.7 | 234.6 | (20.0) | % | ||||||||||||||||
Long-term outflows | (177.3) | (179.0) | (0.9) | % | ||||||||||||||||
Net long-term flows | 10.4 | 55.6 | (81.3) | % | ||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 2.6 | N/A | |||||||||||||||||
Net flows in money market funds | 16.3 | 27.1 | (39.9) | % | ||||||||||||||||
Total net flows | 23.7 | 85.3 | (72.2) | % | ||||||||||||||||
Reinvested distributions | 2.6 | 1.8 | 44.4 | % | ||||||||||||||||
Market gains and losses | (223.2) | 90.2 | N/A | |||||||||||||||||
Foreign currency translation | (23.6) | (2.2) | 972.7 | % | ||||||||||||||||
Ending Assets | $1,390.4 | $1,525.0 | (8.8) | % | ||||||||||||||||
Average long-term AUM | $1,152.4 | $1,142.1 | 0.9 | % | ||||||||||||||||
Average AUM | $1,501.2 | $1,437.7 | 4.4 | % | ||||||||||||||||
in billions | Total AUM | Active(d) |
Passive(d) |
||||||||||||||
December 31, 2021 | $1,610.9 | $1,082.5 | $528.4 | ||||||||||||||
Long-term inflows | 187.7 | 110.5 | 77.2 | ||||||||||||||
Long-term outflows | (177.3) | (121.0) | (56.3) | ||||||||||||||
Net long-term flows | 10.4 | (10.5) | 20.9 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | — | (3.0) | ||||||||||||||
Net flows in money market funds | 16.3 | 16.3 | — | ||||||||||||||
Total net flows | 23.7 | 5.8 | 17.9 | ||||||||||||||
Reinvested distributions | 2.6 | 2.6 | — | ||||||||||||||
Market gains and losses | (223.2) | (111.6) | (111.6) | ||||||||||||||
Foreign currency translation | (23.6) | (21.4) | (2.2) | ||||||||||||||
June 30, 2022 | $1,390.4 | $957.9 | $432.5 | ||||||||||||||
Average AUM | $1,501.2 | $1,019.6 | $481.6 | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $1,610.9 | $1,106.5 | $504.4 | ||||||||||||||
Long-term inflows | 187.7 | 143.5 | 44.2 | ||||||||||||||
Long-term outflows | (177.3) | (141.4) | (35.9) | ||||||||||||||
Net long-term flows | 10.4 | 2.1 | 8.3 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 0.6 | (3.6) | ||||||||||||||
Net flows in money market funds | 16.3 | 2.5 | 13.8 | ||||||||||||||
Total net flows | 23.7 | 5.2 | 18.5 | ||||||||||||||
Reinvested distributions | 2.6 | 2.4 | 0.2 | ||||||||||||||
Market gains and losses | (223.2) | (206.9) | (16.3) | ||||||||||||||
Foreign currency translation | (23.6) | (8.4) | (15.2) | ||||||||||||||
June 30, 2022 | $1,390.4 | $898.8 | $491.6 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market (c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
December 31, 2021 | $1,610.9 | $841.6 | $334.8 | $88.6 | $148.8 | $197.1 | |||||||||||||||||||||||||||||
Long-term inflows | 187.7 | 86.5 | 58.5 | 8.6 | — | 34.1 | |||||||||||||||||||||||||||||
Long-term outflows | (177.3) | (88.6) | (48.9) | (11.7) | — | (28.1) | |||||||||||||||||||||||||||||
Net long-term flows | 10.4 | (2.1) | 9.6 | (3.1) | — | 6.0 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 0.6 | (3.6) | — | — | — | |||||||||||||||||||||||||||||
Net flows in money market funds | 16.3 | — | — | — | 16.3 | — | |||||||||||||||||||||||||||||
Total net flows | 23.7 | (1.5) | 6.0 | (3.1) | 16.3 | 6.0 | |||||||||||||||||||||||||||||
Reinvested distributions | 2.6 | 1.2 | 0.7 | 0.2 | — | 0.5 | |||||||||||||||||||||||||||||
Market gains and losses | (223.2) | (188.4) | (24.3) | (10.1) | 1.0 | (1.4) | |||||||||||||||||||||||||||||
Foreign currency translation | (23.6) | (8.1) | (8.1) | (2.7) | (2.1) | (2.6) | |||||||||||||||||||||||||||||
June 30, 2022 | $1,390.4 | $644.8 | $309.1 | $72.9 | $164.0 | $199.6 | |||||||||||||||||||||||||||||
Average AUM | $1,501.2 | $739.3 | $320.6 | $78.8 | $157.1 | $205.4 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
December 31, 2021 | 1,610.9 | 1,132.5 | 247.3 | 171.5 | 59.6 | ||||||||||||||||||||||||
Long-term inflows | 187.7 | 110.5 | 36.8 | 36.6 | 3.8 | ||||||||||||||||||||||||
Long-term outflows | (177.3) | (106.5) | (31.1) | (31.8) | (7.9) | ||||||||||||||||||||||||
Net long-term flows | 10.4 | 4.0 | 5.7 | 4.8 | (4.1) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | (4.7) | 0.8 | 0.6 | 0.3 | ||||||||||||||||||||||||
Net flows in money market funds | 16.3 | 16.4 | 0.8 | (0.9) | — | ||||||||||||||||||||||||
Total net flows | 23.7 | 15.7 | 7.3 | 4.5 | (3.8) | ||||||||||||||||||||||||
Reinvested distributions | 2.6 | 2.5 | — | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | (223.2) | (176.3) | (15.9) | (26.5) | (4.5) | ||||||||||||||||||||||||
Foreign currency translation | (23.6) | (0.9) | (14.3) | (3.2) | (5.2) | ||||||||||||||||||||||||
June 30, 2022 | 1,390.4 | 973.5 | 224.4 | 146.3 | 46.2 | ||||||||||||||||||||||||
in billions | June 30, 2022 | June 30, 2021 | % Change | |||||||||||||||||
Beginning Assets | $ | 1,082.5 | $ | 979.3 | 10.5 | % | ||||||||||||||
Long-term inflows | 110.5 | 137.4 | (19.6) | % | ||||||||||||||||
Long-term outflows | (121.0) | (127.8) | (5.3) | % | ||||||||||||||||
Net long-term flows | (10.5) | 9.6 | N/A | |||||||||||||||||
Net flows in money market funds | 16.3 | 27.1 | (39.9) | % | ||||||||||||||||
Total net flows | 5.8 | 36.7 | (84.2) | % | ||||||||||||||||
Reinvested distributions | 2.6 | 1.8 | 44.4 | % | ||||||||||||||||
Market gains and losses | (111.6) | 49.5 | N/A | |||||||||||||||||
Foreign currency translation | (21.4) | (1.3) | 1,546.2 | % | ||||||||||||||||
Ending Assets | $ | 957.9 | $ | 1,066.0 | (10.1) | % | ||||||||||||||
Average long-term AUM | $ | 862.6 | $ | 907.1 | (4.9) | % | ||||||||||||||
Average AUM | $ | 1,019.6 | $ | 1,028.8 | (0.9) | % | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $1,082.5 | $631.7 | $450.8 | ||||||||||||||
Long-term inflows | 110.5 | 68.0 | 42.5 | ||||||||||||||
Long-term outflows | (121.0) | (87.2) | (33.8) | ||||||||||||||
Net long-term flows | (10.5) | (19.2) | 8.7 | ||||||||||||||
Net flows in money market funds | 16.3 | 2.5 | 13.8 | ||||||||||||||
Total net flows | 5.8 | (16.7) | 22.5 | ||||||||||||||
Reinvested distributions | 2.6 | 2.4 | 0.2 | ||||||||||||||
Market gains and losses | (111.6) | (100.9) | (10.7) | ||||||||||||||
Foreign currency translation | (21.4) | (7.5) | (13.9) | ||||||||||||||
June 30, 2022 | $ | 957.9 | $ | 509.0 | $ | 448.9 | |||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market(c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
December 31, 2021 | $1,082.5 | $389.6 | $293.1 | $87.4 | $148.8 | $163.6 | |||||||||||||||||||||||||||||
Long-term inflows | 110.5 | 32.8 | 48.3 | 8.6 | — | 20.8 | |||||||||||||||||||||||||||||
Long-term outflows | (121.0) | (48.7) | (43.6) | (11.6) | — | (17.1) | |||||||||||||||||||||||||||||
Net long-term flows | (10.5) | (15.9) | 4.7 | (3.0) | — | 3.7 | |||||||||||||||||||||||||||||
Net flows in money market funds | 16.3 | — | — | — | 16.3 | — | |||||||||||||||||||||||||||||
Total net flows | 5.8 | (15.9) | 4.7 | (3.0) | 16.3 | 3.7 | |||||||||||||||||||||||||||||
Reinvested distributions | 2.6 | 1.2 | 0.7 | 0.2 | — | 0.5 | |||||||||||||||||||||||||||||
Market gains and losses | (111.6) | (80.7) | (20.3) | (9.9) | 1.0 | (1.7) | |||||||||||||||||||||||||||||
Foreign currency translation | (21.4) | (6.7) | (7.6) | (2.7) | (2.1) | (2.3) | |||||||||||||||||||||||||||||
June 30, 2022 | $957.9 | $287.5 | $270.6 | $72.0 | $164.0 | $163.8 | |||||||||||||||||||||||||||||
Average AUM | $1,019.6 | $335.9 | $280.8 | $77.7 | $157.1 | $168.1 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
December 31, 2021 | $1,082.5 | $724.5 | $208.8 | $90.5 | $58.7 | ||||||||||||||||||||||||
Long-term inflows | 110.5 | 63.2 | 33.6 | 10.2 | 3.5 | ||||||||||||||||||||||||
Long-term outflows | (121.0) | (71.8) | (27.9) | (13.9) | (7.4) | ||||||||||||||||||||||||
Net long-term flows | (10.5) | (8.6) | 5.7 | (3.7) | (3.9) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | — | 0.1 | (0.1) | — | ||||||||||||||||||||||||
Net flows in money market funds | 16.3 | 16.4 | 0.8 | (0.9) | — | ||||||||||||||||||||||||
Total net flows | 5.8 | 7.8 | 6.6 | (4.7) | (3.9) | ||||||||||||||||||||||||
Reinvested distributions | 2.6 | 2.5 | — | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | (111.6) | (84.8) | (11.4) | (11.1) | (4.3) | ||||||||||||||||||||||||
Foreign currency translation | (21.4) | (0.9) | (12.7) | (2.6) | (5.2) | ||||||||||||||||||||||||
June 30, 2022 | $957.9 | $649.1 | $191.3 | $72.1 | $45.4 | ||||||||||||||||||||||||
in billions | June 30, 2022 | June 30, 2021 | % Change | |||||||||||||||||
Beginning Assets | $528.4 | $370.6 | 42.6 | % | ||||||||||||||||
Long-term inflows | 77.2 | 97.2 | (20.6) | % | ||||||||||||||||
Long-term outflows | (56.3) | (51.2) | 10.0 | % | ||||||||||||||||
Net long-term flows | 20.9 | 46.0 | (54.6) | % | ||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 2.6 | N/A | |||||||||||||||||
Total net flows | 17.9 | 48.6 | (63.2) | % | ||||||||||||||||
Market gains and losses | (111.6) | 40.7 | N/A | |||||||||||||||||
Foreign currency translation | (2.2) | (0.9) | 144.4 | % | ||||||||||||||||
Ending Assets | $432.5 | $459.0 | (5.8) | % | ||||||||||||||||
Average long-term AUM | $289.8 | $235.0 | 23.3 | % | ||||||||||||||||
Average AUM | $481.6 | $408.9 | 17.8 | % | ||||||||||||||||
Average QQQ AUM | $179.0 | $157.9 | 13.4 | % | ||||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $528.4 | $474.8 | $53.6 | ||||||||||||||
Long-term inflows | 77.2 | 75.5 | 1.7 | ||||||||||||||
Long-term outflows | (56.3) | (54.2) | (2.1) | ||||||||||||||
Net long-term flows | 20.9 | 21.3 | (0.4) | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 0.6 | (3.6) | ||||||||||||||
Total net flows | 17.9 | 21.9 | (4.0) | ||||||||||||||
Market gains and losses | (111.6) | (106.0) | (5.6) | ||||||||||||||
Foreign currency translation | (2.2) | (0.9) | (1.3) | ||||||||||||||
June 30, 2022 | $432.5 | $389.8 | $42.7 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market(c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
December 31, 2021 | $528.4 | $452.0 | $41.7 | $1.2 | $— | $33.5 | |||||||||||||||||||||||||||||
Long-term inflows | 77.2 | 53.7 | 10.2 | — | — | 13.3 | |||||||||||||||||||||||||||||
Long-term outflows | (56.3) | (39.9) | (5.3) | (0.1) | — | (11.0) | |||||||||||||||||||||||||||||
Net long-term flows | 20.9 | 13.8 | 4.9 | (0.1) | — | 2.3 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | 0.6 | (3.6) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | 17.9 | 14.4 | 1.3 | (0.1) | — | 2.3 | |||||||||||||||||||||||||||||
Market gains and losses | (111.6) | (107.7) | (4.0) | (0.2) | — | 0.3 | |||||||||||||||||||||||||||||
Foreign currency translation | (2.2) | (1.4) | (0.5) | — | — | (0.3) | |||||||||||||||||||||||||||||
June 30, 2022 | $432.5 | $357.3 | $38.5 | $0.9 | $— | $35.8 | |||||||||||||||||||||||||||||
Average AUM | $481.6 | $403.4 | $39.8 | $1.0 | $— | $37.4 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA Ex UK | U.K | ||||||||||||||||||||||||
December 31, 2021 | $528.4 | $408.0 | $38.5 | $81.0 | $0.9 | ||||||||||||||||||||||||
Long-term inflows | 77.2 | 47.3 | 3.2 | 26.4 | 0.3 | ||||||||||||||||||||||||
Long-term outflows | (56.3) | (34.7) | (3.2) | (17.9) | (0.5) | ||||||||||||||||||||||||
Net long-term flows | 20.9 | 12.6 | — | 8.5 | (0.2) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.0) | (4.7) | 0.7 | 0.7 | 0.3 | ||||||||||||||||||||||||
Total net flows | 17.9 | 7.9 | 0.7 | 9.2 | 0.1 | ||||||||||||||||||||||||
Market gains and losses | (111.6) | (91.5) | (4.5) | (15.4) | (0.2) | ||||||||||||||||||||||||
Foreign currency translation | (2.2) | — | (1.6) | (0.6) | — | ||||||||||||||||||||||||
June 30, 2022 | $432.5 | $324.4 | $33.1 | $74.2 | $0.8 | ||||||||||||||||||||||||
Benchmark Comparison | Peer Group Comparison | |||||||||||||||||||||||||
% of AUM in Top Half of Benchmark | % of AUM in Top Half of Peer Group | |||||||||||||||||||||||||
Equities (1) |
1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | ||||||||||||||||||
U.S. Core (4%) | 42 | % | 40 | % | 15 | % | 15 | % | 12 | % | 20 | % | 11 | % | — | % | ||||||||||
U.S. Growth (6%) | 28 | % | 43 | % | 43 | % | 43 | % | 18 | % | 41 | % | 29 | % | 36 | % | ||||||||||
U.S. Value (7%) | 91 | % | 59 | % | 45 | % | 52 | % | 81 | % | 41 | % | 40 | % | 38 | % | ||||||||||
Sector (1%) | 1 | % | 1 | % | 1 | % | 55 | % | 30 | % | 24 | % | 56 | % | 56 | % | ||||||||||
UK (1%) | 79 | % | 46 | % | 38 | % | 43 | % | 100 | % | 40 | % | 35 | % | 35 | % | ||||||||||
Canadian (<1%) | 100 | % | 77 | % | 77 | % | 37 | % | 88 | % | 77 | % | 40 | % | — | % | ||||||||||
Asian (3%) | 51 | % | 78 | % | 86 | % | 90 | % | 25 | % | 27 | % | 59 | % | 85 | % | ||||||||||
Continental European (2%) | 77 | % | 29 | % | 9 | % | 92 | % | 90 | % | 33 | % | 4 | % | 91 | % | ||||||||||
Global (5%) | 17 | % | 13 | % | 6 | % | 80 | % | 12 | % | 8 | % | — | % | 31 | % | ||||||||||
Global Ex U.S. and Emerging Markets (9%) | 11 | % | 18 | % | 10 | % | 91 | % | 18 | % | 1 | % | 10 | % | 12 | % | ||||||||||
Fixed Income (1) |
||||||||||||||||||||||||||
Money Market (23%) | 19 | % | 77 | % | 96 | % | 100 | % | 78 | % | 80 | % | 79 | % | 98 | % | ||||||||||
U.S. Fixed Income (11%) | 31 | % | 74 | % | 83 | % | 97 | % | 27 | % | 67 | % | 82 | % | 92 | % | ||||||||||
Global Fixed Income (7%) | 49 | % | 83 | % | 78 | % | 92 | % | 66 | % | 69 | % | 74 | % | 87 | % | ||||||||||
Stable Value (6%) | 100 | % | 100 | % | 100 | % | 100 | % | 97 | % | 97 | % | 97 | % | 100 | % | ||||||||||
Other (1) |
||||||||||||||||||||||||||
Alternatives (7%) | 29 | % | 48 | % | 41 | % | 34 | % | 66 | % | 51 | % | 49 | % | 44 | % | ||||||||||
Balanced (8%) | 41 | % | 94 | % | 65 | % | 65 | % | 37 | % | 62 | % | 87 | % | 94 | % |
For the three months ended June 30, 2022 |
For the three months ended June 30, 2021 |
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Cash flow information $ in millions |
U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | |||||||||||||||||||||||||||||
Invesco and CIP cash, cash equivalents and restricted cash, beginning of period (2) |
$ | 1,614.1 | $ | 304.5 | $ | 1,309.6 | $ | 1,795.9 | $ | 429.6 | $ | 1,366.3 | |||||||||||||||||||||||
Cash flows from operating activities | 123.1 | (151.2) | 274.3 | 507.7 | (18.8) | 526.5 | |||||||||||||||||||||||||||||
Cash flows from investing activities | (76.7) | (36.7) | (40.0) | (83.8) | (44.4) | (39.4) | |||||||||||||||||||||||||||||
Cash flows from financing activities | (477.7) | 84.4 | (562.1) | (482.7) | 36.6 | (519.3) | |||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (431.3) | (103.5) | (327.8) | (58.8) | (26.6) | (32.2) | |||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | (50.0) | (5.0) | (45.0) | — | 1.1 | (1.1) | |||||||||||||||||||||||||||||
Invesco and CIP cash and cash equivalents, end of the period
|
$ | 1,132.8 | $ | 196.0 | $ | 936.8 | $ | 1,737.1 | $ | 404.1 | $ | 1,333.0 | |||||||||||||||||||||||
For the six months ended June 30, 2022 |
For the six months ended June 30, 2021 |
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Cash flow information $ in millions |
U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | |||||||||||||||||||||||||||||
Invesco and CIP cash, cash equivalents and restricted cash, beginning of period (2) |
$ | 2,147.1 | $ | 250.7 | $ | 1,896.4 | $ | 1,839.3 | $ | 301.7 | $ | 1,537.6 | |||||||||||||||||||||||
Cash flows from operating activities | (252.3) | (407.2) | 154.9 | 480.8 | (120.4) | 601.2 | |||||||||||||||||||||||||||||
Cash flows from investing activities | (155.8) | (38.3) | (117.5) | (223.7) | (169.0) | (54.7) | |||||||||||||||||||||||||||||
Cash flows from financing activities | (533.0) | 398.6 | (931.6) | (344.9) | 396.5 | (741.4) | |||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (941.1) | (46.9) | (894.2) | (87.8) | 107.1 | (194.9) | |||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | (73.2) | (7.8) | (65.4) | (14.4) | (4.7) | (9.7) | |||||||||||||||||||||||||||||
Invesco and CIP cash and cash equivalents, end of the period
|
$ | 1,132.8 | $ | 196.0 | $ | 936.8 | $ | 1,737.1 | $ | 404.1 | $ | 1,333.0 | |||||||||||||||||||||||
As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet information $ in millions |
U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | |||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 936.8 | $ | — | $ | — | $ | 936.8 | $ | 1,896.4 | — | — | $ | 1,896.4 | |||||||||||||||||||||||||||||||||
Investments | 884.6 | (448.2) | — | 1,332.8 | 926.3 | (454.8) | — | 1,381.1 | |||||||||||||||||||||||||||||||||||||||
Investments and other assets of CIP | 9,007.9 | 9,007.9 | — | — | 9,575.1 | 9,575.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 196.0 | 196.0 | — | — | 250.7 | 250.7 | — | — | |||||||||||||||||||||||||||||||||||||||
Assets held for policyholders | 1,067.7 | — | 1,067.7 | — | 1,893.6 | — | 1,893.6 | — | |||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | 15,820.6 | — | — | 15,820.6 | 16,110.5 | — | — | 16,110.5 | |||||||||||||||||||||||||||||||||||||||
Other assets (2) |
2,273.1 | (8.4) | — | 2,281.5 | 2,033.0 | (6.4) | — | 2,039.4 | |||||||||||||||||||||||||||||||||||||||
Total assets | 30,186.7 | 8,747.3 | 1,067.7 | 20,371.7 | 32,685.6 | 9,364.6 | 1,893.6 | 21,427.4 | |||||||||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Debt of CIP | 6,731.1 | 6,731.1 | — | — | 7,336.1 | 7,336.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Other liabilities of CIP | 443.0 | 443.0 | — | — | 846.3 | 846.3 | — | — | |||||||||||||||||||||||||||||||||||||||
Policyholder payables | 1,067.7 | — | 1,067.7 | — | 1,893.6 | — | 1,893.6 | — | |||||||||||||||||||||||||||||||||||||||
Debt | 1,671.2 | — | — | 1,671.2 | 2,085.1 | — | — | 2,085.1 | |||||||||||||||||||||||||||||||||||||||
Other liabilities (3) |
3,586.1 | — | — | 3,586.1 | 3,845.7 | — | — | 3,845.7 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 13,499.1 | 7,174.1 | 1,067.7 | 5,257.3 | 16,006.8 | 8,182.4 | 1,893.6 | 5,930.8 | |||||||||||||||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | 15,113.7 | (0.1) | — | 15,113.8 | 15,495.8 | (0.1) | — | 15,495.9 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests (4) |
1,573.9 | 1,573.3 | — | 0.6 | 1,183.0 | 1,182.3 | — | 0.7 | |||||||||||||||||||||||||||||||||||||||
Total equity | 16,687.6 | 1,573.2 | — | 15,114.4 | 16,678.8 | 1,182.2 | — | 15,496.6 | |||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 30,186.7 | $ | 8,747.3 | $ | 1,067.7 | $ | 20,371.7 | $ | 32,685.6 | $ | 9,364.6 | $ | 1,893.6 | $ | 21,427.4 | |||||||||||||||||||||||||||||||