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 and Year Ended December 31, 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) | Q4-22 | Q3-22 | Q4-21 | 2022 | 2021 | |||||||||||||||||||||||||||
Active | $ | (10.5) | $ | (7.3) | $ | 1.8 | $ | (28.3) | $ | 18.2 | ||||||||||||||||||||||
Passive | 7.3 | (0.4) | 10.7 | 27.8 | 63.2 | |||||||||||||||||||||||||||
Net long-term flows | (3.2) | (7.7) | 12.5 | (0.5) | 81.4 | |||||||||||||||||||||||||||
Non-management fee earning AUM | (2.1) | 1.9 | 12.5 | (3.2) | 20.6 | |||||||||||||||||||||||||||
Money market | 30.1 | 10.0 | 10.0 | 56.4 | 39.7 | |||||||||||||||||||||||||||
Total net flows | $ | 24.8 | $ | 4.2 | $ | 35.0 | $ | 52.7 | $ | 141.7 | ||||||||||||||||||||||
Annualized long-term organic growth rate (1) |
(1.2) | % | (2.9) | % | 4.1 | % | — | % | 6.9 | % | ||||||||||||||||||||||
Fourth Quarter Highlights: |
Financial Results | Q4-22 | Q3-22 | Q4-22 vs. Q3-22 | Q4-21 | Q4-22 vs. Q4-21 | |||||||||||||||||||||||||||
U.S. GAAP Financial Measures | ||||||||||||||||||||||||||||||||
Operating revenues | $1,443.4 | m | $1,445.7 | m | (0.2) | % | $1,763.4 | m | (18.1) | % | ||||||||||||||||||||||
Operating income | $245.1 | m | $350.2 | m | (30.0) | % | $509.2 | m | (51.9) | % | ||||||||||||||||||||||
Operating margin | 17.0 | % | 24.2 | % | 28.9 | % | ||||||||||||||||||||||||||
Net income attributable to Invesco Ltd. | $187.8 | m | $177.4 | m | 5.9 | % | $426.8 | m | (56.0) | % | ||||||||||||||||||||||
Diluted EPS | $0.41 | $0.39 | 5.1 | % | $0.92 | (55.4) | % | |||||||||||||||||||||||||
Adjusted Financial Measures (1) |
||||||||||||||||||||||||||||||||
Net revenues | $1,108.1 | m | $1,110.6 | m | (0.2) | % | $1,373.7 | m | (19.3) | % | ||||||||||||||||||||||
Adjusted operating income | $338.9 | m | $369.4 | m | (8.3) | % | $577.5 | m | (41.3) | % | ||||||||||||||||||||||
Adjusted operating margin | 30.6 | % | 33.3 | % | 42.0 | % | ||||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. | $177.8 | m | $155.8 | m | 14.1 | % | $399.7 | m | (55.5) | % | ||||||||||||||||||||||
Adjusted diluted EPS | $0.39 | $0.34 | 14.7 | % | $0.86 | (54.7) | % | |||||||||||||||||||||||||
Assets Under Management | ||||||||||||||||||||||||||||||||
Ending AUM | $1,409.2 | bn | $1,323.3 | bn | 6.5 | % | $1,610.9 | bn | (12.5) | % | ||||||||||||||||||||||
Average AUM | $1,391.5 | bn | $1,416.2 | bn | (1.7) | % | $1,583.6 | bn | (12.1) | % | ||||||||||||||||||||||
Headcount | 8,611 | 8,621 | (0.1) | % | 8,513 | 1.2 | % |
2022 Highlights: |
Financial Results | 2022 | 2021 | % Change | |||||||||||||||||
U.S. GAAP Financial Measures | ||||||||||||||||||||
Operating revenues | $6,048.9 | m | $6,894.5 | m | (12.3) | % | ||||||||||||||
Operating income | $1,317.7 | m | $1,788.2 | m | (26.3) | % | ||||||||||||||
Operating margin | 21.8 | % | 25.9 | % | ||||||||||||||||
Net income attributable to Invesco Ltd. | $683.9 | m | $1,393.0 | m | (50.9) | % | ||||||||||||||
Diluted EPS | $1.49 | $2.99 | (50.2) | % | ||||||||||||||||
Adjusted Financial Measures (1) |
||||||||||||||||||||
Net revenues | $4,645.0 | m | $5,261.1 | m | (11.7) | % | ||||||||||||||
Adjusted operating income | $1,614.8 | m | $2,182.6 | m | (26.0) | % | ||||||||||||||
Adjusted operating margin | 34.8 | % | 41.5 | % | ||||||||||||||||
Adjusted net income attributable to Invesco Ltd. | $773.2 | m | $1,439.6 | m | (46.3) | % | ||||||||||||||
Adjusted diluted EPS | $1.68 | $3.09 | (45.6) | % | ||||||||||||||||
Assets Under Management | ||||||||||||||||||||
Ending AUM | $1,409.2 | bn | $1,610.9 | bn | (12.5) | % | ||||||||||||||
Average AUM | $1,452.5 | bn | $1,499.9 | bn | (3.2) | % |
U.S. GAAP Operating Results: |
Adjusted(1) Operating Results: |
Capital Management: |
Q4-22 | Q3-22 | % Change | Q4-21 | % Change | |||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||
Investment management fees | $1,007.1 | $1,057.3 | (4.7) | % | $1,266.4 | (20.5) | % | ||||||||||||||||||||||
Service and distribution fees | 332.5 | 340.2 | (2.3) | % | 405.2 | (17.9) | % | ||||||||||||||||||||||
Performance fees | 55.0 | 3.0 | 1,733.3 | % | 34.1 | 61.3 | % | ||||||||||||||||||||||
Other | 48.8 | 45.2 | 8.0 | % | 57.7 | (15.4) | % | ||||||||||||||||||||||
Total operating revenues | 1,443.4 | 1,445.7 | (0.2) | % | 1,763.4 | (18.1) | % | ||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 447.3 | 451.3 | (0.9) | % | 540.5 | (17.2) | % | ||||||||||||||||||||||
Employee compensation | 464.2 | 420.8 | 10.3 | % | 458.4 | 1.3 | % | ||||||||||||||||||||||
Marketing | 31.8 | 27.6 | 15.2 | % | 38.0 | (16.3) | % | ||||||||||||||||||||||
Property, office and technology | 139.6 | 133.2 | 4.8 | % | 135.3 | 3.2 | % | ||||||||||||||||||||||
General and administrative | 109.6 | 48.7 | 125.1 | % | 119.2 | (8.1) | % | ||||||||||||||||||||||
Transaction, integration, and restructuring | (13.6) | (0.6) | 2,166.7 | % | (52.6) | (74.1) | % | ||||||||||||||||||||||
Amortization of intangibles | 19.4 | 14.5 | 33.8 | % | 15.4 | 26.0 | % | ||||||||||||||||||||||
Total operating expenses | 1,198.3 | 1,095.5 | 9.4 | % | 1,254.2 | (4.5) | % | ||||||||||||||||||||||
Operating income | 245.1 | 350.2 | (30.0) | % | 509.2 | (51.9) | % | ||||||||||||||||||||||
Other income/(expense): | |||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 27.8 | 20.2 | 37.6 | % | 33.0 | (15.8) | % | ||||||||||||||||||||||
Interest and dividend income | 17.8 | 3.3 | 439.4 | % | 21.6 | (17.6) | % | ||||||||||||||||||||||
Interest expense | (17.6) | (18.6) | (5.4) | % | (23.2) | (24.1) | % | ||||||||||||||||||||||
Other gains/(losses), net | 30.6 | (34.6) | N/A | 55.1 | (44.5) | % | |||||||||||||||||||||||
Other income/(expense) of CIP, net | 86.7 | (65.4) | N/A | 92.1 | (5.9) | % | |||||||||||||||||||||||
Income before income taxes | 390.4 | 255.1 | 53.0 | % | 687.8 | (43.2) | % | ||||||||||||||||||||||
Income tax provision | (89.6) | (86.8) | 3.2 | % | (130.7) | (31.4) | % | ||||||||||||||||||||||
Net income | 300.8 | 168.3 | 78.7 | % | 557.1 | (46.0) | % | ||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (53.8) | 68.3 | N/A | (71.1) | (24.3) | % | |||||||||||||||||||||||
Less: Dividends declared on preferred shares | (59.2) | (59.2) | — | % | (59.2) | — | % | ||||||||||||||||||||||
Net income attributable to Invesco Ltd. | $187.8 | $177.4 | 5.9 | % | $426.8 | (56.0) | % | ||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
---basic | $0.41 | $0.39 | 5.1 | % | $0.92 | (55.4) | % | ||||||||||||||||||||||
---diluted | $0.41 | $0.39 | 5.1 | % | $0.92 | (55.4) | % | ||||||||||||||||||||||
Average common shares outstanding: | |||||||||||||||||||||||||||||
---basic | 457.0 | 457.0 | — | % | 463.3 | (1.4) | % | ||||||||||||||||||||||
---diluted | 459.1 | 459.5 | (0.1) | % | 465.6 | (1.4) | % |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Operating revenues: | |||||||||||||||||
Investment management fees | $4,358.4 | $4,995.9 | (12.8) | % | |||||||||||||
Service and distribution fees | 1,405.5 | 1,596.4 | (12.0) | % | |||||||||||||
Performance fees | 68.2 | 56.1 | 21.6 | % | |||||||||||||
Other | 216.8 | 246.1 | (11.9) | % | |||||||||||||
Total operating revenues | 6,048.9 | 6,894.5 | (12.3) | % | |||||||||||||
Operating expenses: | |||||||||||||||||
Third-party distribution, service and advisory | 1,886.2 | 2,149.3 | (12.2) | % | |||||||||||||
Employee compensation | 1,725.1 | 1,911.3 | (9.7) | % | |||||||||||||
Marketing | 114.9 | 98.6 | 16.5 | % | |||||||||||||
Property, office and technology | 539.8 | 526.0 | 2.6 | % | |||||||||||||
General and administrative | 380.2 | 424.1 | (10.4) | % | |||||||||||||
Transaction, integration, and restructuring | 21.2 | (65.9) | N/A | ||||||||||||||
Amortization of intangibles | 63.8 | 62.9 | 1.4 | % | |||||||||||||
Total operating expenses | 4,731.2 | 5,106.3 | (7.3) | % | |||||||||||||
Operating income | 1,317.7 | 1,788.2 | (26.3) | % | |||||||||||||
Other income/(expense): | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 106.1 | 152.3 | (30.3) | % | |||||||||||||
Interest and dividend income | 24.4 | 25.2 | (3.2) | % | |||||||||||||
Interest expense | (85.2) | (94.7) | (10.0) | % | |||||||||||||
Other gains and losses, net | (139.5) | 120.5 | N/A | ||||||||||||||
Other income/(expense) of CIP, net | 24.2 | 509.0 | (95.2) | % | |||||||||||||
Income before income taxes | 1,247.7 | 2,500.5 | (50.1) | % | |||||||||||||
Income tax provision | (322.2) | (531.1) | (39.3) | % | |||||||||||||
Net income | 925.5 | 1,969.4 | (53.0) | % | |||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (4.8) | (339.6) | (98.6) | % | |||||||||||||
Less: Dividends declared on preferred shares | (236.8) | (236.8) | — | % | |||||||||||||
Net income attributable to Invesco Ltd. | $683.9 | $1,393.0 | (50.9) | % | |||||||||||||
Earnings per common share: | |||||||||||||||||
---basic | $1.50 | $3.01 | (50.2) | % | |||||||||||||
---diluted | $1.49 | $2.99 | (50.2) | % | |||||||||||||
Average common shares outstanding: | |||||||||||||||||
---basic | 457.5 | 462.8 | (1.1) | % | |||||||||||||
---diluted | 459.5 | 465.4 | (1.3) | % |
Quarter | Year | |||||||||||||||||||||||||||||||
in millions | Q4-22 | Q3-22 | Q4-21 | 2022 | 2021 | |||||||||||||||||||||||||||
Operating revenues, U.S. GAAP basis | $1,443.4 | $1,445.7 | $1,763.4 | $6,048.9 | $6,894.5 | |||||||||||||||||||||||||||
Revenue Adjustments (2) |
||||||||||||||||||||||||||||||||
Investment management fees | (180.2) | (185.5) | (211.8) | (764.7) | (844.1) | |||||||||||||||||||||||||||
Service and distribution fees | (231.0) | (232.1) | (278.3) | (961.1) | (1,087.5) | |||||||||||||||||||||||||||
Other | (36.1) | (33.7) | (50.4) | (160.4) | (217.7) | |||||||||||||||||||||||||||
Total Revenue Adjustments | (447.3) | (451.3) | (540.5) | (1,886.2) | (2,149.3) | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
97.9 | 104.6 | 139.9 | 432.7 | 473.5 | |||||||||||||||||||||||||||
CIP | 14.1 | 11.6 | 10.9 | 49.6 | 42.4 | |||||||||||||||||||||||||||
Net revenues | $1,108.1 | $1,110.6 | $1,373.7 | $4,645.0 | $5,261.1 | |||||||||||||||||||||||||||
$1,373.7 |
Quarter | Year | ||||||||||||||||||||||||||||
in millions | Q4-22 | Q3-22 | Q4-21 | 2022 | 2021 | ||||||||||||||||||||||||
Operating income, U.S. GAAP basis | $245.1 | $350.2 | $509.2 | $1,317.7 | $1,788.2 | ||||||||||||||||||||||||
Invesco Great Wall (1) |
65.0 | 61.8 | 77.7 | 262.7 | 276.6 | ||||||||||||||||||||||||
CIP | 19.1 | 15.7 | 10.8 | 65.7 | 67.7 | ||||||||||||||||||||||||
Transaction, integration, and restructuring (3) |
(13.6) | (0.6) | (52.6) | 21.2 | (65.9) | ||||||||||||||||||||||||
Amortization of intangible assets | 19.4 | 14.5 | 15.4 | 63.8 | 62.9 | ||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | 13.9 | (12.2) | 17.0 | (46.3) | 53.1 | ||||||||||||||||||||||||
General and administrative (3) |
(10.0) | (60.0) | — | (70.0) | — | ||||||||||||||||||||||||
Adjusted operating income | $338.9 | $369.4 | $577.5 | $1,614.8 | $2,182.6 | ||||||||||||||||||||||||
Operating margin (4) |
17.0 | % | 24.2 | % | 28.9 | % | 21.8 | % | 25.9 | % | |||||||||||||||||||
Adjusted operating margin (5) |
30.6 | % | 33.3 | % | 42.0 | % | 34.8 | % | 41.5 | % |
Quarter | Year | |||||||||||||||||||||||||||||||
in millions | Q4-22 | Q3-22 | Q4-21 | 2022 | 2021 | |||||||||||||||||||||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | $187.8 | $177.4 | $426.8 | $683.9 | $1,393.0 | |||||||||||||||||||||||||||
Transaction, integration, and restructuring, net of tax (3) |
(11.7) | (0.4) | (44.4) | 15.1 | (52.8) | |||||||||||||||||||||||||||
Amortization of intangible assets and related tax benefits (6) |
22.3 | 18.3 | 18.8 | 78.0 | 83.7 | |||||||||||||||||||||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax | (11.8) | 13.0 | 0.4 | 57.5 | 0.3 | |||||||||||||||||||||||||||
General and administrative, net of tax (3) |
(8.8) | (45.7) | — | (54.5) | — | |||||||||||||||||||||||||||
Acquisition-related contingent consideration, net of tax | — | — | (1.5) | — | (7.7) | |||||||||||||||||||||||||||
Impact of tax rate changes (7) |
— | (6.8) | (0.4) | (6.8) | 23.1 | |||||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd.(8) |
$177.8 | $155.8 | $399.7 | $773.2 | $1,439.6 | |||||||||||||||||||||||||||
Average common shares outstanding - diluted | 459.1 | 459.5 | 465.6 | 459.5 | 465.4 | |||||||||||||||||||||||||||
Diluted EPS | $0.41 | $0.39 | $0.92 | $1.49 | $2.99 | |||||||||||||||||||||||||||
Adjusted diluted EPS (9) |
$0.39 | $0.34 | $0.86 | $1.68 | $3.09 |
Quarter | Year | |||||||||||||||||||||||||||||||
in millions | Q4-22 | Q3-22 | Q4-21 | 2022 | 2021 | |||||||||||||||||||||||||||
Operating expenses, U.S. GAAP basis | $1,198.3 | $1,095.5 | $1,254.2 | $4,731.2 | $5,106.3 | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
32.9 | 42.8 | 62.2 | 170.0 | 196.9 | |||||||||||||||||||||||||||
Third party distribution, service, and advisory expenses | (447.3) | (451.3) | (540.5) | (1,886.2) | (2,149.3) | |||||||||||||||||||||||||||
CIP | (5.0) | (4.1) | 0.1 | (16.1) | (25.3) | |||||||||||||||||||||||||||
Transaction, integration, and restructuring (3) |
13.6 | 0.6 | 52.6 | (21.2) | 65.9 | |||||||||||||||||||||||||||
Amortization of intangible assets (6) |
(19.4) | (14.5) | (15.4) | (63.8) | (62.9) | |||||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | (13.9) | 12.2 | (17.0) | 46.3 | (53.1) | |||||||||||||||||||||||||||
General and administrative (3) |
10.0 | 60.0 | — | 70.0 | — | |||||||||||||||||||||||||||
Adjusted operating expenses | $769.2 | $741.2 | $796.2 | $3,030.2 | $3,078.5 | |||||||||||||||||||||||||||
Employee compensation, U.S. GAAP basis | $464.2 | $420.8 | $458.4 | $1,725.1 | $1,911.3 | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
24.1 | 33.7 | 51.0 | 133.0 | 158.2 | |||||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans | (13.9) | 12.2 | (17.0) | 46.3 | (53.1) | |||||||||||||||||||||||||||
Adjusted employee compensation | $474.4 | $466.7 | $492.4 | $1,904.4 | $2,016.4 | |||||||||||||||||||||||||||
Marketing, U.S. GAAP basis | $31.8 | $27.6 | $38.0 | $114.9 | $98.6 | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
2.1 | 2.1 | 4.6 | 11.2 | 15.6 | |||||||||||||||||||||||||||
Adjusted marketing | $33.9 | $29.7 | $42.6 | $126.1 | $114.2 | |||||||||||||||||||||||||||
Property, office and technology, U.S. GAAP basis | $139.6 | $133.2 | $135.3 | $539.8 | $526.0 | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
5.0 | 5.2 | 4.1 | 18.9 | 14.1 | |||||||||||||||||||||||||||
Adjusted property, office and technology | $144.6 | $138.4 | $139.4 | $558.7 | $540.1 | |||||||||||||||||||||||||||
General and administrative, U.S. GAAP basis | $109.6 | $48.7 | $119.2 | $380.2 | $424.1 | |||||||||||||||||||||||||||
Invesco Great Wall (1) |
1.7 | 1.8 | 2.5 | 6.9 | 9.0 | |||||||||||||||||||||||||||
CIP | (5.0) | (4.1) | 0.1 | (16.1) | (25.3) | |||||||||||||||||||||||||||
Recoveries of previously disclosed losses(3) |
10.0 | 60.0 | — | 70.0 | — | |||||||||||||||||||||||||||
Adjusted general and administrative | $116.3 | $106.4 | $121.8 | $441.0 | $407.8 | |||||||||||||||||||||||||||
Transaction, integration, and restructuring, U.S. GAAP basis | ($13.6) | ($0.6) | ($52.6) | $21.2 | ($65.9) | |||||||||||||||||||||||||||
Transaction, integration, and restructuring(3) |
13.6 | 0.6 | 52.6 | (21.2) | 65.9 | |||||||||||||||||||||||||||
Adjusted transaction, integration, and restructuring | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Amortization of intangible assets, U.S. GAAP basis | $19.4 | $14.5 | $15.4 | $63.8 | $62.9 | |||||||||||||||||||||||||||
Amortization of intangible assets | (19.4) | (14.5) | (15.4) | (63.8) | (62.9) | |||||||||||||||||||||||||||
Adjusted amortization of intangibles | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
in billions | Q4-22 | Q3-22 | % Change | Q4-21 | |||||||||||||||||||
Beginning Assets | $1,323.3 | $1,390.4 | (4.8)% | $1,528.6 | |||||||||||||||||||
Long-term inflows | 73.9 | 68.7 | 7.6% | 100.5 | |||||||||||||||||||
Long-term outflows | (77.1) | (76.4) | 0.9% | (88.0) | |||||||||||||||||||
Net long-term flows | (3.2) | (7.7) | (58.4)% | 12.5 | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | 1.9 | N/A | 12.5 | |||||||||||||||||||
Net flows in money market funds | 30.1 | 10.0 | 201.0% | 10.0 | |||||||||||||||||||
Total net flows | 24.8 | 4.2 | 490.5% | 35.0 | |||||||||||||||||||
Reinvested distributions | 11.7 | 0.9 | 1,200.0% | 29.0 | |||||||||||||||||||
Market gains and losses | 34.8 | (55.1) | N/A | 18.4 | |||||||||||||||||||
Foreign currency translation | 14.6 | (17.1) | N/A | (0.1) | |||||||||||||||||||
Ending Assets | $1,409.2 | $1,323.3 | 6.5% | $1,610.9 | |||||||||||||||||||
Ending long-term AUM | $1,050.6 | $994.3 | 5.7% | $1,231.9 | |||||||||||||||||||
Average long-term AUM | $1,042.4 | $1,071.9 | (2.8)% | $1,220.6 | |||||||||||||||||||
Average AUM | $1,391.5 | $1,416.2 | (1.7)% | $1,583.6 | |||||||||||||||||||
Average QQQ AUM | $152.5 | $165.9 | (8.1)% | $202.1 | |||||||||||||||||||
in billions | Total AUM | Active(d) |
Passive(d) |
||||||||||||||
September 30, 2022 | $1,323.3 | $914.1 | $409.2 | ||||||||||||||
Long-term inflows | 73.9 | 42.9 | 31.0 | ||||||||||||||
Long-term outflows | (77.1) | (53.4) | (23.7) | ||||||||||||||
Net long-term flows | (3.2) | (10.5) | 7.3 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | — | (2.1) | ||||||||||||||
Net flows in money market funds | 30.1 | 30.1 | — | ||||||||||||||
Total net flows | 24.8 | 19.6 | 5.2 | ||||||||||||||
Reinvested distributions | 11.7 | 11.7 | — | ||||||||||||||
Market gains and losses | 34.8 | 18.0 | 16.8 | ||||||||||||||
Foreign currency translation | 14.6 | 12.8 | 1.8 | ||||||||||||||
December 31, 2022 | $1,409.2 | $976.2 | $433.0 | ||||||||||||||
Average AUM | $1,391.5 | $952.0 | $439.5 | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
September 30, 2022 | $1,323.3 | $834.0 | $489.3 | ||||||||||||||
Long-term inflows | 73.9 | 53.1 | 20.8 | ||||||||||||||
Long-term outflows | (77.1) | (57.2) | (19.9) | ||||||||||||||
Net long-term flows | (3.2) | (4.1) | 0.9 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.5) | (0.6) | ||||||||||||||
Net flows in money market funds | 30.1 | 0.3 | 29.8 | ||||||||||||||
Total net flows | 24.8 | (5.3) | 30.1 | ||||||||||||||
Reinvested distributions | 11.7 | 11.6 | 0.1 | ||||||||||||||
Market gains and losses | 34.8 | 27.0 | 7.8 | ||||||||||||||
Foreign currency translation | 14.6 | 5.0 | 9.6 | ||||||||||||||
December 31, 2022 | $1,409.2 | $872.3 | $536.9 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market (c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
September 30, 2022 | $1,323.3 | $597.5 | $304.3 | $63.6 | $172.1 | $185.8 | |||||||||||||||||||||||||||||
Long-term inflows | 73.9 | 32.2 | 30.4 | 3.4 | — | 7.9 | |||||||||||||||||||||||||||||
Long-term outflows | (77.1) | (31.5) | (29.6) | (4.5) | — | (11.5) | |||||||||||||||||||||||||||||
Net long-term flows | (3.2) | 0.7 | 0.8 | (1.1) | — | (3.6) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.4) | (0.7) | — | — | — | |||||||||||||||||||||||||||||
Net flows in money market funds | 30.1 | — | (0.3) | — | 30.4 | — | |||||||||||||||||||||||||||||
Total net flows | 24.8 | (0.7) | (0.2) | (1.1) | 30.4 | (3.6) | |||||||||||||||||||||||||||||
Reinvested distributions | 11.7 | 9.7 | 0.5 | 0.9 | — | 0.6 | |||||||||||||||||||||||||||||
Market gains and losses | 34.8 | 25.7 | 4.0 | 2.1 | (0.1) | 3.1 | |||||||||||||||||||||||||||||
Foreign currency translation | 14.6 | 4.8 | 5.1 | 1.6 | 1.1 | 2.0 | |||||||||||||||||||||||||||||
December 31, 2022 | $1,409.2 | $637.0 | $313.7 | $67.1 | $203.5 | $187.9 | |||||||||||||||||||||||||||||
Average AUM | $1,391.5 | $640.5 | $307.8 | $65.7 | $187.2 | $190.3 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
September 30, 2022 | $1,323.3 | $940.8 | $210.3 | $172.2 | |||||||||||||||||||
Long-term inflows | 73.9 | 38.7 | 19.7 | 15.5 | |||||||||||||||||||
Long-term outflows | (77.1) | (42.6) | (16.4) | (18.1) | |||||||||||||||||||
Net long-term flows | (3.2) | (3.9) | 3.3 | (2.6) | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.7) | (0.3) | (0.1) | |||||||||||||||||||
Net flows in money market funds | 30.1 | 31.0 | (0.7) | (0.2) | |||||||||||||||||||
Total net flows | 24.8 | 25.4 | 2.3 | (2.9) | |||||||||||||||||||
Reinvested distributions | 11.7 | 11.6 | — | 0.1 | |||||||||||||||||||
Market gains and losses | 34.8 | 20.9 | 2.7 | 11.2 | |||||||||||||||||||
Foreign currency translation | 14.6 | 0.7 | 8.2 | 5.7 | |||||||||||||||||||
December 31, 2022 | $1,409.2 | $999.4 | $223.5 | $186.3 | |||||||||||||||||||
in billions | Q4-22 | Q3-22 | % Change | Q4-21 | |||||||||||||||||||
Beginning Assets | $914.1 | $957.9 | (4.6) | % | $1,060.0 | ||||||||||||||||||
Long-term inflows | 42.9 | 44.5 | (3.6) | % | 62.5 | ||||||||||||||||||
Long-term outflows | (53.4) | (51.8) | 3.1 | % | (60.7) | ||||||||||||||||||
Net long-term flows | (10.5) | (7.3) | 43.8 | % | 1.8 | ||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | — | N/A | (0.1) | |||||||||||||||||||
Net flows in money market funds | 30.1 | 10.0 | 201.0 | % | 10.0 | ||||||||||||||||||
Total net flows | 19.6 | 2.7 | 625.9 | % | 11.7 | ||||||||||||||||||
Reinvested distributions | 11.7 | 0.9 | 1,200.0 | % | 29.0 | ||||||||||||||||||
Market gains and losses | 18.0 | (32.0) | N/A | (18.1) | |||||||||||||||||||
Foreign currency translation | 12.8 | (15.4) | N/A | ($0.1) | |||||||||||||||||||
Ending Assets | $976.2 | $914.1 | 6.8 | % | $1,082.5 | ||||||||||||||||||
Average long-term AUM | $764.9 | $793.0 | (3.5) | % | $931.7 | ||||||||||||||||||
Average AUM | $952.0 | $961.6 | (1.0) | % | $1,077.4 | ||||||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
September 30, 2022 | $914.1 | $462.8 | $451.3 | ||||||||||||||
Long-term inflows | 42.9 | 25.4 | 17.5 | ||||||||||||||
Long-term outflows | (53.4) | (34.5) | (18.9) | ||||||||||||||
Net long-term flows | (10.5) | (9.1) | (1.4) | ||||||||||||||
Net flows in money market funds | 30.1 | 0.3 | 29.8 | ||||||||||||||
Total net flows | 19.6 | (8.8) | 28.4 | ||||||||||||||
Reinvested distributions | 11.7 | 11.6 | 0.1 | ||||||||||||||
Market gains and losses | 18.0 | 12.4 | 5.6 | ||||||||||||||
Foreign currency translation | 12.8 | 4.1 | 8.7 | ||||||||||||||
December 31, 2022 | $976.2 | $482.1 | $494.1 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market (c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
September 30, 2022 | $914.1 | $260.0 | $264.7 | $62.8 | $172.1 | $154.5 | |||||||||||||||||||||||||||||
Long-term inflows | 42.9 | 11.0 | 24.6 | 3.4 | — | 3.9 | |||||||||||||||||||||||||||||
Long-term outflows | (53.4) | (17.7) | (24.6) | (4.5) | — | (6.6) | |||||||||||||||||||||||||||||
Net long-term flows | (10.5) | (6.7) | — | (1.1) | — | (2.7) | |||||||||||||||||||||||||||||
Net flows in money market funds | 30.1 | — | (0.3) | — | 30.4 | — | |||||||||||||||||||||||||||||
Total net flows | 19.6 | (6.7) | (0.3) | (1.1) | 30.4 | (2.7) | |||||||||||||||||||||||||||||
Reinvested distributions | 11.7 | 9.7 | 0.5 | 0.9 | — | 0.6 | |||||||||||||||||||||||||||||
Market gains and losses | 18.0 | 10.8 | 3.5 | 2.1 | (0.1) | 1.7 | |||||||||||||||||||||||||||||
Foreign currency translation | 12.8 | 3.7 | 4.6 | 1.6 | 1.1 | 1.8 | |||||||||||||||||||||||||||||
December 31, 2022 | $976.2 | $277.5 | $273.0 | $66.3 | $203.5 | $155.9 | |||||||||||||||||||||||||||||
Average AUM | $952.0 | $275.8 | $267.5 | $64.8 | $187.2 | $156.7 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
September 30, 2022 | $914.1 | $629.3 | $180.9 | $103.9 | |||||||||||||||||||
Long-term inflows | 42.9 | 20.2 | 16.8 | 5.9 | |||||||||||||||||||
Long-term outflows | (53.4) | (30.5) | (14.9) | (8.0) | |||||||||||||||||||
Net long-term flows | (10.5) | (10.3) | 1.9 | (2.1) | |||||||||||||||||||
Net flows in money market funds | 30.1 | 31.0 | (0.7) | (0.2) | |||||||||||||||||||
Total net flows | 19.6 | 20.7 | 1.2 | (2.3) | |||||||||||||||||||
Reinvested distributions | 11.7 | 11.6 | — | 0.1 | |||||||||||||||||||
Market gains and losses | 18.0 | 8.5 | 1.9 | 7.6 | |||||||||||||||||||
Foreign currency translation | 12.8 | 0.7 | 7.0 | 5.1 | |||||||||||||||||||
December 31, 2022 | $976.2 | $670.8 | $191.0 | $114.4 | |||||||||||||||||||
in billions | Q4-22 | Q3-22 | % Change | Q4-21 | |||||||||||||||||||
Beginning Assets | $409.2 | $432.5 | (5.4) | % | $468.6 | ||||||||||||||||||
Long-term inflows | 31.0 | 24.2 | 28.1 | % | 38.0 | ||||||||||||||||||
Long-term outflows | (23.7) | (24.6) | (3.7) | % | (27.3) | ||||||||||||||||||
Net long-term flows | 7.3 | (0.4) | N/A | 10.7 | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | 1.9 | N/A | 12.6 | |||||||||||||||||||
Total net flows | 5.2 | 1.5 | 246.7 | % | 23.3 | ||||||||||||||||||
Market gains and losses | 16.8 | (23.1) | N/A | 36.5 | |||||||||||||||||||
Foreign currency translation | 1.8 | (1.7) | N/A | — | |||||||||||||||||||
Ending Assets | $433.0 | $409.2 | 5.8 | % | $528.4 | ||||||||||||||||||
Average long-term AUM | $277.4 | $278.9 | (0.5) | % | $288.9 | ||||||||||||||||||
Average AUM | $439.5 | $454.6 | (3.3) | % | $506.2 | ||||||||||||||||||
Average QQQ AUM | $152.5 | $165.9 | (8.1) | % | $202.1 | ||||||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
September 30, 2022 | $409.2 | $371.2 | $38.0 | ||||||||||||||
Long-term inflows | 31.0 | 27.7 | 3.3 | ||||||||||||||
Long-term outflows | (23.7) | (22.7) | (1.0) | ||||||||||||||
Net long-term flows | 7.3 | 5.0 | 2.3 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.5) | (0.6) | ||||||||||||||
Total net flows | 5.2 | 3.5 | 1.7 | ||||||||||||||
Market gains and losses | 16.8 | 14.6 | 2.2 | ||||||||||||||
Foreign currency translation | 1.8 | 0.9 | 0.9 | ||||||||||||||
December 31, 2022 | $433.0 | $390.2 | $42.8 | ||||||||||||||
By asset class: (in billions) | Total | Equity | Fixed Income | Balanced | Money Market (c) |
Alternatives(b) |
|||||||||||||||||||||||||||||
September 30, 2022 | $409.2 | $337.5 | $39.6 | $0.8 | $— | $31.3 | |||||||||||||||||||||||||||||
Long-term inflows | 31.0 | 21.2 | 5.8 | — | — | 4.0 | |||||||||||||||||||||||||||||
Long-term outflows | (23.7) | (13.8) | (5.0) | — | — | (4.9) | |||||||||||||||||||||||||||||
Net long-term flows | 7.3 | 7.4 | 0.8 | — | — | (0.9) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.4) | (0.7) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | 5.2 | 6.0 | 0.1 | — | — | (0.9) | |||||||||||||||||||||||||||||
Market gains and losses | 16.8 | 14.9 | 0.5 | — | — | 1.4 | |||||||||||||||||||||||||||||
Foreign currency translation | 1.8 | 1.1 | 0.5 | — | — | 0.2 | |||||||||||||||||||||||||||||
December 31, 2022 | $433.0 | $359.5 | $40.7 | $0.8 | $— | $32.0 | |||||||||||||||||||||||||||||
Average AUM | $439.5 | $364.7 | $40.3 | $0.9 | $— | $33.6 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
September 30, 2022 | $409.2 | $311.5 | $29.4 | $68.3 | |||||||||||||||||||
Long-term inflows | 31.0 | 18.5 | 2.9 | 9.6 | |||||||||||||||||||
Long-term outflows | (23.7) | (12.1) | (1.5) | (10.1) | |||||||||||||||||||
Net long-term flows | 7.3 | 6.4 | 1.4 | (0.5) | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(2.1) | (1.7) | (0.3) | (0.1) | |||||||||||||||||||
Total net flows | 5.2 | 4.7 | 1.1 | (0.6) | |||||||||||||||||||
Market gains and losses | 16.8 | 12.4 | 0.8 | 3.6 | |||||||||||||||||||
Foreign currency translation | 1.8 | — | 1.2 | 0.6 | |||||||||||||||||||
December 31, 2022 | $433.0 | $328.6 | $32.5 | $71.9 | |||||||||||||||||||
in billions | December 31, 2022 | December 31, 2021 | % Change | ||||||||||||||
Beginning Assets | $1,610.9 | $1,349.9 | 19.3 | % | |||||||||||||
Long-term inflows | 330.3 | 426.8 | (22.6) | % | |||||||||||||
Long-term outflows | (330.8) | (345.4) | (4.2) | % | |||||||||||||
Net long-term flows | (0.5) | 81.4 | N/A | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 20.6 | N/A | ||||||||||||||
Net flows in money market funds | 56.4 | 39.7 | 42.1 | % | |||||||||||||
Total net flows | 52.7 | 141.7 | (62.8) | % | |||||||||||||
Reinvested distributions | 15.2 | 31.6 | (51.9) | % | |||||||||||||
Market gains and losses | (243.5) | 94.0 | N/A | ||||||||||||||
Foreign currency translation | (26.1) | (6.3) | 314.3 | % | |||||||||||||
Ending Assets | $1,409.2 | $1,610.9 | (12.5) | % | |||||||||||||
Ending long-term AUM | $1,050.6 | $1,231.9 | (14.7) | % | |||||||||||||
Average long-term AUM | $1,104.8 | $1,177.1 | (6.1) | % | |||||||||||||
Average AUM | $1,452.5 | $1,499.9 | (3.2) | % | |||||||||||||
Average QQQ AUM | $169.1 | $176.0 | (3.9) | % | |||||||||||||
in billions | Total AUM | Active(d) |
Passive(d) |
||||||||||||||
December 31, 2021 | $1,610.9 | $1,082.5 | $528.4 | ||||||||||||||
Long-term inflows | 330.3 | 197.9 | 132.4 | ||||||||||||||
Long-term outflows | (330.8) | (226.2) | (104.6) | ||||||||||||||
Net long-term flows | (0.5) | (28.3) | 27.8 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | — | (3.2) | ||||||||||||||
Net flows in money market funds | 56.4 | 56.4 | — | ||||||||||||||
Total net flows | 52.7 | 28.1 | 24.6 | ||||||||||||||
Reinvested distributions | 15.2 | 15.2 | — | ||||||||||||||
Market gains and losses | (243.5) | (125.6) | (117.9) | ||||||||||||||
Foreign currency translation | (26.1) | (24.0) | (2.1) | ||||||||||||||
December 31, 2022 | $1,409.2 | $976.2 | $433.0 | ||||||||||||||
Average AUM | $1,452.5 | $988.2 | $464.3 | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $1,610.9 | $1,106.5 | $504.4 | ||||||||||||||
Long-term inflows | 330.3 | 243.9 | 86.4 | ||||||||||||||
Long-term outflows | (330.8) | (257.5) | (73.3) | ||||||||||||||
Net long-term flows | (0.5) | (13.6) | 13.1 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 0.9 | (4.1) | ||||||||||||||
Net flows in money market funds | 56.4 | 1.8 | 54.6 | ||||||||||||||
Total net flows | 52.7 | (10.9) | 63.6 | ||||||||||||||
Reinvested distributions | 15.2 | 14.8 | 0.4 | ||||||||||||||
Market gains and losses | (243.5) | (227.3) | (16.2) | ||||||||||||||
Foreign currency translation | (26.1) | (10.8) | (15.3) | ||||||||||||||
December 31, 2022 | $1,409.2 | $872.3 | $536.9 | ||||||||||||||
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 | 330.3 | 143.7 | 119.3 | 15.2 | — | 52.1 | |||||||||||||||||||||||||||||
Long-term outflows | (330.8) | (152.5) | (102.4) | (20.9) | — | (55.0) | |||||||||||||||||||||||||||||
Net long-term flows | (0.5) | (8.8) | 16.9 | (5.7) | — | (2.9) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 1.0 | (4.2) | — | — | — | |||||||||||||||||||||||||||||
Net flows in money market funds | 56.4 | — | — | — | 56.4 | — | |||||||||||||||||||||||||||||
Total net flows | 52.7 | (7.8) | 12.7 | (5.7) | 56.4 | (2.9) | |||||||||||||||||||||||||||||
Reinvested distributions | 15.2 | 11.1 | 1.6 | 1.2 | — | 1.3 | |||||||||||||||||||||||||||||
Market gains and losses | (243.5) | (198.8) | (27.3) | (13.2) | 1.1 | (5.3) | |||||||||||||||||||||||||||||
Foreign currency translation | (26.1) | (9.1) | (8.1) | (3.8) | (2.8) | (2.3) | |||||||||||||||||||||||||||||
December 31, 2022 | $1,409.2 | $637.0 | $313.7 | $67.1 | $203.5 | $187.9 | |||||||||||||||||||||||||||||
Average AUM | $1,452.5 | $697.1 | $315.1 | $73.3 | $167.6 | $199.4 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
December 31, 2021 | $1,610.9 | $1,132.5 | $247.3 | $231.1 | |||||||||||||||||||
Long-term inflows | 330.3 | 184.0 | 76.6 | 69.7 | |||||||||||||||||||
Long-term outflows | (330.8) | (193.8) | (62.5) | (74.5) | |||||||||||||||||||
Net long-term flows | (0.5) | (9.8) | 14.1 | (4.8) | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | (3.6) | 1.1 | (0.7) | |||||||||||||||||||
Net flows in money market funds | 56.4 | 58.3 | (0.3) | (1.6) | |||||||||||||||||||
Total net flows | 52.7 | 44.9 | 14.9 | (7.1) | |||||||||||||||||||
Reinvested distributions | 15.2 | 14.9 | — | 0.3 | |||||||||||||||||||
Market gains and losses | (243.5) | (191.3) | (22.6) | (29.6) | |||||||||||||||||||
Foreign currency translation | (26.1) | (1.6) | (16.1) | (8.4) | |||||||||||||||||||
December 31, 2022 | $1,409.2 | $999.4 | $223.5 | $186.3 | |||||||||||||||||||
in billions | December 31, 2022 | December 31, 2021 | % Change | ||||||||||||||
Beginning Assets | $1,082.5 | $979.3 | 10.5% | ||||||||||||||
Long-term inflows | 197.9 | 260.2 | (23.9)% | ||||||||||||||
Long-term outflows | (226.2) | (242.0) | (6.5)% | ||||||||||||||
Net long-term flows | (28.3) | 18.2 | N/A | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | (0.1) | N/A | ||||||||||||||
Net flows in money market funds | 56.4 | 39.7 | 42.1% | ||||||||||||||
Total net flows | 28.1 | 57.8 | (51.4)% | ||||||||||||||
Reinvested distributions | 15.2 | 31.6 | (51.9)% | ||||||||||||||
Market gains and losses | (125.6) | 18.3 | N/A | ||||||||||||||
Foreign currency translation | (24.0) | (4.5) | 433.3% | ||||||||||||||
Ending Assets | $976.2 | $1,082.5 | (9.8)% | ||||||||||||||
Average long-term AUM | $820.8 | $919.1 | (10.7)% | ||||||||||||||
Average AUM | $988.2 | $1,050.2 | (5.9)% | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $1,082.5 | $631.7 | $450.8 | ||||||||||||||
Long-term inflows | 197.9 | 117.0 | 80.9 | ||||||||||||||
Long-term outflows | (226.2) | (157.5) | (68.7) | ||||||||||||||
Net long-term flows | (28.3) | (40.5) | 12.2 | ||||||||||||||
Net flows in money market funds | 56.4 | 1.8 | 54.6 | ||||||||||||||
Total net flows | 28.1 | (38.7) | 66.8 | ||||||||||||||
Reinvested distributions | 15.2 | 14.8 | 0.4 | ||||||||||||||
Market gains and losses | (125.6) | (115.6) | (10.0) | ||||||||||||||
Foreign currency translation | (24.0) | (10.1) | (13.9) | ||||||||||||||
December 31, 2022 | $976.2 | $482.1 | $494.1 | ||||||||||||||
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 | 197.9 | 54.2 | 98.1 | 15.2 | — | 30.4 | |||||||||||||||||||||||||||||
Long-term outflows | (226.2) | (83.3) | (89.7) | (20.8) | — | (32.4) | |||||||||||||||||||||||||||||
Net long-term flows | (28.3) | (29.1) | 8.4 | (5.6) | — | (2.0) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | — | — | — | — | — | |||||||||||||||||||||||||||||
Net flows in money market funds | 56.4 | — | — | — | 56.4 | — | |||||||||||||||||||||||||||||
Total net flows | 28.1 | (29.1) | 8.4 | (5.6) | 56.4 | (2.0) | |||||||||||||||||||||||||||||
Reinvested distributions | 15.2 | 11.1 | 1.6 | 1.2 | — | 1.3 | |||||||||||||||||||||||||||||
Market gains and losses | (125.6) | (86.4) | (22.4) | (12.9) | 1.1 | (5.0) | |||||||||||||||||||||||||||||
Foreign currency translation | (24.0) | (7.7) | (7.7) | (3.8) | (2.8) | (2.0) | |||||||||||||||||||||||||||||
December 31, 2022 | $976.2 | $277.5 | $273.0 | $66.3 | $203.5 | $155.9 | |||||||||||||||||||||||||||||
Average AUM | $988.2 | $309.6 | $275.2 | $72.3 | $167.5 | $163.6 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
December 31, 2021 | $1,082.5 | $724.5 | $208.8 | $149.2 | |||||||||||||||||||
Long-term inflows | 197.9 | 104.0 | 69.3 | 24.6 | |||||||||||||||||||
Long-term outflows | (226.2) | (133.4) | (56.1) | (36.7) | |||||||||||||||||||
Net long-term flows | (28.3) | (29.4) | 13.2 | (12.1) | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
— | — | 0.1 | (0.1) | |||||||||||||||||||
Net flows in money market funds | 56.4 | 58.3 | (0.3) | (1.6) | |||||||||||||||||||
Total net flows | 28.1 | 28.9 | 13.0 | (13.8) | |||||||||||||||||||
Reinvested distributions | 15.2 | 14.9 | — | 0.3 | |||||||||||||||||||
Market gains and losses | (125.6) | (96.0) | (16.3) | (13.3) | |||||||||||||||||||
Foreign currency translation | (24.0) | (1.5) | (14.5) | (8.0) | |||||||||||||||||||
December 31, 2022 | $976.2 | $670.8 | $191.0 | $114.4 | |||||||||||||||||||
in billions | December 31, 2022 | December 31, 2021 | % Change | ||||||||||||||
Beginning Assets | $528.4 | $370.6 | 42.6% | ||||||||||||||
Long-term inflows | 132.4 | 166.6 | (20.5)% | ||||||||||||||
Long-term outflows | (104.6) | (103.4) | 1.2% | ||||||||||||||
Net long-term flows | 27.8 | 63.2 | (56.0)% | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 20.7 | N/A | ||||||||||||||
Total net flows | 24.6 | 83.9 | (70.7)% | ||||||||||||||
Market gains and losses | (117.9) | 75.7 | N/A | ||||||||||||||
Foreign currency translation | (2.1) | (1.8) | 16.7% | ||||||||||||||
Ending Assets | $433.0 | $528.4 | (18.1)% | ||||||||||||||
Average long-term AUM | $284.0 | $258.0 | 10.1% | ||||||||||||||
Average AUM | $464.3 | $449.7 | 3.2% | ||||||||||||||
Average QQQ AUM | $169.1 | $176.0 | (3.9)% | ||||||||||||||
By channel: (in billions) | Total | Retail | Institutional | ||||||||||||||
December 31, 2021 | $528.4 | $474.8 | $53.6 | ||||||||||||||
Long-term inflows | 132.4 | 126.9 | 5.5 | ||||||||||||||
Long-term outflows | (104.6) | (100.0) | (4.6) | ||||||||||||||
Net long-term flows | 27.8 | 26.9 | 0.9 | ||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 0.9 | (4.1) | ||||||||||||||
Total net flows | 24.6 | 27.8 | (3.2) | ||||||||||||||
Market gains and losses | (117.9) | (111.7) | (6.2) | ||||||||||||||
Foreign currency translation | (2.1) | (0.7) | (1.4) | ||||||||||||||
December 31, 2022 | $433.0 | $390.2 | $42.8 | ||||||||||||||
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 | 132.4 | 89.5 | 21.2 | — | — | 21.7 | |||||||||||||||||||||||||||||
Long-term outflows | (104.6) | (69.2) | (12.7) | (0.1) | — | (22.6) | |||||||||||||||||||||||||||||
Net long-term flows | 27.8 | 20.3 | 8.5 | (0.1) | — | (0.9) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | 1.0 | (4.2) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | 24.6 | 21.3 | 4.3 | (0.1) | — | (0.9) | |||||||||||||||||||||||||||||
Market gains and losses | (117.9) | (112.4) | (4.9) | (0.3) | — | (0.3) | |||||||||||||||||||||||||||||
Foreign currency translation | (2.1) | (1.4) | (0.4) | — | — | (0.3) | |||||||||||||||||||||||||||||
December 31, 2022 | $433.0 | $359.5 | $40.7 | $0.8 | $— | $32.0 | |||||||||||||||||||||||||||||
Average AUM | $464.3 | $387.6 | $39.9 | $0.9 | $— | $35.9 | |||||||||||||||||||||||||||||
By client domicile: (in billions) | Total | Americas | Asia Pacific | EMEA(e) |
|||||||||||||||||||
December 31, 2021 | $528.4 | $408.0 | $38.5 | $81.9 | |||||||||||||||||||
Long-term inflows | 132.4 | 80.0 | 7.3 | 45.1 | |||||||||||||||||||
Long-term outflows | (104.6) | (60.4) | (6.4) | (37.8) | |||||||||||||||||||
Net long-term flows | 27.8 | 19.6 | 0.9 | 7.3 | |||||||||||||||||||
Net flows in non-management fee earning AUM (a) |
(3.2) | (3.6) | 1.0 | (0.6) | |||||||||||||||||||
Total net flows | 24.6 | 16.0 | 1.9 | 6.7 | |||||||||||||||||||
Market gains and losses | (117.9) | (95.3) | (6.3) | (16.3) | |||||||||||||||||||
Foreign currency translation | (2.1) | (0.1) | (1.6) | (0.4) | |||||||||||||||||||
December 31, 2022 | $433.0 | $328.6 | $32.5 | $71.9 | |||||||||||||||||||
Benchmark Comparison | Peer Group Comparison | |||||||||||||||||||||||||
% of AUM Ahead of Benchmark | % of AUM In Top Half of Peer Group | |||||||||||||||||||||||||
Equities (1) |
1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | ||||||||||||||||||
U.S. Core (4%) | 43 | % | 42 | % | 31 | % | 16 | % | 22 | % | 27 | % | 27 | % | — | % | ||||||||||
U.S. Growth (5%) | — | % | 46 | % | 46 | % | 46 | % | — | % | 30 | % | 31 | % | 31 | % | ||||||||||
U.S. Value (7%) | 91 | % | 91 | % | 91 | % | 87 | % | 86 | % | 60 | % | 47 | % | 42 | % | ||||||||||
Sector (1%) | — | % | 10 | % | 1 | % | 52 | % | 10 | % | 34 | % | 25 | % | 53 | % | ||||||||||
UK (1%) | 56 | % | 38 | % | 45 | % | 44 | % | 93 | % | 30 | % | 43 | % | 38 | % | ||||||||||
Canadian (<1%) | 100 | % | 100 | % | 66 | % | 58 | % | 87 | % | 100 | % | 42 | % | — | % | ||||||||||
Asian (4%) | 44 | % | 65 | % | 85 | % | 91 | % | 77 | % | 25 | % | 74 | % | 84 | % | ||||||||||
Continental European (2%) | 78 | % | 80 | % | 21 | % | 93 | % | 92 | % | 78 | % | 37 | % | 92 | % | ||||||||||
Global (5%) | 22 | % | 22 | % | 4 | % | 83 | % | 15 | % | 7 | % | — | % | 22 | % | ||||||||||
Global Ex U.S. and Emerging Markets (8%) | 16 | % | 32 | % | 95 | % | 99 | % | 14 | % | 12 | % | 14 | % | 11 | % | ||||||||||
Fixed Income (1) |
||||||||||||||||||||||||||
Money Market (29%) | 83 | % | 95 | % | 97 | % | 100 | % | 86 | % | 86 | % | 85 | % | 98 | % | ||||||||||
U.S. Fixed Income (11%) | 23 | % | 78 | % | 80 | % | 97 | % | 35 | % | 64 | % | 76 | % | 92 | % | ||||||||||
Global Fixed Income (6%) | 48 | % | 87 | % | 94 | % | 90 | % | 62 | % | 66 | % | 75 | % | 93 | % | ||||||||||
Stable Value (6%) | 100 | % | 100 | % | 100 | % | 100 | % | 17 | % | 97 | % | 97 | % | 100 | % | ||||||||||
Other (1) |
||||||||||||||||||||||||||
Alternatives (6%) | 24 | % | 39 | % | 31 | % | 33 | % | 45 | % | 45 | % | 41 | % | 41 | % | ||||||||||
Balanced (7%) | 80 | % | 93 | % | 63 | % | 62 | % | 81 | % | 79 | % | 80 | % | 94 | % |
For the three months ended December 31, 2022 |
For the three months ended December 31, 2021 |
||||||||||||||||||||||||||||||||||
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 and cash equivalents, beginning of period | $ | 1,226.0 | $ | 202.4 | $ | 1,023.6 | $ | 2,309.5 | $ | 536.3 | $ | 1,773.2 | |||||||||||||||||||||||
Cash flows from operating activities | 456.5 | 38.6 | 417.9 | (3.7) | (294.9) | 291.2 | |||||||||||||||||||||||||||||
Cash flows from investing activities | (130.6) | (27.9) | (102.7) | (259.8) | (236.2) | (23.6) | |||||||||||||||||||||||||||||
Cash flows from financing activities | (168.1) | (18.6) | (149.5) | 103.1 | 243.9 | (140.8) | |||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | 157.8 | (7.9) | 165.7 | (160.4) | (287.2) | 126.8 | |||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | 50.3 | 4.9 | 45.4 | (2.0) | 1.6 | (3.6) | |||||||||||||||||||||||||||||
Invesco and CIP cash, cash equivalents and restricted cash, end of the period(2) |
$ | 1,434.1 | $ | 199.4 | $ | 1,234.7 | $ | 2,147.1 | $ | 250.7 | $ | 1,896.4 | |||||||||||||||||||||||
For the year ended December 31, 2022 |
For the year ended December 31, 2021 |
||||||||||||||||||||||||||||||||||
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 and 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 | 696.2 | (414.1) | 1,110.3 | 1,078.1 | (436.1) | 1,514.2 | |||||||||||||||||||||||||||||
Cash flows from investing activities | (368.6) | (81.5) | (287.1) | (847.9) | (755.4) | (92.5) | |||||||||||||||||||||||||||||
Cash flows from financing activities | (966.9) | 449.4 | (1,416.3) | 117.3 | 1,148.0 | (1,030.7) | |||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (639.3) | (46.2) | (593.1) | 347.5 | (43.5) | 391.0 | |||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | (73.7) | (5.1) | (68.6) | (39.7) | (7.5) | (32.2) | |||||||||||||||||||||||||||||
Invesco and CIP cash, cash equivalents and restricted cash, end of the period(2) |
$ | 1,434.1 | $ | 199.4 | $ | 1,234.7 | $ | 2,147.1 | $ | 250.7 | $ | 1,896.4 | |||||||||||||||||||||||
As of December 31, 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 | $ | 1,234.7 | $ | — | $ | — | $ | 1,234.7 | $ | 1,896.4 | — | — | $ | 1,896.4 | |||||||||||||||||||||||||||||||||
Investments | 996.6 | (376.8) | — | 1,373.4 | 926.3 | (454.8) | — | 1,381.1 | |||||||||||||||||||||||||||||||||||||||
Investments and other assets of CIP | 8,735.1 | 8,735.1 | — | — | 9,575.1 | 9,575.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 199.4 | 199.4 | — | — | 250.7 | 250.7 | — | — | |||||||||||||||||||||||||||||||||||||||
Assets held for policyholders | 668.7 | — | 668.7 | — | 1,893.6 | — | 1,893.6 | — | |||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | 15,698.9 | — | — | 15,698.9 | 16,110.5 | — | — | 16,110.5 | |||||||||||||||||||||||||||||||||||||||
Other assets (2) |
2,223.4 | (9.8) | — | 2,233.2 | 2,033.0 | (6.4) | — | 2,039.4 | |||||||||||||||||||||||||||||||||||||||
Total assets | 29,756.8 | 8,547.9 | 668.7 | 20,540.2 | 32,685.6 | 9,364.6 | 1,893.6 | 21,427.4 | |||||||||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Debt of CIP | 6,590.4 | 6,590.4 | — | — | 7,336.1 | 7,336.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Other liabilities of CIP | 329.6 | 329.6 | — | — | 846.3 | 846.3 | — | — | |||||||||||||||||||||||||||||||||||||||
Policyholder payables | 668.7 | — | 668.7 | — | 1,893.6 | — | 1,893.6 | — | |||||||||||||||||||||||||||||||||||||||
Debt | 1,487.6 | — | — | 1,487.6 | 2,085.1 | — | — | 2,085.1 | |||||||||||||||||||||||||||||||||||||||
Other liabilities (3) |
3,838.3 | — | — | 3,838.3 | 3,845.7 | — | — | 3,845.7 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 12,914.6 | 6,920.0 | 668.7 | 5,325.9 | 16,006.8 | 8,182.4 | 1,893.6 | 5,930.8 | |||||||||||||||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | 15,213.6 | (0.1) | — | 15,213.7 | 15,495.8 | (0.1) | — | 15,495.9 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests (4) |
1,628.6 | 1,628.0 | — | 0.6 | 1,183.0 | 1,182.3 | — | 0.7 | |||||||||||||||||||||||||||||||||||||||
Total equity | 16,842.2 | 1,627.9 | — | 15,214.3 | 16,678.8 | 1,182.2 | — | 15,496.6 | |||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 29,756.8 | $ | 8,547.9 | $ | 668.7 | $ | 20,540.2 | $ | 32,685.6 | $ | 9,364.6 | $ | 1,893.6 | $ | 21,427.4 | |||||||||||||||||||||||||||||||