QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||||||
Emerging growth company |
Page | |||||
TABLE OF CONTENTS | |||||
Glossary of Defined Terms | |||||
APAC | — | Asia-Pacific | ||||||
AUM | — | Assets under management | ||||||
bps | — | Basis points | ||||||
CIP | — | Consolidated investment products | ||||||
CLOs | — | Collateralized loan obligations | ||||||
Covenant Adjusted EBITDA | — | A financial measure set forth in covenants in our credit agreement, which is defined to be earnings before income tax, depreciation, amortization, interest expense, common share-based compensation expense, unrealized (gains)/losses from investments, net, and unusual or otherwise non-recurring gains and losses | ||||||
EMEA | — | Europe, Middle East and Africa | ||||||
EPS | — | Earnings per common share | ||||||
ETFs | — | Exchange-traded funds | ||||||
IGW or Invesco Great Wall | — | Invesco Great Wall Fund Management Company Limited | ||||||
MassMutual | — | Massachusetts Mutual Life Insurance Company | ||||||
NAV | — | Net asset value | ||||||
Report | — | this Form 10-Q | ||||||
S&P | — | Standard & Poor's | ||||||
SEC | — | U.S. Securities and Exchange Commission | ||||||
the company | — | Invesco Ltd. and its consolidated entities | ||||||
the Parent | — | Invesco Ltd. | ||||||
TRS | — | Total return swap | ||||||
UITs | — | Unit Investment Trusts | ||||||
U.K. | — | United Kingdom | ||||||
U.S. | — | United States | ||||||
U.S. GAAP | — | Accounting principles generally accepted in the United States | ||||||
VIEs | — | Variable interest entities |
As of | |||||||||||
(in millions, except per share data) | March 31, 2024 | December 31, 2023 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Investments | |||||||||||
Assets of consolidated investment products (CIP): | |||||||||||
Cash and cash equivalents of CIP | |||||||||||
Accounts receivable and other assets of CIP | |||||||||||
Investments of CIP | |||||||||||
Assets held for policyholders | |||||||||||
Other assets | |||||||||||
Property, equipment and software, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Accrued compensation and benefits | $ | $ | |||||||||
Accounts payable and accrued expenses | |||||||||||
Liabilities of CIP: | |||||||||||
Debt of CIP | |||||||||||
Other liabilities of CIP | |||||||||||
Policyholder payables | |||||||||||
Debt | |||||||||||
Deferred tax liabilities, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (See Note 10) | |||||||||||
TEMPORARY EQUITY | |||||||||||
Redeemable noncontrolling interests in consolidated entities | |||||||||||
PERMANENT EQUITY | |||||||||||
Equity attributable to Invesco Ltd.: | |||||||||||
Preferred shares ($ | |||||||||||
Common shares ($ | |||||||||||
Additional paid-in-capital | |||||||||||
Treasury shares | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income/(loss), net of tax | ( | ( | |||||||||
Total equity attributable to Invesco Ltd. | |||||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | |||||||||||
Total permanent equity | |||||||||||
Total liabilities, temporary and permanent equity | $ | $ |
Three months ended March 31, | |||||||||||
(in millions, except per common share data) | 2024 | 2023 | |||||||||
Operating revenues: | |||||||||||
Investment management fees | $ | $ | |||||||||
Service and distribution fees | |||||||||||
Performance fees | |||||||||||
Other | |||||||||||
Total operating revenues | |||||||||||
Operating expenses: | |||||||||||
Third-party distribution, service and advisory | |||||||||||
Employee compensation | |||||||||||
Marketing | |||||||||||
Property, office and technology | |||||||||||
General and administrative | |||||||||||
Transaction, integration and restructuring | |||||||||||
Amortization of intangible assets | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income/(expense): | |||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||
Interest and dividend income | |||||||||||
Interest expense | ( | ( | |||||||||
Other gains/(losses), net | |||||||||||
Other income/(expense) of CIP, net | ( | ||||||||||
Income before income taxes | |||||||||||
Income tax provision | ( | ( | |||||||||
Net income | |||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | ( | ||||||||||
Dividends declared on preferred shares | ( | ( | |||||||||
Net income attributable to Invesco Ltd. | $ | $ | |||||||||
Earnings per common share: | |||||||||||
-basic | $ | $ | |||||||||
-diluted | $ | $ |
Three months ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||
Currency translation differences on investments in foreign subsidiaries | ( | ||||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Other comprehensive income/(loss) | ( | ||||||||||
Total comprehensive income/(loss) | |||||||||||
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | ( | ||||||||||
Dividends declared on preferred shares | ( | ( | |||||||||
Comprehensive income/(loss) attributable to Invesco Ltd. | $ | $ |
Three months ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Amortization and depreciation | |||||||||||
Common share-based compensation expense | |||||||||||
Other (gains)/losses, net | ( | ( | |||||||||
Other (gains)/losses of CIP, net | |||||||||||
Equity in earnings of unconsolidated affiliates | ( | ( | |||||||||
Distributions from equity method investees | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
(Purchase)/sale of investments by CIP, net | ( | ||||||||||
(Purchase)/sale of investments, net | |||||||||||
(Increase)/decrease in receivables | ( | ||||||||||
Increase/(decrease) in payables | ( | ( | |||||||||
Net cash provided by/(used in) operating activities | ( | ( | |||||||||
Investing activities: | |||||||||||
Purchase of property, equipment and software | ( | ( | |||||||||
Purchase of investments by CIP | ( | ( | |||||||||
Sale of investments by CIP | |||||||||||
Purchase of investments | ( | ( | |||||||||
Sale of investments | |||||||||||
Capital distribution from equity method investees | |||||||||||
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP | ( | ( | |||||||||
Net cash provided by/(used in) investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Purchases of treasury shares | ( | ( | |||||||||
Dividends paid - preferred | ( | ( | |||||||||
Dividends paid - common | ( | ( | |||||||||
Third-party capital invested into CIP | |||||||||||
Third-party capital distributed by CIP | ( | ( | |||||||||
Borrowings of debt of CIP | |||||||||||
Repayments of debt of CIP | ( | ( | |||||||||
Borrowings of credit agreement | |||||||||||
Repayments of credit agreement | ( | ||||||||||
Repayment of senior notes | ( | ||||||||||
Net cash provided by/(used in) financing activities | ( | ( | |||||||||
Increase/(decrease) in cash and cash equivalents | ( | ( | |||||||||
Foreign exchange movement on cash and cash equivalents | ( | ||||||||||
Foreign exchange movement on cash and cash equivalents of CIP | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and cash equivalents of CIP | |||||||||||
Total cash and cash equivalents per condensed consolidated statement of cash flows | $ | $ |
Three months ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2024 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | ( | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($ | — | — | — | — | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($ | — | — | — | — | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ |
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2023 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($ | — | — | — | — | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($ | — | — | — | — | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | Fair Value | Fair Value | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Equity investments | |||||||||||
Assets held for policyholders | |||||||||||
Policyholder payables (1) | ( | ||||||||||
Total return swap related to deferred compensation plans | |||||||||||
As of March 31, 2024 | |||||||||||||||||||||||
(in millions) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds (1) | $ | $ | $ | $ | |||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed capital | |||||||||||||||||||||||
Investments related to deferred compensation plans | |||||||||||||||||||||||
Total return swap related to deferred compensation plans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Total | $ | ( | $ | $ | $ | ( |
As of December 31, 2023 | |||||||||||||||||||||||
(in millions) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds (1) | $ | $ | $ | $ | |||||||||||||||||||
Investments (2): | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed capital | |||||||||||||||||||||||
Investments related to deferred compensation plans | |||||||||||||||||||||||
Assets held for policyholders (3) | |||||||||||||||||||||||
Total return swap related to deferred compensation plans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Total | $ | ( | $ | $ | $ | ( |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Equity investments: | |||||||||||
Seed capital | $ | $ | |||||||||
Investments related to deferred compensation plans | |||||||||||
Equity method investments | |||||||||||
Other | |||||||||||
Total investments (1) | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(in millions) | Carrying Value (3) | Fair Value | Carrying Value (3) | Fair Value | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||
Unsecured Senior Notes: (1) | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Debt | $ | $ | $ | $ |
As of | |||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Preferred shares issued (1) | |||||||||||
Preferred shares outstanding (1) |
As of | |||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Common shares issued | |||||||||||
Less: Treasury shares for which dividend and voting rights do not apply | ( | ( | |||||||||
Common shares outstanding |
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
(in millions) | Foreign currency translation | Employee benefit plans | Total | Foreign currency translation | Employee benefit plans | Total | |||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||
Other comprehensive income/(loss), net | |||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Ending balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three months ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Americas | $ | $ | |||||||||
Asia-Pacific (APAC) | |||||||||||
Europe, Middle East and Africa (EMEA) | |||||||||||
Total operating revenues | $ | $ |
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||
(in millions of common shares, except fair values) | Time- Vested | Performance- Vested | Weighted Average Grant Date Fair Value | Time- Vested | Performance- Vested | ||||||||||||||||||||||||
Unvested at the beginning of period | $ | ||||||||||||||||||||||||||||
Granted during the period | |||||||||||||||||||||||||||||
Forfeited during the period | ( | ( | ( | ||||||||||||||||||||||||||
Vested and distributed during the period | ( | ( | ( | ( | |||||||||||||||||||||||||
Unvested at the end of the period | $ |
Three months ended March 31, | |||||||||||
(in millions, except per share data) | 2024 | 2023 | |||||||||
Net income attributable to Invesco Ltd. | $ | $ | |||||||||
Invesco Ltd: | |||||||||||
Weighted average common shares outstanding - basic | |||||||||||
Dilutive effect of non-participating common share-based awards | |||||||||||
Weighted average common shares outstanding - diluted | |||||||||||
Earnings per common share: | |||||||||||
-basic | $ | $ | |||||||||
-diluted | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||||||||
(in millions) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a practical expedient | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Bonds | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Equity and fixed income mutual funds | |||||||||||||||||||||||||||||
Investments in other private equity funds | |||||||||||||||||||||||||||||
Real estate investments | |||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||
(in millions) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a practical expedient | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Bonds | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Equity and fixed income mutual funds | |||||||||||||||||||||||||||||
Investments in other private equity funds | |||||||||||||||||||||||||||||
Real estate investments | |||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | Level 3 Assets | Level 3 Assets | |||||||||
Beginning Balance as of January 1 | $ | $ | |||||||||
CIP Purchases | |||||||||||
CIP Sales | ( | ( | |||||||||
Deconsolidation of CIP | ( | ||||||||||
Gains and losses included in the Consolidated Statements of Income | ( | ( | |||||||||
Transfers from Level 3 into Levels 1 or 2 | ( | ( | |||||||||
Transfers into Level 3 from Levels 1 or 2 | |||||||||||
Foreign exchange | ( | ||||||||||
Ending Balance as of March 31 | $ | $ |
Index expressed in currency | Three months ended March 31, | |||||||||||||
Equity Index | 2024 | 2023 | ||||||||||||
S&P 500 | U.S. Dollar | 10.2 | % | 7.0 | % | |||||||||
FTSE 100 | British Pound | 2.8 | % | 2.4 | % | |||||||||
FTSE 100 | U.S. Dollar | 1.7 | % | 4.5 | % | |||||||||
S&P/TSX 60 Index | Canadian Dollar | 5.5 | % | 3.2 | % | |||||||||
S&P/TSX 60 Index | U.S. Dollar | 2.9 | % | 3.3 | % | |||||||||
MSCI Emerging Markets | U.S. Dollar | 1.9 | % | 3.5 | % | |||||||||
Bond Index | ||||||||||||||
Barclays U.S. Aggregate Bond | U.S. Dollar | (0.8) | % | 3.0 | % |
(in millions, other than per common share amounts, operating margins and AUM) | Three months ended March 31, | ||||||||||
U.S. GAAP Financial Measures Summary | 2024 | 2023 | |||||||||
Operating revenues | $ | 1,475.3 | $ | 1,418.2 | |||||||
Operating income | $ | 213.1 | $ | 209.5 | |||||||
Operating margin | 14.4 | % | 14.8 | % | |||||||
Net income attributable to Invesco Ltd. | $ | 141.5 | $ | 145.0 | |||||||
Diluted EPS | $ | 0.31 | $ | 0.32 | |||||||
Non-GAAP Financial Measures Summary(1) | |||||||||||
Net revenues | $ | 1,053.2 | $ | 1,075.9 | |||||||
Adjusted operating income | $ | 296.5 | $ | 326.9 | |||||||
Adjusted operating margin | 28.2 | % | 30.4 | % | |||||||
Adjusted net income attributable to Invesco Ltd. | $ | 148.4 | $ | 173.4 | |||||||
Adjusted diluted EPS | $ | 0.33 | $ | 0.38 | |||||||
Assets Under Management | |||||||||||
Ending AUM (billions) | $ | 1,662.7 | $ | 1,483.0 | |||||||
Average AUM (billions) | $ | 1,613.0 | $ | 1,463.0 |
1st Quartile | 2nd Quartile | Above Benchmark | |||||||||||||||||||||||||||||||||
1yr | 3yr | 5yr | 1yr | 3yr | 5yr | 1yr | 3yr | 5yr | |||||||||||||||||||||||||||
Overall | 49 | % | 39 | % | 46 | % | 20 | % | 27 | % | 23 | % | 66 | % | 64 | % | 75 | % | |||||||||||||||||
Fundamental Equities | 36 | % | 28 | % | 24 | % | 22 | % | 28 | % | 28 | % | 53 | % | 46 | % | 40 | % | |||||||||||||||||
Fundamental Fixed Income | 55 | % | 24 | % | 68 | % | 22 | % | 44 | % | 20 | % | 57 | % | 55 | % | 92 | % | |||||||||||||||||
Multi-Asset | 38 | % | 27 | % | 10 | % | 10 | % | 2 | % | 38 | % | 77 | % | 44 | % | 71 | % |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in billions) | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 1,585.3 | $ | 985.3 | $ | 600.0 | $ | 1,409.2 | $ | 976.2 | $ | 433.0 | |||||||||||||||||||||||
Long-term inflows | 80.3 | 42.4 | 37.9 | 79.4 | 46.9 | 32.5 | |||||||||||||||||||||||||||||
Long-term outflows | (74.0) | (49.5) | (24.5) | (76.5) | (49.4) | (27.1) | |||||||||||||||||||||||||||||
Net long-term flows | 6.3 | (7.1) | 13.4 | 2.9 | (2.5) | 5.4 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | — | 9.5 | (1.6) | — | (1.6) | |||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | 0.7 | — | 7.7 | 7.7 | — | |||||||||||||||||||||||||||||
Total net flows | 16.5 | (6.4) | 22.9 | 9.0 | 5.2 | 3.8 | |||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | 1.1 | — | 1.0 | 1.0 | — | |||||||||||||||||||||||||||||
Market gains and losses | 68.0 | 22.5 | 45.5 | 61.9 | 20.9 | 41.0 | |||||||||||||||||||||||||||||
Foreign currency translation | (8.2) | (6.8) | (1.4) | 1.9 | 1.9 | — | |||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 1,662.7 | $ | 995.7 | $ | 667.0 | $ | 1,483.0 | $ | 1,005.2 | $ | 477.8 | |||||||||||||||||||||||
Average AUM | |||||||||||||||||||||||||||||||||||
Average long-term AUM | $ | 1,164.1 | $ | 787.8 | $ | 376.3 | $ | 1,083.2 | $ | 788.5 | $ | 294.7 | |||||||||||||||||||||||
Average AUM | $ | 1,613.0 | $ | 980.9 | $ | 632.1 | $ | 1,463.0 | $ | 1,002.0 | $ | 461.0 | |||||||||||||||||||||||
Average QQQ AUM | $ | 246.2 | N/A | $ | 246.2 | $ | 156.1 | N/A | $ | 156.1 | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue yield (bps) (1) | |||||||||||
U.S. GAAP Gross revenue yield | 38.6 | 41.3 | |||||||||
Net revenue yield ex performance fees ex QQQ (2) | 30.7 | 32.7 | |||||||||
Active net revenue yield ex performance fees | 36.8 | 37.6 | |||||||||
Passive net revenue yield ex QQQ (2) | 15.3 | 16.7 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in billions) | Total | Retail | Institutional | Total | Retail | Institutional | |||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 1,585.3 | $ | 1,042.0 | $ | 543.3 | $ | 1,409.2 | $ | 872.3 | $ | 536.9 | |||||||||||||||||||||||
Long-term inflows | 80.3 | 60.0 | 20.3 | 79.4 | 54.8 | 24.6 | |||||||||||||||||||||||||||||
Long-term outflows | (74.0) | (53.4) | (20.6) | (76.5) | (58.5) | (18.0) | |||||||||||||||||||||||||||||
Net long-term flows | 6.3 | 6.6 | (0.3) | 2.9 | (3.7) | 6.6 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | 9.0 | 0.5 | (1.6) | (2.7) | 1.1 | |||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | 1.2 | (0.5) | 7.7 | 1.2 | 6.5 | |||||||||||||||||||||||||||||
Total net flows | 16.5 | 16.8 | (0.3) | 9.0 | (5.2) | 14.2 | |||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | 1.1 | — | 1.0 | 0.9 | 0.1 | |||||||||||||||||||||||||||||
Market gains and losses | 68.0 | 59.7 | 8.3 | 61.9 | 55.7 | 6.2 | |||||||||||||||||||||||||||||
Foreign currency translation | (8.2) | (2.7) | (5.5) | 1.9 | 1.2 | 0.7 | |||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 1,662.7 | $ | 1,116.9 | $ | 545.8 | $ | 1,483.0 | $ | 924.9 | $ | 558.1 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Total | Americas | APAC | EMEA | Total | Americas | APAC | EMEA | |||||||||||||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 1,585.3 | $ | 1,133.9 | $ | 235.5 | $ | 215.9 | $ | 1,409.2 | $ | 999.4 | $ | 223.5 | $ | 186.3 | |||||||||||||||||||||||||||||||
Long-term inflows | 80.3 | 39.4 | 23.0 | 17.9 | 79.4 | 42.1 | 19.1 | 18.2 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (74.0) | (37.4) | (19.7) | (16.9) | (76.5) | (41.4) | (19.1) | (16.0) | |||||||||||||||||||||||||||||||||||||||
Net long-term flows | 6.3 | 2.0 | 3.3 | 1.0 | 2.9 | 0.7 | — | 2.2 | |||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | 10.1 | (1.0) | 0.4 | (1.6) | 0.5 | (1.3) | (0.8) | |||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | (0.3) | 1.1 | (0.1) | 7.7 | 6.4 | 1.3 | — | |||||||||||||||||||||||||||||||||||||||
Total net flows | 16.5 | 11.8 | 3.4 | 1.3 | 9.0 | 7.6 | — | 1.4 | |||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | 1.1 | — | — | 1.0 | 1.0 | — | — | |||||||||||||||||||||||||||||||||||||||
Market gains and losses | 68.0 | 53.6 | 5.2 | 9.2 | 61.9 | 47.6 | 5.3 | 9.0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (8.2) | (0.6) | (6.5) | (1.1) | 1.9 | 0.1 | (0.2) | 2.0 | |||||||||||||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 1,662.7 | $ | 1,199.8 | $ | 237.6 | $ | 225.3 | $ | 1,483.0 | $ | 1,055.7 | $ | 228.6 | $ | 198.7 |
(in billions) | Total | ETFs and Index (4) | Fundamental Fixed Income (5) | Fundamental Equities (6) | Private Markets (7) | APAC Managed (8) | Multi-Asset/ Other (9) | Global Liquidity (10) | QQQ (11) | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2024 | $ | 1,585.3 | $ | 362.1 | $ | 272.6 | $ | 260.5 | $ | 129.7 | $ | 108.0 | $ | 57.4 | $ | 165.0 | $ | 230.0 | ||||||||||||||||||||||||||||||||||||||
Long-term inflows | 80.3 | 33.0 | 15.8 | 9.1 | 3.8 | 16.0 | 2.6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (74.0) | (21.8) | (14.7) | (14.7) | (2.8) | (16.8) | (3.2) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | 6.3 | 11.2 | 1.1 | (5.6) | 1.0 | (0.8) | (0.6) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | — | — | — | — | — | 0.4 | — | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | — | — | — | — | 1.1 | — | (0.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 16.5 | 11.2 | 1.1 | (5.6) | 1.0 | 0.3 | (0.2) | (0.4) | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | — | 0.5 | 0.3 | 0.2 | — | — | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | 68.0 | 26.2 | 0.9 | 19.5 | (3.2) | 0.7 | 3.5 | 0.2 | 20.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (8.2) | (1.2) | (2.8) | (1.1) | (0.6) | (1.9) | (0.5) | (0.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | $ | 1,662.7 | $ | 398.3 | $ | 272.3 | $ | 273.6 | $ | 127.1 | $ | 107.1 | $ | 60.2 | $ | 164.8 | $ | 259.3 | ||||||||||||||||||||||||||||||||||||||
Average AUM | $ | 1,613.0 | $ | 377.1 | $ | 269.8 | $ | 263.4 | $ | 127.7 | $ | 107.0 | $ | 58.0 | $ | 163.8 | $ | 246.2 | ||||||||||||||||||||||||||||||||||||||
January 1, 2023 | $ | 1,409.2 | $ | 285.6 | $ | 261.3 | $ | 238.8 | $ | 129.9 | $ | 113.6 | $ | 57.7 | $ | 176.4 | $ | 145.9 | ||||||||||||||||||||||||||||||||||||||
Long-term inflows | 79.4 | 31.0 | 17.3 | 9.7 | 5.0 | 12.0 | 4.4 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (76.5) | (25.8) | (15.4) | (13.5) | (4.6) | (15.0) | (2.2) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | 2.9 | 5.2 | 1.9 | (3.8) | 0.4 | (3.0) | 2.2 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (1.6) | — | — | — | — | — | 1.0 | — | (2.6) | |||||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | 7.7 | — | — | — | — | 1.3 | — | 6.4 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 9.0 | 5.2 | 1.9 | (3.8) | 0.4 | (1.7) | 3.2 | 6.4 | (2.6) | |||||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 1.0 | — | 0.4 | 0.3 | 0.2 | — | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | 61.9 | 10.9 | 3.6 | 15.0 | (1.0) | 2.2 | 1.8 | 0.1 | 29.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 1.9 | (0.1) | 0.2 | 0.6 | 0.4 | 0.3 | 0.4 | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 1,483.0 | $ | 301.6 | $ | 267.4 | $ | 250.9 | $ | 129.9 | $ | 114.4 | $ | 63.2 | $ | 183.0 | $ | 172.6 | ||||||||||||||||||||||||||||||||||||||
Average AUM | $ | 1,463.0 | $ | 301.7 | $ | 264.9 | $ | 248.9 | $ | 130.7 | $ | 115.1 | $ | 61.2 | $ | 184.4 | $ | 156.1 | ||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in billions) | Total | Retail | Institutional | Total | Retail | Institutional | |||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 985.3 | $ | 501.5 | $ | 483.8 | $ | 976.2 | $ | 482.1 | $ | 494.1 | |||||||||||||||||||||||
Long-term inflows | 42.4 | 24.9 | 17.5 | 46.9 | 26.3 | 20.6 | |||||||||||||||||||||||||||||
Long-term outflows | (49.5) | (31.9) | (17.6) | (49.4) | (33.0) | (16.4) | |||||||||||||||||||||||||||||
Net long-term flows | (7.1) | (7.0) | (0.1) | (2.5) | (6.7) | 4.2 | |||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | 1.2 | (0.5) | 7.7 | 1.2 | 6.5 | |||||||||||||||||||||||||||||
Total net flows | (6.4) | (5.8) | (0.6) | 5.2 | (5.5) | 10.7 | |||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | 1.1 | — | 1.0 | 0.9 | 0.1 | |||||||||||||||||||||||||||||
Market gains and losses | 22.5 | 20.1 | 2.4 | 20.9 | 17.1 | 3.8 | |||||||||||||||||||||||||||||
Foreign currency translation | (6.8) | (2.2) | (4.6) | 1.9 | 1.0 | 0.9 | |||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 995.7 | $ | 514.7 | $ | 481.0 | $ | 1,005.2 | $ | 495.6 | $ | 509.6 | |||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Total | Americas | APAC | EMEA | Total | Americas | APAC | EMEA | |||||||||||||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 985.3 | $ | 671.4 | $ | 192.0 | $ | 121.9 | $ | 976.2 | $ | 670.8 | $ | 191.0 | $ | 114.4 | |||||||||||||||||||||||||||||||
Long-term inflows | 42.4 | 19.3 | 16.7 | 6.4 | 46.9 | 21.7 | 16.8 | 8.4 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (49.5) | (27.7) | (14.6) | (7.2) | (49.4) | (27.2) | (15.8) | (6.4) | |||||||||||||||||||||||||||||||||||||||
Net long-term flows | (7.1) | (8.4) | 2.1 | (0.8) | (2.5) | (5.5) | 1.0 | 2.0 | |||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | 0.7 | (0.3) | 1.1 | (0.1) | 7.7 | 6.4 | 1.3 | — | |||||||||||||||||||||||||||||||||||||||
Total net flows | (6.4) | (8.7) | 3.2 | (0.9) | 5.2 | 0.9 | 2.3 | 2.0 | |||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 1.1 | 1.1 | — | — | 1.0 | 1.0 | — | — | |||||||||||||||||||||||||||||||||||||||
Market gains and losses | 22.5 | 19.5 | 1.5 | 1.5 | 20.9 | 15.9 | 1.7 | 3.3 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (6.8) | (0.5) | (5.4) | (0.9) | 1.9 | 0.1 | 0.1 | 1.7 | |||||||||||||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 995.7 | $ | 682.8 | $ | 191.3 | $ | 121.6 | $ | 1,005.2 | $ | 688.7 | $ | 195.1 | $ | 121.4 | |||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in billions) | Total | Retail | Institutional | Total | Retail | Institutional | |||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 600.0 | $ | 540.5 | $ | 59.5 | $ | 433.0 | $ | 390.2 | $ | 42.8 | |||||||||||||||||||||||
Long-term inflows | 37.9 | 35.1 | 2.8 | 32.5 | 28.5 | 4.0 | |||||||||||||||||||||||||||||
Long-term outflows | (24.5) | (21.5) | (3.0) | (27.1) | (25.5) | (1.6) | |||||||||||||||||||||||||||||
Net long-term flows | 13.4 | 13.6 | (0.2) | 5.4 | 3.0 | 2.4 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | 9.0 | 0.5 | (1.6) | (2.7) | 1.1 | |||||||||||||||||||||||||||||
Total net flows | 22.9 | 22.6 | 0.3 | 3.8 | 0.3 | 3.5 | |||||||||||||||||||||||||||||
Market gains and losses | 45.5 | 39.6 | 5.9 | 41.0 | 38.6 | 2.4 | |||||||||||||||||||||||||||||
Foreign currency translation | (1.4) | (0.5) | (0.9) | — | 0.2 | (0.2) | |||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 667.0 | $ | 602.2 | $ | 64.8 | $ | 477.8 | $ | 429.3 | $ | 48.5 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Total | Americas | APAC | EMEA | Total | Americas | APAC | EMEA | |||||||||||||||||||||||||||||||||||||||
Beginning Assets (January 1) | $ | 600.0 | $ | 462.5 | $ | 43.5 | $ | 94.0 | $ | 433.0 | $ | 328.6 | $ | 32.5 | $ | 71.9 | |||||||||||||||||||||||||||||||
Long-term inflows | 37.9 | 20.1 | 6.3 | 11.5 | 32.5 | 20.4 | 2.3 | 9.8 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (24.5) | (9.7) | (5.1) | (9.7) | (27.1) | (14.2) | (3.3) | (9.6) | |||||||||||||||||||||||||||||||||||||||
Net long-term flows | 13.4 | 10.4 | 1.2 | 1.8 | 5.4 | 6.2 | (1.0) | 0.2 | |||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 9.5 | 10.1 | (1.0) | 0.4 | (1.6) | 0.5 | (1.3) | (0.8) | |||||||||||||||||||||||||||||||||||||||
Total net flows | 22.9 | 20.5 | 0.2 | 2.2 | 3.8 | 6.7 | (2.3) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Market gains and losses | 45.5 | 34.1 | 3.7 | 7.7 | 41.0 | 31.7 | 3.6 | 5.7 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (1.4) | (0.1) | (1.1) | (0.2) | — | — | (0.3) | 0.3 | |||||||||||||||||||||||||||||||||||||||
Ending Assets (March 31) | $ | 667.0 | $ | 517.0 | $ | 46.3 | $ | 103.7 | $ | 477.8 | $ | 367.0 | $ | 33.5 | $ | 77.3 |
Three months ended | |||||||||||||||||||||||
March 31, | Variance | ||||||||||||||||||||||
(in millions) | 2024 | 2023 | $ Change | % Change | |||||||||||||||||||
Investment management fees | $ | 1,048.7 | $ | 1,027.9 | $ | 20.8 | 2.0 | % | |||||||||||||||
Service and distribution fees | 377.0 | 334.2 | 42.8 | 12.8 | % | ||||||||||||||||||
Performance fees | 0.8 | 5.6 | (4.8) | (85.7) | % | ||||||||||||||||||
Other | 48.8 | 50.5 | (1.7) | (3.4) | % | ||||||||||||||||||
Total operating revenues | $ | 1,475.3 | $ | 1,418.2 | $ | 57.1 | 4.0 | % | |||||||||||||||
Revenue Adjustments: | |||||||||||||||||||||||
Investment management fees | $ | (192.3) | $ | (189.8) | $ | (2.5) | 1.3 | % | |||||||||||||||
Service and distribution fees | (271.8) | (225.3) | (46.5) | 20.6 | % | ||||||||||||||||||
Other | (39.9) | (40.0) | 0.1 | (0.3) | % | ||||||||||||||||||
Total Revenue Adjustments (1) | (504.0) | (455.1) | (48.9) | 10.7 | % | ||||||||||||||||||
Invesco Great Wall | 74.7 | 100.5 | (25.8) | (25.7) | % | ||||||||||||||||||
CIP | 7.2 | 12.3 | (5.1) | (41.5) | % | ||||||||||||||||||
Net revenues (2) | $ | 1,053.2 | $ | 1,075.9 | $ | (22.7) | (2.1) | % |
Three months ended | |||||||||||||||||||||||
March 31, | Variance | ||||||||||||||||||||||
(in millions) | 2024 | 2023 | $ Change | % Change | |||||||||||||||||||
Third-party distribution, service and advisory | $ | 504.0 | $ | 455.1 | $ | 48.9 | 10.7 | % | |||||||||||||||
Employee compensation | 472.7 | 462.8 | 9.9 | 2.1 | % | ||||||||||||||||||
Marketing (1) | 18.1 | 19.6 | (1.5) | (7.7) | % | ||||||||||||||||||
Property, office and technology (1) | 117.6 | 110.5 | 7.1 | 6.4 | % | ||||||||||||||||||
General and administrative (1) | 138.5 | 105.0 | 33.5 | 31.9 | % | ||||||||||||||||||
Transaction, integration and restructuring | — | 41.6 | (41.6) | N/A | |||||||||||||||||||
Amortization of intangibles | 11.3 | 14.1 | (2.8) | (19.9) | % | ||||||||||||||||||
Total operating expenses | $ | 1,262.2 | $ | 1,208.7 | $ | 53.5 | 4.4 | % |
(in millions) | Three months ended March 31, 2024 | % of Total Operating Expenses | % of Operating Revenues | Three months ended March 31, 2023 | % of Total Operating Expenses | % of Operating Revenues | |||||||||||||||||||||||||||||
Third-party distribution, service and advisory | $ | 504.0 | 39.9 | % | 34.2 | % | $ | 455.1 | 37.6 | % | 32.1 | % | |||||||||||||||||||||||
Employee compensation | 472.7 | 37.5 | % | 32.0 | % | 462.8 | 38.3 | % | 32.6 | % | |||||||||||||||||||||||||
Marketing (1) | 18.1 | 1.4 | % | 1.2 | % | 19.6 | 1.7 | % | 1.4 | % | |||||||||||||||||||||||||
Property, office and technology (1) | 117.6 | 9.3 | % | 8.0 | % | 110.5 | 9.1 | % | 7.8 | % | |||||||||||||||||||||||||
General and administrative (1) | 138.5 | 11.0 | % | 9.4 | % | 105.0 | 8.7 | % | 7.4 | % | |||||||||||||||||||||||||
Transaction, integration and restructuring | — | — | % | — | % | 41.6 | 3.4 | % | 2.9 | % | |||||||||||||||||||||||||
Amortization of intangibles | 11.3 | 0.9 | % | 0.8 | % | 14.1 | 1.2 | % | 1.0 | % | |||||||||||||||||||||||||
Total operating expenses | $ | 1,262.2 | 100.0 | % | 85.6 | % | $ | 1,208.7 | 100.0 | % | 85.2 | % |
Variance | |||||||||||||||||||||||
Three months ended March 31, | 2024 vs 2023 | ||||||||||||||||||||||
(in millions) | 2024 | 2023 | $ Change | % Change | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | $ | 6.9 | $ | 26.1 | $ | (19.2) | (73.6) | % | |||||||||||||||
Interest and dividend income | 12.4 | 8.6 | 3.8 | 44.2 | % | ||||||||||||||||||
Interest expense | (15.9) | (18.0) | 2.1 | (11.7) | % | ||||||||||||||||||
Other gains/(losses), net | 35.9 | 27.4 | 8.5 | 31.0 | % | ||||||||||||||||||
Other income/(expense) of CIP, net | 30.5 | (17.9) | 48.4 | N/A | |||||||||||||||||||
Total other income and expenses | $ | 69.8 | $ | 26.2 | $ | 43.6 | 166.4 | % |
Three months ended March 31, | ||||||||||||||
(in millions) | 2024 | 2023 | ||||||||||||
Operating revenues, U.S. GAAP basis | $ | 1,475.3 | $ | 1,418.2 | ||||||||||
Revenue Adjustments (1) | ||||||||||||||
Investment management fees | (192.3) | (189.8) | ||||||||||||
Service and distribution fees | (271.8) | (225.3) | ||||||||||||
Other | (39.9) | (40.0) | ||||||||||||
Total Revenue Adjustments | (504.0) | (455.1) | ||||||||||||
Invesco Great Wall (2) | 74.7 | 100.5 | ||||||||||||
CIP (3) | 7.2 | 12.3 | ||||||||||||
Net revenues | $ | 1,053.2 | $ | 1,075.9 |
Three months ended March 31, | ||||||||||||||
(in millions) | 2024 | 2023 | ||||||||||||
Operating income, U.S. GAAP basis | $ | 213.1 | $ | 209.5 | ||||||||||
Invesco Great Wall (2) | 38.3 | 54.6 | ||||||||||||
CIP (3) | 12.2 | 14.7 | ||||||||||||
Transaction, integration and restructuring (4) | — | 41.6 | ||||||||||||
Amortization of intangible assets (5) | 11.3 | 14.1 | ||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans (6) | 21.6 | 12.4 | ||||||||||||
General and administrative (7) | — | (20.0) | ||||||||||||
Adjusted operating income | $ | 296.5 | $ | 326.9 | ||||||||||
Operating margin(8) | 14.4 | % | 14.8 | % | ||||||||||
Adjusted operating margin(9) | 28.2 | % | 30.4 | % |
Three months ended March 31, | |||||||||||
(in millions, except per common share data) | 2024 | 2023 | |||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | $ | 141.5 | $ | 145.0 | |||||||
Adjustments (excluding tax): | |||||||||||
Transaction, integration and restructuring (4) | — | 41.6 | |||||||||
Amortization of intangible assets (5) | 11.3 | 14.1 | |||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense (6) | (11.5) | (10.4) | |||||||||
General and administrative (7) | — | (20.0) | |||||||||
Total adjustments excluding tax | $ | (0.2) | $ | 25.3 | |||||||
Tax adjustment for amortization of intangible assets and goodwill (10) | $ | 4.4 | $ | 4.2 | |||||||
Other tax effects of adjustments above | 2.7 | (1.1) | |||||||||
Adjusted net income attributable to Invesco Ltd. (11) | $ | 148.4 | $ | 173.4 | |||||||
Average common shares outstanding - diluted | 453.5 | 458.9 | |||||||||
Diluted EPS | $ | 0.31 | $ | 0.32 | |||||||
Adjusted diluted EPS (12) | $ | 0.33 | $ | 0.38 |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Balance sheet information (in millions) | U.S. GAAP | Impact of CIP | As Adjusted | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | ||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 895.7 | $ | — | $ | 895.7 | $ | 1,469.2 | $ | — | $ | — | $ | 1,469.2 | |||||||||||||||||||||||||||
Investments | 963.5 | 497.2 | 1,460.7 | 919.1 | 527.4 | — | 1,446.5 | ||||||||||||||||||||||||||||||||||
Assets of CIP: | |||||||||||||||||||||||||||||||||||||||||
Investments and other assets of CIP | 9,119.5 | (9,119.5) | — | 9,016.0 | (9,016.0) | — | — | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 529.8 | (529.8) | — | 462.4 | (462.4) | — | — | ||||||||||||||||||||||||||||||||||
Assets held for policyholders (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | 14,453.4 | — | 14,453.4 | 14,539.6 | — | — | 14,539.6 | ||||||||||||||||||||||||||||||||||
Other assets (3) | 2,115.3 | 24.7 | 2,140.0 | 2,133.6 | 18.8 | — | 2,152.4 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 28,077.2 | $ | (9,127.4) | $ | 18,949.8 | $ | 28,933.8 | $ | (8,932.2) | $ | (393.9) | $ | 19,607.7 | |||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Liabilities of CIP: | |||||||||||||||||||||||||||||||||||||||||
Debt of CIP | $ | 7,370.4 | $ | (7,370.4) | $ | — | $ | 7,121.8 | $ | (7,121.8) | $ | — | $ | — | |||||||||||||||||||||||||||
Other liabilities of CIP | 459.1 | (459.1) | — | 492.1 | (492.1) | — | — | ||||||||||||||||||||||||||||||||||
Policyholder payables (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||||||||||||||||||||||||||||||
Debt | 1,257.5 | — | 1,257.5 | 1,489.5 | — | — | 1,489.5 | ||||||||||||||||||||||||||||||||||
Other liabilities (4) | 3,137.4 | — | 3,137.4 | 3,520.5 | — | — | 3,520.5 | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 12,224.4 | $ | (7,829.5) | $ | 4,394.9 | $ | 13,017.8 | $ | (7,613.9) | $ | (393.9) | $ | 5,010.0 | |||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | $ | 14,554.8 | $ | 0.1 | $ | 14,554.9 | $ | 14,597.6 | $ | 0.1 | $ | — | $ | 14,597.7 | |||||||||||||||||||||||||||
Noncontrolling interests (5) | 1,298.0 | (1,298.0) | — | 1,318.4 | (1,318.4) | — | — | ||||||||||||||||||||||||||||||||||
Total equity | 15,852.8 | (1,297.9) | 14,554.9 | 15,916.0 | (1,318.3) | — | 14,597.7 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 28,077.2 | $ | (9,127.4) | $ | 18,949.8 | $ | 28,933.8 | $ | (8,932.2) | $ | (393.9) | $ | 19,607.7 |
As of | |||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Investments | $ | 963.5 | $ | 919.1 | |||||||
Net investment in CIP | 497.2 | 527.4 | |||||||||
Less: Investments related to deferred compensation plans, joint ventures, and other investments | (519.8) | (490.5) | |||||||||
Total seed capital and co-investments (1) | $ | 940.9 | $ | 956.0 |
As of | |||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ | 895.7 | $ | 1,469.2 | |||||||
Available revolver (1) | 1,632.4 | 2,000.0 | |||||||||
Total sources of liquidity by type | $ | 2,528.1 | $ | 3,469.2 |
Cash flows information (1) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||
(in millions) | U.S. GAAP | Impact of CIP | As Adjusted | U.S. GAAP | Impact of CIP | As Adjusted | |||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | $ | 1,931.6 | $ | (462.4) | $ | 1,469.2 | $ | 1,434.1 | $ | (199.4) | $ | 1,234.7 | |||||||||||||||||||||||
Cash flows from operating activities | (54.4) | (52.3) | (106.7) | (98.9) | (20.6) | (119.5) | |||||||||||||||||||||||||||||
Cash flows from investing activities | (287.3) | 236.8 | (50.5) | 45.5 | (110.8) | (65.3) | |||||||||||||||||||||||||||||
Cash flows from financing activities | (148.3) | (253.9) | (402.2) | (178.5) | 5.9 | (172.6) | |||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (490.0) | (69.4) | (559.4) | (231.9) | (125.5) | (357.4) | |||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | (16.1) | 2.0 | (14.1) | 12.7 | (1.0) | 11.7 | |||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | $ | 1,425.5 | $ | (529.8) | $ | 895.7 | $ | 1,214.9 | $ | (325.9) | $ | 889.0 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 895.7 | $ | — | $ | 895.7 | $ | 889.0 | $ | — | $ | 889.0 | |||||||||||||||||||||||
Cash and cash equivalents of CIP | 529.8 | (529.8) | — | 325.9 | (325.9) | — | |||||||||||||||||||||||||||||
Total cash and cash equivalents per condensed consolidated statement of cash flows | $ | 1,425.5 | $ | (529.8) | $ | 895.7 | $ | 1,214.9 | $ | (325.9) | $ | 889.0 |
(in millions) | Total | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | ||||||||||||||||||||||||
Net income/(loss) attributable to Invesco Ltd. | $ | (337.2) | $ | 141.5 | $ | (742.3) | $ | 131.4 | $ | 132.2 | |||||||||||||||||||
Dividends on preferred shares | 236.8 | 59.2 | 59.2 | 59.2 | 59.2 | ||||||||||||||||||||||||
Tax expense/(benefit) | (70.9) | 68.7 | (266.4) | 61.3 | 65.5 | ||||||||||||||||||||||||
Amortization/depreciation/impairment | 1,430.0 | 45.1 | 1,295.3 | 42.2 | 47.4 | ||||||||||||||||||||||||
Interest expense | 68.4 | 15.9 | 16.8 | 17.3 | 18.4 | ||||||||||||||||||||||||
Common share-based compensation expense | 97.9 | 21.1 | 20.8 | 24.0 | 32.0 | ||||||||||||||||||||||||
Unrealized (gains)/losses from investments, net (1) | (5.2) | (10.4) | (4.5) | 18.3 | (8.6) | ||||||||||||||||||||||||
Covenant Adjusted EBITDA (2) | $ | 1,419.8 | $ | 341.1 | $ | 378.9 | $ | 353.7 | $ | 346.1 | |||||||||||||||||||
Adjusted debt (2) | $ | 760.1 | |||||||||||||||||||||||||||
Leverage ratio as of March 31, 2024 (Adjusted debt/Covenant Adjusted EBITDA - maximum 3.25:1.00) | 0.54 | ||||||||||||||||||||||||||||
Interest coverage ratio as of March 31, 2024 (Covenant Adjusted EBITDA/Interest expense - minimum 4.00:1.00) | 20.76 |
Month | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number at end of period (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (millions) | |||||||||||||||||||
January 1-31, 2024 | 310,285 | $ | 17.08 | — | $ | 382.2 | |||||||||||||||||
February 1-29, 2024 | 1,054,916 | $ | 15.31 | — | $ | 382.2 | |||||||||||||||||
March 1-31, 2024 | 32,583 | $ | 15.45 | — | $ | 382.2 | |||||||||||||||||
Total | 1,397,784 | — |
3.1 | |||||
3.2 | |||||
3.3 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
22 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Changes in Equity, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL |
INVESCO LTD. | |||||
May 1, 2024 | /s/ ANDREW R. SCHLOSSBERG | ||||
Andrew R. Schlossberg | |||||
President and Chief Executive Officer | |||||
May 1, 2024 | /s/ L. ALLISON DUKES | ||||
L. Allison Dukes | |||||
Senior Managing Director and Chief Financial Officer |
Participant: | |||||
Signature |
Performance Share Vesting: 2024 to 2026 Performance Period | ||||||||||||||||||||
3 year Average AOM | Relative TSR | |||||||||||||||||||
Lowest | 40%ile | 55%ile | 75%ile | Highest | ||||||||||||||||
≥34.0% | 100% | 116% | 133% | 142% | 150% | |||||||||||||||
33.0% | 83% | 103% | 122% | 133% | 142% | |||||||||||||||
31.0% | 67% | 90% | 111% | 123% | 133% | |||||||||||||||
29.0% | 50% | 75% | 100% | 113% | 125% | |||||||||||||||
27.0% | 33% | 58% | 83% | 100% | 117% | |||||||||||||||
25.0% | 17% | 42% | 68% | 88% | 108% | |||||||||||||||
≤24.0% | 0% | 25% | 50% | 75% | 100% | |||||||||||||||
Vesting percentages between the data points to be determined by straight line interpolation of 3-year Average AOM and Relative TSR. |
Alliance Bernstein Bank of New York Mellon BlackRock Franklin Resources Janus Henderson | Lazard Northern Trust State Street T. Rowe Price |
Participant: | |||||
Signature |
Performance Share Vesting: 2024 to 2026 Performance Period | ||||||||||||||||||||
3 year Average AOM | Relative TSR | |||||||||||||||||||
Lowest | 40%ile | 55%ile | 75%ile | Highest | ||||||||||||||||
≥34.0% | 100% | 116% | 133% | 142% | 150% | |||||||||||||||
33.0% | 83% | 103% | 122% | 133% | 142% | |||||||||||||||
31.0% | 67% | 90% | 111% | 123% | 133% | |||||||||||||||
29.0% | 50% | 75% | 100% | 113% | 125% | |||||||||||||||
27.0% | 33% | 58% | 83% | 100% | 117% | |||||||||||||||
25.0% | 17% | 42% | 68% | 88% | 108% | |||||||||||||||
≤24.0% | 0% | 25% | 50% | 75% | 100% | |||||||||||||||
Vesting percentages between the data points to be determined by straight line interpolation of 3-year Average AOM and Relative TSR. |
Alliance Bernstein Bank of New York Mellon BlackRock Franklin Resources Janus Henderson | Lazard Northern Trust State Street T. Rowe Price |
May 1, 2024 | /s/ ANDREW R. SCHLOSSBERG | |||||||
Andrew R. Schlossberg | ||||||||
President and Chief Executive Officer |
May 1, 2024 | /s/ L. ALLISON DUKES | |||||||
L. Allison Dukes | ||||||||
Senior Managing Director and Chief Financial Officer |
May 1, 2024 | /s/ ANDREW R. SCHLOSSBERG | |||||||
Andrew R. Schlossberg | ||||||||
President and Chief Executive Officer |
May 1, 2024 | /s/ L. ALLISON DUKES | |||||||
L. Allison Dukes | ||||||||
Senior Managing Director and Chief Financial Officer |
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Statement of Financial Position [Abstract] | ||
Preferred stock par value (in USD per share) | $ 0.20 | $ 0.20 |
Liquidation preference per share (in USD per share) | $ 1,000 | $ 1,000 |
Preferred stock authorized (in shares) | 4.0 | 4.0 |
Preferred shares issued (in shares) | 4.0 | 4.0 |
Preferred shares outstanding (in shares) | 4.0 | 4.0 |
Common stock par value (in USD per share) | $ 0.20 | $ 0.20 |
Common stock authorized (in shares) | 1,050.0 | 1,050.0 |
Common stock issued (in shares) | 566.1 | 566.1 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 214.2 | $ 165.8 |
Other comprehensive income/(loss), net of tax: | ||
Currency translation differences on investments in foreign subsidiaries | (96.3) | 55.1 |
Other comprehensive income/(loss), net of tax | 1.0 | 4.4 |
Other comprehensive income/(loss) | (95.3) | 59.5 |
Total comprehensive income/(loss) | 118.9 | 225.3 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (13.5) | 38.4 |
Dividends declared on preferred shares | (59.2) | (59.2) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ 46.2 | $ 204.5 |
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Preferred stock dividend declared (in USD per share) | $ 14.75 | $ 14.75 |
Common stock dividends declared per share (in USD per share) | $ 0.20 | $ 0.1875 |
ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Corporate Information Invesco Ltd. (the Parent) and its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of investment management capabilities. The company operates globally and its sole business is investment management. Certain disclosures included in the company’s annual report on Form 10-K for the year ended December 31, 2023 (annual report or Form 10-K) are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q (Report). The company has condensed or omitted these disclosures. Therefore, this Report should be read in conjunction with the company’s annual report. Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Reclassifications In the quarter ended March 31, 2024, expenses for client-related travel and entertainment and outsourced services were reclassified to General and administrative expenses. The impact of this reclassification on the Consolidated Statements of Income is as follows: • For the three months ended March 31, 2024: decreased Marketing and Property, office and technology expenses by $6.7 million and $23.6 million, respectively, and increased General and administrative by $30.3 million. • For the three months ended March 31, 2023: decreased Marketing and Property, office and technology expenses by $5.4 million and $23.9 million, respectively, and increased General and administrative by $29.3 million. The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated. Accounting Pronouncements Recently Adopted None. Pending Accounting Pronouncements Refer to the most recent Form 10-K filed with the SEC.
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FAIR VALUE OF ASSETS AND LIABILITIES |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.
____________ (1) These financial instruments are not measured at fair value on a recurring basis. Policyholder payables were indexed to the value of the assets held for policyholders and changes in fair value were recorded and offset to zero in other operating revenues. In January 2024, all funds were distributed to customers. The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively:
____________ (1) The balance primarily represents cash held in affiliated money market funds. (2) Equity method and other investments of $651.4 million and $14.9 million, respectively, are excluded from this table (December 31, 2023: $631.8 million and $14.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards. (3) The majority of Assets held for policyholders were held in affiliated funds. Total Return Swap (TRS) In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at March 31, 2024 was $424.4 million, and the fair value of the TRS was an asset of $8.1 million (December 31, 2023 notional value was $393.0 million and the fair value was an asset of $4.9 million). During the three months ended March 31, 2024, market valuation gains related to the TRS were $18.0 million (three months ended March 31, 2023: $13.1 million net gain). The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated for hedge accounting.
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INVESTMENTS |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 11, "Consolidated Investment Products."
(1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees. Equity investments The unrealized gains and losses for the three months ended March 31, 2024 that relate to equity investments still held at March 31, 2024 were a $16.2 million net gain (three months ended March 31, 2023: $6.7 million net gain).
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 11, "Consolidated Investment Products."
____________ (1) The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. (2) On January 30, 2024, the outstanding balance of the $600.0 million senior notes was paid in full. (3) The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.
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SHARE CAPITAL |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE CAPITAL | SHARE CAPITAL The number of preferred shares issued and outstanding is represented in the table below:
(1) Substantially all the preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual) and are subject to a lock-up period of five years, which prohibits the sale of the preferred shares by MassMutual until May 24, 2024. The number of common shares and common share equivalents issued are represented in the table below:
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OTHER COMPREHENSIVE INCOME/(LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME/(LOSS) The components of accumulated other comprehensive income/(loss) were as follows:
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REVENUE |
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REVENUE | REVENUE The geographic disaggregation of revenue for the three months ended March 31, 2024 and 2023 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.
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COMMON SHARE-BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHARE-BASED COMPENSATION | COMMON SHARE-BASED COMPENSATION The company recognized total compensation expense of $21.1 million and $37.8 million related to equity-settled common share-based compensation in the three months ended March 31, 2024 and 2023, respectively. Movements on employee common share awards during the periods ended March 31 are detailed below:
The total fair value of common shares that vested during the three months ended March 31, 2024 was $67.0 million (three months ended March 31, 2023: $87.3 million). The weighted average grant date fair value of the United States (U.S.) dollar share awards that were granted during the three months ended March 31, 2024 was $15.13 (three months ended March 31, 2023: $17.74). At March 31, 2024, there was $182.5 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average period of 2.94 years.
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EARNINGS PER COMMON SHARE |
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EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The calculation of earnings per common share (EPS) is as follows:
See Note 8, "Common Share-Based Compensation," for a summary of common share awards outstanding under the company’s common share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted EPS.
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and contingencies may arise in the ordinary course of business. The company has committed to co-invest in certain investment products, which may be called in future periods. At March 31, 2024, the company’s undrawn co-invest capital commitments were $664.6 million (December 31, 2023: $623.3 million). Certain of our managed investment products have entered into revolving credit facilities with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these revolving credit facilities that are temporary in nature. The revolving credit facilities look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $274.6 million and under the guarantees is $30.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements. The company and some of its subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Legal Contingencies The company is from time to time involved in pending or threatened litigation relating to claims arising in the ordinary course of its business. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit or claim will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages (or merely threatened); the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability. The company and certain related entities have in recent years been subject to various regulatory inquiries, reviews and investigations and legal proceedings, including civil litigation, governmental investigations and enforcement actions. These actions can arise from normal business operations and/or matters that have been the subject of previous regulatory reviews. As a global company with investment products registered in numerous countries and subject to the jurisdiction of one or more regulators in each country, at any given time, our business operations may be subject to review, investigation, or disciplinary action. In assessing the impact that a legal or regulatory matter will have on the company, management evaluates the need for an accrual on a case-by-case basis. If the likelihood of a loss is deemed probable and is reasonably estimable, the estimated loss is accrued. If the likelihood of a loss is assessed as less than probable, a loss is not accrued. If a loss is deemed probable but an amount or range of loss cannot be reasonably estimated, a loss is not accrued but the matter is disclosed. In management’s opinion, adequate accrual has been made as of March 31, 2024 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. Management believes that the ultimate resolution of claims will not materially affect the company’s business, revenue, net income or liquidity. The company is cooperating with requests from the SEC in connection with their investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic business communications. At this time a range of loss related to this matter cannot be reasonably estimated. Further, the investment management industry also is generally subject to extensive levels of ongoing regulatory oversight and examination. In the U.S., United Kingdom (U.K.) and other jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to the company’s compliance with applicable laws and regulations. Additional lawsuits or regulatory enforcement actions arising out of these inquiries may in the future be filed against the company, related entities and individuals in the U.S., U.K. and other jurisdictions in which the company and its affiliates operate. Any material loss of investor and/or client confidence as a result of such inquiries and/or litigation could result in a significant decline in assets under management (AUM), which would have an adverse effect on the company’s future financial results and its ability to grow its business.
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CONSOLIDATED INVESTMENT PRODUCTS |
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Consolidated Investment Products [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | CONSOLIDATED INVESTMENT PRODUCTS The balances related to CIP are identified on the Consolidated Balance Sheets. At March 31, 2024, the company’s net investment in and net receivables from CIP were $521.9 million (December 31, 2023: $546.2 million). The consolidation of CIP had no impact on net income attributable to the company during the three months ended March 31, 2024. The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of March 31, 2024 and December 31, 2023:
At March 31, 2024, CIP borrowings with a fair value of $565.0 million (December 31, 2023: $353.7 million) are classified as level 3 in the valuation hierarchy. The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:
Non-consolidated Variable interest entities (VIEs) At March 31, 2024, the company's risk of loss with respect to VIEs in which the company is not the primary beneficiary included our investment carrying value of $141.4 million (December 31, 2023: $122.9 million) and unfunded capital commitments of $153.2 million (December 31, 2023: $142.5 million). See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.
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RELATED PARTIES |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES MassMutual owns approximately 18.1% in common stock of the company and owns substantially all of the outstanding $4.0 billion in perpetual, non-cumulative preferred shares as of March 31, 2024. Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s Board of Directors, the company considers MassMutual a related party. Additionally, certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” The majority of the company's Operating revenues and receivables are from Invesco's managed funds. Related parties also include those defined in the company’s proxy statement. Refer to Note 2, "Fair Value of Assets and Liabilities" and Note 3, "Investments" for more information on balances invested in Invesco affiliated funds.
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SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 23, 2024, the company declared a first quarter 2024 dividend of $0.205 per common share, payable on June 4, 2024, to common shareholders of record at the close of business on May 14, 2024 with an ex-dividend date of May 13, 2024. On April 23, 2024, the company declared a preferred dividend of $14.75 per preferred share to the holders of preferred shares representing the period from March 1, 2024 through May 31, 2024. The preferred dividend is payable on June 3, 2024.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income attributable to Invesco Ltd. | $ 141.5 | $ 145.0 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
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Reclassifications | Reclassifications In the quarter ended March 31, 2024, expenses for client-related travel and entertainment and outsourced services were reclassified to General and administrative expenses. The impact of this reclassification on the Consolidated Statements of Income is as follows: • For the three months ended March 31, 2024: decreased Marketing and Property, office and technology expenses by $6.7 million and $23.6 million, respectively, and increased General and administrative by $30.3 million. • For the three months ended March 31, 2023: decreased Marketing and Property, office and technology expenses by $5.4 million and $23.9 million, respectively, and increased General and administrative by $29.3 million. The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated.
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Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | Accounting Pronouncements Recently Adopted None. Pending Accounting Pronouncements Refer to the most recent Form 10-K filed with the SEC.
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FAIR VALUE OF ASSETS AND LIABILITIES (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value by Balance Sheet Grouping | The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.
____________ (1) These financial instruments are not measured at fair value on a recurring basis. Policyholder payables were indexed to the value of the assets held for policyholders and changes in fair value were recorded and offset to zero in other operating revenues. In January 2024, all funds were distributed to customers.
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Tri-Level Hierarchy, Carrying Value | The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively:
____________ (1) The balance primarily represents cash held in affiliated money market funds. (2) Equity method and other investments of $651.4 million and $14.9 million, respectively, are excluded from this table (December 31, 2023: $631.8 million and $14.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards. (3) The majority of Assets held for policyholders were held in affiliated funds.
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INVESTMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 11, "Consolidated Investment Products."
(1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees.
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DEBT (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 11, "Consolidated Investment Products."
____________ (1) The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. (2) On January 30, 2024, the outstanding balance of the $600.0 million senior notes was paid in full. (3) The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.
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SHARE CAPITAL (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements in Shares Issued and Outstanding | The number of preferred shares issued and outstanding is represented in the table below:
(1) Substantially all the preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual) and are subject to a lock-up period of five years, which prohibits the sale of the preferred shares by MassMutual until May 24, 2024. The number of common shares and common share equivalents issued are represented in the table below:
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OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | The components of accumulated other comprehensive income/(loss) were as follows:
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REVENUE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Disaggregation of Revenue | The geographic disaggregation of revenue for the three months ended March 31, 2024 and 2023 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.
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COMMON SHARE-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements of Share Awards | Movements on employee common share awards during the periods ended March 31 are detailed below:
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EARNINGS PER COMMON SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Earnings Per Share | The calculation of earnings per common share (EPS) is as follows:
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CONSOLIDATED INVESTMENT PRODUCTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Consolidated Investment Products [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Levels of Investments Held and Notes Issued by Consolidated Investment Products | The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of March 31, 2024 and December 31, 2023:
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Beginning And Ending Fair Value Measurements For Level Three Assets And Liabilities Table Text Block | The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:
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Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from External Customer [Line Items] | ||
Marketing expense | $ (18.1) | $ (19.6) |
Property, office, and technology expense | (117.6) | (110.5) |
General and administrative expense | 138.5 | 105.0 |
Reclassification Adjustments [Member] | ||
Revenue from External Customer [Line Items] | ||
Marketing expense | 6.7 | 5.4 |
Property, office, and technology expense | 23.6 | 23.9 |
General and administrative expense | $ 30.3 | $ 29.3 |
FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value of Financial Instruments Held by Consolidated Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 895.7 | $ 1,469.2 | $ 889.0 |
Assets held for policyholders | 0.0 | 393.9 | |
Policyholder payables | 0.0 | (393.9) | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 895.7 | 1,469.2 | |
Equity investments | 297.2 | 272.4 | |
Assets held for policyholders | 0.0 | 393.9 | |
Policyholder payables | 0.0 | (393.9) | |
Fair Value | Total return swaps related to deferred compensation plans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total return swap related to deferred compensation plans | $ 8.1 | $ 4.9 |
FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | $ 8.1 | $ 4.9 | |
Total return swaps related to deferred compensation plans | Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative notional amount | 424.4 | 393.0 | |
Derivative asset | 8.1 | $ 4.9 | |
Market valuation gain recognized | $ 18.0 | $ 13.1 |
INVESTMENTS - Details of Company Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule of Investments [Line Items] | ||
Equity method investments | $ 651.4 | $ 631.8 |
Other | 14.9 | 14.9 |
Total investments | 963.5 | 919.1 |
Seed capital | ||
Schedule of Investments [Line Items] | ||
Equity investments | 86.0 | 75.7 |
Investments related to deferred compensation plans | ||
Schedule of Investments [Line Items] | ||
Equity investments | $ 211.2 | $ 196.7 |
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Investments [Abstract] | ||
Net gains | $ 16.2 | $ 6.7 |
SHARE CAPITAL - Movements In Shares Issued and Outstanding (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Equity [Abstract] | ||
Preferred shares issued (in shares) | 4.0 | 4.0 |
Preferred shares outstanding (in shares) | 4.0 | 4.0 |
Lock up, term | 5 years | |
Common shares issued | 566.1 | 566.1 |
Less: Treasury shares for which dividend and voting rights do not apply | (116.3) | (116.6) |
Common shares outstanding | 449.8 | 449.5 |
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue, Major Customer [Line Items] | ||
Total operating revenues | $ 1,475.3 | $ 1,418.2 |
Bermuda | ||
Revenue, Major Customer [Line Items] | ||
Total operating revenues | 0.0 | 0.0 |
Americas | ||
Revenue, Major Customer [Line Items] | ||
Total operating revenues | 1,140.6 | 1,083.4 |
Asia-Pacific (APAC) | ||
Revenue, Major Customer [Line Items] | ||
Total operating revenues | 68.7 | 69.9 |
Europe, Middle East and Africa (EMEA) | ||
Revenue, Major Customer [Line Items] | ||
Total operating revenues | $ 266.0 | $ 264.9 |
COMMON SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-Based Payment Arrangement [Abstract] | ||
Common share-based compensation expense | $ 21.1 | $ 37.8 |
Fair value of vested shares | $ 67.0 | $ 87.3 |
Weighted average fair value of shares granted (in USD per share) | $ 15.13 | $ 17.74 |
Unrecognized compensation cost related to non-vested shares | $ 182.5 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 11 months 8 days |
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to Invesco Ltd. | $ 141.5 | $ 145.0 |
Weighted average common shares outstanding - basic (shares) | 453.2 | 458.1 |
Dilutive effect of non-participating common share-based awards (shares) | 0.3 | 0.8 |
Weighted average common shares outstanding - diluted (shares) | 453.5 | 458.9 |
Earnings per common share: | ||
Basic (in USD per share) | $ 0.31 | $ 0.32 |
Diluted (in USD per share) | $ 0.31 | $ 0.32 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Loss Contingencies [Line Items] | ||
Undrawn capital commitments | $ 664.6 | $ 623.3 |
Equity Commitment | ||
Loss Contingencies [Line Items] | ||
Maximum guarantee | 30.0 | |
Equity Commitment | Maximum | ||
Loss Contingencies [Line Items] | ||
Commitments | $ 274.6 |
CONSOLIDATED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Net interests in consolidated investment products | $ 521.9 | $ 546.2 |
Debt of CIP | 7,370.4 | 7,121.8 |
Variable interest entity, unfunded capital commitments | 153.2 | 142.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt of CIP | 565.0 | 353.7 |
De-consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying value and maximum risk of loss with respect to VIEs in which the Company is not primary beneficiary | $ 141.4 | $ 122.9 |
CONSOLIDATED INVESTMENT PRODUCTS - Beginning and Ending Fair Value Measurements for Level 3 Assets and Liabilities (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance as of January 1 | $ 825.8 | $ 368.6 |
CIP Purchases | 275.0 | 0.1 |
CIP Sales | (2.3) | (13.4) |
Deconsolidation of CIP | 0.0 | (0.6) |
Gains and losses included in the Consolidated Statements of Income | (1.9) | (7.6) |
Transfers from Level 3 into Levels 1 or 2 | (16.2) | (130.2) |
Transfers into Level 3 from Levels 1 or 2 | 34.0 | 132.2 |
Foreign exchange | (0.2) | 2.2 |
Ending Balance as of March 31 | $ 1,114.2 | $ 351.3 |
RELATED PARTIES (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Related Party Transactions [Line Items] | ||
Stock consideration | $ 4,010.5 | $ 4,010.5 |
MassMutual | Invesco | MassMutual | ||
Related Party Transactions [Line Items] | ||
Approximate stake help in common stock of combined firm (percent) | 18.10% |
SUBSEQUENT EVENTS (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Apr. 23, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Subsequent Event [Line Items] | |||
Common stock dividends declared per share (in USD per share) | $ 0.20 | $ 0.1875 | |
Preferred stock dividend declared (in USD per share) | $ 14.75 | $ 14.75 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock dividends declared per share (in USD per share) | $ 0.205 | ||
Preferred stock dividend declared (in USD per share) | $ 14.75 |
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