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Breaking Down Invesco’s Assets under Management in 3Q17

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Dec. 4 2020, Updated 10:42 a.m. ET

Retail

Invesco Limited (IVZ) garners its total assets under management (or AUM) from two channels: retail and institutional. The company witnessed long-term inflows of $38 billion and long-term outflows of $34.9 billion from its retail channel in 3Q17. Thus, long-term net flows from the retail channel stood at $3.1 billion. In the same channel, the company witnessed an outflow of $0.2 billion from its PowerShares QQQ fund. Thus, total net flows from the retail channel stood at $2.9 billion in 3Q17.

AUM from Invesco’s retail channel has appreciated by $14.5 billion in 3Q17 on the back of favorable markets. The rise of $5.7 billion has been seen from its retail channel, thus reflecting favorable foreign currency translations.

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Over the last 12 months (or LTM), Invesco has generated earnings before interest, tax, depreciation, and amortization (or EBITDA) margin of 26.7%. However, its competitors (XLF) like PNC Financial Services (PNC), Legg Mason (LM), and SEI Investments Company (SEIC) have generated EBITDA margins of 49.8%, 20.6%, and 31.3%, respectively, on a LTM basis.

Institutional

Invesco’s institutional channel has witnessed long-term net flows of $3.2 billion in 3Q17, which reflects long-term inflows and outflows of $11.4 billion and $8.2 billion, respectively. An inflow of $5.4 billion has been seen in the company’s institutional money market funds.

On the back of favorable markets, Invesco’s AUM generated through the institutional channel has witnessed a marginal rise of $0.5 billion. However, AUM garnered from the same channel saw a rise of $1 billion because of foreign currency translations in 3Q17. Out of the company’s total AUM, the institutional channel had contributed $296 billion as of September 30, 2017.

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