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What Led to a Decline in Invesco’s March 2018 AUM?

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March 2018 AUM

On March 31, 2018, Invesco Limited’s (IVZ) total assets under management (or AUM) totaled $934.2 billion, which implies a 1.2% fall compared to February. This decline resulted from a decline in the equity markets, outflows seen in the non-management fee-earning AUM, and lower money market AUM. However, net long-term outflows also contributed to the decline. These outflows exclude reinvested distributions.

Among Invesco’s competitors (XLF), T. Rowe Price Group (TROW) and Franklin Resources (BEN) ended March 2018 with total AUM of ~$1.0 trillion and $737.5 billion, respectively. However, Legg Mason (LM) ended March 2018 with ~$754.1 billion of total AUM.

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The factors that positively impacted Invesco’s AUM in March were reinvested distributions and foreign exchange. In March, the company’s AUM rose $2.4 billion due to foreign exchange. Its weaker performance in March primarily resulted from trade war fears as President Trump announced several tariffs.

Active and passive AUM

The decline in Invesco’s total AUM could negatively impact its 1Q18 results. Of its total AUM, the company’s passive AUM is $200.3 billion while its active AUM is $733.9 billion. Of its active AUM, its fixed-income and equity AUM totaled $171.1 billion and $292.3 billion, respectively.

Of Invesco’s total passive AUM, its equity and fixed-income AUM totaled $128.3 billion and $56.8 billion, respectively. The technology sector’s decline in March is also expected to impact Invesco’s 1Q18 results.

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