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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Invesco Ltd | NYSE:IVZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.07 | -0.47% | 14.81 | 15.02 | 14.67 | 14.72 | 2,708,114 | 01:00:00 |
☑
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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Bermuda
|
|
98-0557567
|
|||
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|||
|
|
|
|
|
|
1555 Peachtree Street, N.E.,
|
Suite 1800,
|
Atlanta,
|
GA
|
|
30309
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common stock, $.20 par value
|
IVZ
|
New York Stock Exchange
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
☐
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|
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Page
|
TABLE OF CONTENTS
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
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As of
|
||||
$ in millions, except per share data
|
September 30, 2020
|
|
December 31, 2019
|
||
ASSETS
|
|
|
|
||
Cash and cash equivalents
|
1,066.6
|
|
|
1,049.0
|
|
Unsettled fund receivables
|
317.5
|
|
|
162.7
|
|
Accounts receivable
|
662.1
|
|
|
855.6
|
|
Investments
|
769.8
|
|
|
829.5
|
|
Assets of consolidated investment products (CIP):
|
|
|
|
||
Cash and cash equivalents of CIP
|
254.0
|
|
|
652.2
|
|
Accounts receivable and other assets of CIP
|
201.9
|
|
|
172.9
|
|
Investments of CIP
|
7,718.4
|
|
|
7,808.0
|
|
Assets held for policyholders
|
7,882.5
|
|
|
10,835.6
|
|
Prepaid assets
|
132.2
|
|
|
144.0
|
|
Other assets
|
436.7
|
|
|
459.6
|
|
Property, equipment and software, net
|
551.1
|
|
|
583.5
|
|
Intangible assets, net
|
7,309.3
|
|
|
7,358.3
|
|
Goodwill
|
8,735.4
|
|
|
8,509.4
|
|
Total assets
|
36,037.5
|
|
|
39,420.3
|
|
LIABILITIES
|
|
|
|
||
Accrued compensation and benefits
|
714.9
|
|
|
1,030.7
|
|
Accounts payable and accrued expenses
|
1,810.8
|
|
|
1,904.0
|
|
Liabilities of CIP:
|
|
|
|
||
Debt of CIP
|
6,526.7
|
|
|
6,234.6
|
|
Other liabilities of CIP
|
520.4
|
|
|
949.6
|
|
Policyholder payables
|
7,882.5
|
|
|
10,835.6
|
|
Unsettled fund payables
|
304.3
|
|
|
154.2
|
|
Long-term debt
|
2,172.0
|
|
|
2,080.3
|
|
Deferred tax liabilities, net
|
1,527.1
|
|
|
1,529.5
|
|
Total liabilities
|
21,458.7
|
|
|
24,718.5
|
|
Commitments and contingencies (See Note 13)
|
|
|
|
|
|
TEMPORARY EQUITY
|
|
|
|
||
Redeemable noncontrolling interests in consolidated entities
|
228.2
|
|
|
383.5
|
|
PERMANENT EQUITY
|
|
|
|
||
Equity attributable to Invesco Ltd.:
|
|
|
|
||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of September 30, 2020 and December 31, 2019)
|
4,010.5
|
|
|
4,010.5
|
|
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of September 30, 2020 and December 31, 2019)
|
113.2
|
|
|
113.2
|
|
Additional paid-in-capital
|
7,788.6
|
|
|
7,860.8
|
|
Treasury shares
|
(3,274.9
|
)
|
|
(3,452.5
|
)
|
Retained earnings
|
5,944.5
|
|
|
5,917.8
|
|
Accumulated other comprehensive income/(loss), net of tax
|
(647.9
|
)
|
|
(587.3
|
)
|
Total equity attributable to Invesco Ltd.
|
13,934.0
|
|
|
13,862.5
|
|
Equity attributable to nonredeemable noncontrolling interests in consolidated entities
|
416.6
|
|
|
455.8
|
|
Total permanent equity
|
14,350.6
|
|
|
14,318.3
|
|
Total liabilities, temporary and permanent equity
|
36,037.5
|
|
|
39,420.3
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
$ in millions, except per share data
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Investment management fees
|
1,096.8
|
|
|
1,257.1
|
|
|
3,302.2
|
|
|
3,252.1
|
|
||||
Service and distribution fees
|
352.7
|
|
|
385.1
|
|
|
1,051.2
|
|
|
898.5
|
|
||||
Performance fees
|
—
|
|
|
14.9
|
|
|
8.3
|
|
|
52.4
|
|
||||
Other
|
48.1
|
|
|
63.5
|
|
|
153.8
|
|
|
171.6
|
|
||||
Total operating revenues
|
1,497.6
|
|
|
1,720.6
|
|
|
4,515.5
|
|
|
4,374.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Third-party distribution, service and advisory
|
480.8
|
|
|
545.1
|
|
|
1,439.9
|
|
|
1,364.9
|
|
||||
Employee compensation
|
444.5
|
|
|
446.0
|
|
|
1,321.0
|
|
|
1,249.2
|
|
||||
Marketing
|
15.6
|
|
|
33.2
|
|
|
62.7
|
|
|
94.6
|
|
||||
Property, office and technology
|
127.5
|
|
|
131.2
|
|
|
386.2
|
|
|
353.3
|
|
||||
General and administrative
|
89.7
|
|
|
104.5
|
|
|
384.9
|
|
|
282.5
|
|
||||
Transaction, integration, and restructuring
|
71.0
|
|
|
185.5
|
|
|
218.2
|
|
|
536.5
|
|
||||
Total operating expenses
|
1,229.1
|
|
|
1,445.5
|
|
|
3,812.9
|
|
|
3,881.0
|
|
||||
Operating income
|
268.5
|
|
|
275.1
|
|
|
702.6
|
|
|
493.6
|
|
||||
Other income/(expense):
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of unconsolidated affiliates
|
18.6
|
|
|
19.8
|
|
|
46.7
|
|
|
46.9
|
|
||||
Interest and dividend income
|
2.6
|
|
|
5.9
|
|
|
11.4
|
|
|
14.5
|
|
||||
Interest expense
|
(33.8
|
)
|
|
(35.0
|
)
|
|
(104.9
|
)
|
|
(101.1
|
)
|
||||
Other gains and losses, net
|
31.5
|
|
|
13.8
|
|
|
(15.0
|
)
|
|
69.0
|
|
||||
Other income/(expense) of CIP, net
|
99.2
|
|
|
37.0
|
|
|
28.6
|
|
|
127.0
|
|
||||
Income before income taxes
|
386.6
|
|
|
316.6
|
|
|
669.4
|
|
|
649.9
|
|
||||
Income tax provision
|
(91.9
|
)
|
|
(74.0
|
)
|
|
(192.7
|
)
|
|
(154.7
|
)
|
||||
Net income
|
294.7
|
|
|
242.6
|
|
|
476.7
|
|
|
495.2
|
|
||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities
|
(43.8
|
)
|
|
(11.1
|
)
|
|
14.6
|
|
|
(45.9
|
)
|
||||
Dividends declared on preferred shares
|
(59.2
|
)
|
|
(64.4
|
)
|
|
(177.6
|
)
|
|
(64.4
|
)
|
||||
Net income attributable to Invesco Ltd.
|
191.7
|
|
|
167.1
|
|
|
313.7
|
|
|
384.9
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
-basic
|
|
$0.42
|
|
|
|
$0.36
|
|
|
|
$0.68
|
|
|
|
$0.89
|
|
-diluted
|
|
$0.41
|
|
|
|
$0.36
|
|
|
|
$0.68
|
|
|
|
$0.89
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Net income
|
294.7
|
|
|
242.6
|
|
|
476.7
|
|
|
495.2
|
|
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
||||
Currency translation differences on investments in foreign subsidiaries
|
167.4
|
|
|
(133.4
|
)
|
|
(61.4
|
)
|
|
(71.0
|
)
|
Other comprehensive income/(loss), net
|
0.7
|
|
|
0.5
|
|
|
0.8
|
|
|
1.7
|
|
Other comprehensive income/(loss)
|
168.1
|
|
|
(132.9
|
)
|
|
(60.6
|
)
|
|
(69.3
|
)
|
Total comprehensive income/(loss)
|
462.8
|
|
|
109.7
|
|
|
416.1
|
|
|
425.9
|
|
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities
|
(43.8
|
)
|
|
(11.1
|
)
|
|
14.6
|
|
|
(45.9
|
)
|
Dividends on preferred shares
|
(59.2
|
)
|
|
(64.4
|
)
|
|
(177.6
|
)
|
|
(64.4
|
)
|
Comprehensive income/(loss) attributable to Invesco Ltd.
|
359.8
|
|
|
34.2
|
|
|
253.1
|
|
|
315.6
|
|
|
Nine months ended September 30,
|
||||
$ in millions
|
2020
|
|
2019
|
||
Operating activities:
|
|
|
|
||
Net income
|
476.7
|
|
|
495.2
|
|
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
|
|
|
|
||
Amortization and depreciation
|
150.3
|
|
|
125.1
|
|
Common share-based compensation expense
|
138.2
|
|
|
158.8
|
|
Other (gains)/losses, net
|
15.0
|
|
|
(69.0
|
)
|
Other (gains)/losses of CIP, net
|
61.4
|
|
|
(36.0
|
)
|
Equity in earnings of unconsolidated affiliates
|
(46.7
|
)
|
|
(46.9
|
)
|
Distributions from equity method investees
|
29.9
|
|
|
5.7
|
|
Changes in operating assets and liabilities, net of business acquisitions:
|
|
|
|
||
(Purchase)/sale of investments by CIP, net
|
(36.3
|
)
|
|
(178.0
|
)
|
(Purchase)/sale of investments, net
|
165.3
|
|
|
98.1
|
|
(Increase)/decrease in receivables
|
2,800.7
|
|
|
520.6
|
|
Increase/(decrease) in payables
|
(3,091.8
|
)
|
|
(404.3
|
)
|
Net cash provided by/(used in) operating activities
|
662.7
|
|
|
669.3
|
|
Investing activities:
|
|
|
|
||
Purchase of property, equipment and software
|
(73.6
|
)
|
|
(75.6
|
)
|
Purchase of investments by CIP
|
(3,605.5
|
)
|
|
(3,033.0
|
)
|
Sale of investments by CIP
|
2,828.3
|
|
|
2,027.5
|
|
Purchase of investments
|
(116.5
|
)
|
|
(180.6
|
)
|
Sale of investments
|
117.4
|
|
|
98.8
|
|
Capital distributions from equity method investees
|
22.8
|
|
|
64.9
|
|
Collateral received/(posted), net
|
(1.9
|
)
|
|
—
|
|
Purchase of business, net of cash acquired
|
—
|
|
|
328.7
|
|
Net cash provided by/(used in) investing activities
|
(829.0
|
)
|
|
(769.3
|
)
|
Financing activities:
|
|
|
|
||
Purchases of treasury shares
|
(40.7
|
)
|
|
(455.4)
|
|
Dividends paid - preferred
|
(177.6
|
)
|
|
(64.4)
|
|
Dividends paid - common
|
(285.9
|
)
|
|
(388.3
|
)
|
Third-party capital invested into CIP
|
133.1
|
|
|
179.7
|
|
Third-party capital distributed by CIP
|
(187.2
|
)
|
|
(85.8
|
)
|
Borrowings of debt by CIP
|
1,218.8
|
|
|
1,946.6
|
|
Repayments of debt by CIP
|
(773.4
|
)
|
|
(1,146.9
|
)
|
Payment on forward contracts
|
(190.6
|
)
|
|
—
|
|
Net borrowings/(repayments) under credit facility
|
90.0
|
|
|
(113.9
|
)
|
Payment of contingent consideration
|
(16.8
|
)
|
|
(11.8
|
)
|
Net cash provided by/(used in) financing activities
|
(230.3
|
)
|
|
(140.2
|
)
|
Increase/(decrease) in cash and cash equivalents
|
(396.6
|
)
|
|
(240.2
|
)
|
Foreign exchange movement on cash and cash equivalents
|
(5.4)
|
|
|
(15.9)
|
|
Foreign exchange movement on cash and cash equivalents of CIP
|
12.3
|
|
|
(7.6)
|
|
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP
|
9.1
|
|
|
(7.4)
|
|
Cash and cash equivalents, beginning of period
|
1,701.2
|
|
|
1,805.4
|
|
Cash and cash equivalents, end of period
|
1,320.6
|
|
|
1,534.3
|
|
Cash and cash equivalents
|
1,066.6
|
|
|
1,048.6
|
|
Cash and cash equivalents of CIP
|
254.0
|
|
|
485.7
|
|
Total cash and cash equivalents per condensed consolidated statement of cash flows
|
1,320.6
|
|
|
1,534.3
|
|
Three months ended September 30, 2020
|
|||||||||||||||||||||||||||||
|
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
|
||||||||||
July 1, 2020
|
4,010.5
|
|
|
113.2
|
|
|
7,788.4
|
|
|
(3,319.1
|
)
|
|
5,825.0
|
|
|
(816.0
|
)
|
|
13,602.0
|
|
|
365.7
|
|
|
13,967.7
|
|
|
202.8
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250.9
|
|
|
—
|
|
|
250.9
|
|
|
32.6
|
|
|
283.5
|
|
|
11.2
|
|
Other comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168.1
|
|
|
168.1
|
|
|
—
|
|
|
168.1
|
|
|
—
|
|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18.3
|
|
|
18.3
|
|
|
14.2
|
|
Dividends declared - preferred ($14.75 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.2
|
)
|
|
—
|
|
|
(59.2
|
)
|
|
—
|
|
|
(59.2
|
)
|
|
—
|
|
Dividends declared - common ($0.155 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72.2
|
)
|
|
—
|
|
|
(72.2
|
)
|
|
—
|
|
|
(72.2
|
)
|
|
—
|
|
Common share-based compensation
|
—
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
Vested common shares
|
—
|
|
|
—
|
|
|
(33.3
|
)
|
|
33.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other common share awards
|
—
|
|
|
—
|
|
|
(9.5
|
)
|
|
16.7
|
|
|
—
|
|
|
—
|
|
|
7.2
|
|
|
—
|
|
|
7.2
|
|
|
—
|
|
Purchase of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.8
|
)
|
|
—
|
|
|
—
|
|
|
(5.8
|
)
|
|
—
|
|
|
(5.8
|
)
|
|
—
|
|
September 30, 2020
|
4,010.5
|
|
|
113.2
|
|
|
7,788.6
|
|
|
(3,274.9
|
)
|
|
5,944.5
|
|
|
(647.9
|
)
|
|
13,934.0
|
|
|
416.6
|
|
|
14,350.6
|
|
|
228.2
|
|
Three months ended September 30, 2019
|
|||||||||||||||||||||||||||||
|
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
|
||||||||||
July 1, 2019
|
4,010.5
|
|
|
113.2
|
|
|
7,810.8
|
|
|
(3,185.2
|
)
|
|
5,856.8
|
|
|
(671.4
|
)
|
|
13,934.7
|
|
|
365.0
|
|
|
14,299.7
|
|
|
396.4
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
231.5
|
|
|
—
|
|
|
231.5
|
|
|
11.5
|
|
|
243.0
|
|
|
(0.4
|
)
|
Other comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(132.9
|
)
|
|
(132.9
|
)
|
|
—
|
|
|
(132.9
|
)
|
|
—
|
|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.9
|
|
|
11.9
|
|
|
2.0
|
|
Dividends declared - preferred ($16.06 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
Dividends declared - common ($0.31 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(143.9
|
)
|
|
—
|
|
|
(143.9
|
)
|
|
—
|
|
|
(143.9
|
)
|
|
—
|
|
Common share-based compensation
|
—
|
|
|
—
|
|
|
49.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49.4
|
|
|
—
|
|
|
49.4
|
|
|
—
|
|
Vested common shares
|
—
|
|
|
—
|
|
|
(36.3
|
)
|
|
36.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other common share awards
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|
—
|
|
|
6.7
|
|
|
—
|
|
Purchase of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(307.9
|
)
|
|
—
|
|
|
—
|
|
|
(307.9
|
)
|
|
—
|
|
|
(307.9
|
)
|
|
—
|
|
September 30, 2019
|
4,010.5
|
|
|
113.2
|
|
|
7,822.8
|
|
|
(3,449.0
|
)
|
|
5,880.0
|
|
|
(804.3
|
)
|
|
13,573.2
|
|
|
388.4
|
|
|
13,961.6
|
|
|
398.0
|
|
Nine months ended September 30, 2020
|
|||||||||||||||||||||||||||||
|
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, 2020
|
4,010.5
|
|
|
113.2
|
|
|
7,860.8
|
|
|
(3,452.5
|
)
|
|
5,917.8
|
|
|
(587.3
|
)
|
|
13,862.5
|
|
|
455.8
|
|
|
14,318.3
|
|
|
383.5
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491.3
|
|
|
—
|
|
|
491.3
|
|
|
(3.4
|
)
|
|
487.9
|
|
|
(11.2
|
)
|
Other comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60.6
|
)
|
|
(60.6
|
)
|
|
—
|
|
|
(60.6
|
)
|
|
—
|
|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.8
|
)
|
|
(35.8
|
)
|
|
(144.1
|
)
|
Dividends declared - preferred ($44.25 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(177.6
|
)
|
|
—
|
|
|
(177.6
|
)
|
|
—
|
|
|
(177.6
|
)
|
|
—
|
|
Dividends declared - common ($0.62 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287.0
|
)
|
|
—
|
|
|
(287.0
|
)
|
|
—
|
|
|
(287.0
|
)
|
|
—
|
|
Employee common share plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common share-based compensation
|
—
|
|
|
—
|
|
|
138.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138.2
|
|
|
—
|
|
|
138.2
|
|
|
—
|
|
Vested common shares
|
—
|
|
|
—
|
|
|
(200.3
|
)
|
|
200.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other common share awards
|
—
|
|
|
—
|
|
|
(10.1
|
)
|
|
18.0
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|
—
|
|
|
7.9
|
|
|
—
|
|
Purchase of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(40.7
|
)
|
|
—
|
|
|
—
|
|
|
(40.7
|
)
|
|
—
|
|
|
(40.7
|
)
|
|
—
|
|
September 30, 2020
|
4,010.5
|
|
|
113.2
|
|
|
7,788.6
|
|
|
(3,274.9
|
)
|
|
5,944.5
|
|
|
(647.9
|
)
|
|
13,934.0
|
|
|
416.6
|
|
|
14,350.6
|
|
|
228.2
|
|
Nine months ended September 30, 2019
|
|||||||||||||||||||||||||||||
|
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, 2019
|
—
|
|
|
98.1
|
|
|
6,334.8
|
|
|
(3,003.6
|
)
|
|
5,884.5
|
|
|
(735.0
|
)
|
|
8,578.8
|
|
|
357.4
|
|
|
8,936.2
|
|
|
396.2
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
449.3
|
|
|
—
|
|
|
449.3
|
|
|
21.7
|
|
|
471.0
|
|
|
24.2
|
|
Other comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69.3
|
)
|
|
(69.3
|
)
|
|
—
|
|
|
(69.3
|
)
|
|
—
|
|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|
9.3
|
|
|
(22.4
|
)
|
Issuance of shares
|
4,010.5
|
|
|
15.1
|
|
|
1,438.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,463.8
|
|
|
—
|
|
|
5,463.8
|
|
|
—
|
|
Dividends declared - preferred ($16.06 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
|
(64.4
|
)
|
|
—
|
|
Dividends declared - common ($0.92 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(389.4
|
)
|
|
—
|
|
|
(389.4
|
)
|
|
—
|
|
|
(389.4
|
)
|
|
—
|
|
Common share-based compensation
|
—
|
|
|
—
|
|
|
158.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158.8
|
|
|
—
|
|
|
158.8
|
|
|
—
|
|
Vested common shares
|
—
|
|
|
—
|
|
|
(107.8
|
)
|
|
196.5
|
|
|
—
|
|
|
—
|
|
|
88.7
|
|
|
—
|
|
|
88.7
|
|
|
—
|
|
Other common share awards
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
8.5
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
Purchase of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(650.4
|
)
|
|
—
|
|
|
—
|
|
|
(650.4
|
)
|
|
—
|
|
|
(650.4
|
)
|
|
—
|
|
September 30, 2019
|
4,010.5
|
|
|
113.2
|
|
|
7,822.8
|
|
|
(3,449.0
|
)
|
|
5,880.0
|
|
|
(804.3
|
)
|
|
13,573.2
|
|
|
388.4
|
|
|
13,961.6
|
|
|
398.0
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||
$ in millions
|
2019
|
|
2019
|
||
Operating revenues
|
1,720.6
|
|
|
5,192.3
|
|
Net income
|
175.3
|
|
|
477.4
|
$ in millions
|
Net Book Value
|
|
January 1, 2020
|
8,509.4
|
|
Purchase price adjustments
|
285.8
|
|
Foreign exchange
|
(59.8
|
)
|
September 30, 2020
|
8,735.4
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||
$ in millions
|
Fair Value
|
|
Fair Value
|
||
Cash and cash equivalents
|
1,066.6
|
|
|
1,049.0
|
|
Equity investments
|
341.5
|
|
|
432.5
|
|
Foreign time deposits(1)
|
29.7
|
|
|
32.0
|
|
Assets held for policyholders
|
7,882.5
|
|
|
10,835.6
|
|
Policyholder payables(1)
|
(7,882.5
|
)
|
|
(10,835.6
|
)
|
Contingent consideration liability
|
(27.0
|
)
|
|
(60.2
|
)
|
(1)
|
These financial instruments are not recorded on the balance sheet at fair value on a recurring basis. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities.
|
|
As of September 30, 2020
|
||||||||||
$ 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
|
630.6
|
|
|
630.6
|
|
|
|
|
|
||
Investments(1):
|
|
|
|
|
|
|
|
||||
Equity investments:
|
|
|
|
|
|
|
|
||||
Seed money
|
153.2
|
|
|
153.2
|
|
|
|
|
|
||
Investments related to deferred compensation plans
|
178.9
|
|
|
178.9
|
|
|
|
|
|
||
Other equity securities
|
9.4
|
|
|
9.4
|
|
|
|
|
|
||
Assets held for policyholders
|
7,882.5
|
|
|
7,882.5
|
|
|
|
|
|
||
Total
|
8,854.6
|
|
|
8,854.6
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||
Contingent consideration liability
|
(27.0
|
)
|
|
|
|
|
|
(27.0
|
)
|
||
Total
|
(27.0
|
)
|
|
—
|
|
|
—
|
|
|
(27.0
|
)
|
|
As of December 31, 2019
|
||||||||||
$ 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
|
620.9
|
|
|
620.9
|
|
|
—
|
|
|
—
|
|
Investments(1):
|
|
|
|
|
|
|
|
||||
Equity investments:
|
|
|
|
|
|
|
|
||||
Seed money
|
235.5
|
|
|
235.5
|
|
|
—
|
|
|
—
|
|
Investments related to deferred compensation plans
|
192.4
|
|
|
192.4
|
|
|
—
|
|
|
—
|
|
Other equity securities
|
4.6
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
Assets held for policyholders
|
10,835.6
|
|
|
10,835.6
|
|
|
—
|
|
|
—
|
|
Total
|
11,889.0
|
|
|
11,889.0
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration liability
|
(60.2
|
)
|
|
—
|
|
|
—
|
|
|
(60.2
|
)
|
Total
|
(60.2
|
)
|
|
—
|
|
|
—
|
|
|
(60.2
|
)
|
(1)
|
Foreign time deposits of $29.7 million (December 31, 2019: $32.0 million) are excluded from this table. Equity method and other investments of $388.3 million and $10.3 million, respectively, (December 31, 2019: $350.8 million and $14.2 million, respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.
|
|
Contingent Consideration Liability
|
||||
$ in millions
|
Three months ended September 30, 2020
|
|
Nine months ended September 30, 2020
|
||
Beginning balance
|
(29.3
|
)
|
|
(60.2
|
)
|
Revision to purchase price allocation
|
—
|
|
|
5.5
|
|
Net unrealized gains and losses included in other gains and losses, net(1)
|
(0.5
|
)
|
|
10.9
|
|
Disposition/settlements
|
2.8
|
|
|
16.8
|
|
Ending balance
|
(27.0
|
)
|
|
(27.0
|
)
|
|
Contingent Consideration Liability
|
||||
$ in millions
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||
Beginning balance
|
(49.8
|
)
|
|
(40.9
|
)
|
Purchases/acquisitions
|
—
|
|
|
(15.5
|
)
|
Net unrealized gains and losses included in other gains and losses, net(1)
|
(3.2
|
)
|
|
(4.2
|
)
|
Disposition/settlements
|
3.1
|
|
|
10.7
|
|
Ending balance
|
(49.9
|
)
|
|
(49.9
|
)
|
(1)
|
These unrealized gains and losses are attributable to balances still held at the respective period ends.
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||
$ in millions
|
Carrying Value(2)
|
|
Fair Value
|
|
Carrying Value(2)
|
|
Fair Value
|
||||
$1.5 billion floating rate credit facility expiring August 11, 2022
|
90.0
|
|
|
90.0
|
|
|
—
|
|
|
—
|
|
Unsecured Senior Notes(1):
|
|
|
|
|
|
|
|
||||
$600 million 3.125% - due November 30, 2022
|
598.6
|
|
|
633.4
|
|
|
598.1
|
|
|
617.5
|
|
$600 million 4.000% - due January 30, 2024
|
596.5
|
|
|
659.1
|
|
|
595.8
|
|
|
639.2
|
|
$500 million 3.750% - due January 15, 2026
|
496.6
|
|
|
565.3
|
|
|
496.1
|
|
|
533.0
|
|
$400 million 5.375% - due November 30, 2043
|
390.3
|
|
|
507.9
|
|
|
390.3
|
|
|
491.8
|
|
Long-term debt
|
2,172.0
|
|
|
2,455.7
|
|
|
2,080.3
|
|
|
2,281.5
|
|
(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)
|
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.
|
|
As of
|
|||
in millions
|
September 30, 2020
|
|
December 31, 2019
|
|
Preferred shares issued(1)
|
4.0
|
|
4.0
|
|
Preferred shares outstanding(1)
|
4.0
|
|
4.0
|
|
(1)
|
Preferred shares are held by MassMutual and are subject to a lock-up period of five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019.
|
|
As of
|
||||
in millions
|
September 30, 2020
|
|
December 31, 2019
|
||
Common shares issued
|
566.1
|
|
|
566.1
|
|
Less: Treasury shares for which dividend and voting rights do not apply
|
(106.8
|
)
|
|
(112.8
|
)
|
Common shares outstanding
|
459.3
|
|
|
453.3
|
|
in millions, except strike and forward prices
|
September 30, 2020
|
|||||||||||||||||||||
|
Common Shares Purchased
|
|
Initial Strike Price
|
|
Forward Price
|
|
Hedge Completion Date
|
|
Value of Total Treasury Shares Recorded
|
|
Settlement Date
|
|
Total Liability Recorded
|
|||||||||
$200 million - entered on May 13, 2019
|
9.8
|
|
|
$
|
20.51
|
|
|
$
|
12.00
|
|
|
05/30/2019
|
|
$
|
198.7
|
|
|
01/04/2021
|
|
$
|
(116.9
|
)
|
$200 million - entered on July 2, 2019
|
10.0
|
|
|
$
|
20.00
|
|
|
$
|
12.00
|
|
|
07/30/2019
|
|
$
|
193.7
|
|
|
04/01/2021
|
|
$
|
(118.9
|
)
|
$100 million - entered on August 27, 2019
|
6.0
|
|
|
$
|
16.59
|
|
|
$
|
12.00
|
|
|
09/27/2019
|
|
$
|
102.6
|
|
|
04/01/2021
|
|
$
|
(72.9
|
)
|
|
25.8
|
|
|
|
|
|
|
|
|
$
|
495.0
|
|
|
|
|
$
|
(308.7
|
)
|
in millions, except strike and forward prices
|
December 31, 2019
|
|||||||||||||||||||||
|
Common Shares Purchased
|
|
Initial Strike Price
|
|
Forward Price
|
|
Hedge Completion Date
|
|
Value of Total Treasury Shares Recorded
|
|
Settlement Date
|
|
Total Liability Recorded
|
|||||||||
$200 million - entered on May 13, 2019
|
9.8
|
|
|
$
|
20.51
|
|
|
$
|
20.51
|
|
|
05/30/2019
|
|
$
|
198.7
|
|
|
01/04/2021
|
|
$
|
(199.1
|
)
|
$200 million - entered on July 2, 2019
|
10.0
|
|
|
$
|
20.00
|
|
|
$
|
20.00
|
|
|
07/30/2019
|
|
$
|
193.7
|
|
|
04/01/2021
|
|
$
|
(195.3
|
)
|
$100 million - entered on August 27, 2019
|
6.0
|
|
|
$
|
16.59
|
|
|
$
|
16.59
|
|
|
09/27/2019
|
|
$
|
102.6
|
|
|
04/01/2021
|
|
$
|
(102.1
|
)
|
|
25.8
|
|
|
|
|
|
|
|
|
$
|
495.0
|
|
|
|
|
$
|
(496.5
|
)
|
|
For the three months ended September 30, 2020
|
|||||||||||||
$ in millions
|
Foreign currency translation
|
|
Employee benefit plans
|
|
Equity method investments
|
|
Available-for-sale investments
|
|
Total
|
|||||
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||||
Currency translation differences on investments in foreign subsidiaries
|
167.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167.4
|
|
Other comprehensive income, net
|
—
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
Other comprehensive income/(loss), net of tax
|
167.4
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
168.1
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(690.8
|
)
|
|
(125.9
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(816.0
|
)
|
Other comprehensive income/(loss), net of tax
|
167.4
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
168.1
|
|
Ending balance
|
(523.4
|
)
|
|
(125.2
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(647.9
|
)
|
|
For the nine months ended September 30, 2020
|
|||||||||||||
$ in millions
|
Foreign currency translation
|
|
Employee benefit plans
|
|
Equity method investments
|
|
Available-for-sale investments
|
|
Total
|
|||||
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||||
Currency translation differences on investments in foreign subsidiaries
|
(61.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61.4
|
)
|
Other comprehensive income, net
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.8
|
|
Other comprehensive income/(loss), net of tax
|
(61.4
|
)
|
|
0.9
|
|
|
—
|
|
|
(0.1
|
)
|
|
(60.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(462.0
|
)
|
|
(126.1
|
)
|
|
0.1
|
|
|
0.7
|
|
|
(587.3
|
)
|
Other comprehensive income/(loss), net of tax
|
(61.4
|
)
|
|
0.9
|
|
|
—
|
|
|
(0.1
|
)
|
|
(60.6
|
)
|
Ending balance
|
(523.4
|
)
|
|
(125.2
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(647.9
|
)
|
|
For the three months ended September 30, 2019
|
|||||||||||||
$ in millions
|
Foreign currency translation
|
|
Employee benefit plans
|
|
Equity method investments
|
|
Available-for-sale investments
|
|
Total
|
|||||
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||||
Currency translation differences on investments in foreign subsidiaries
|
(133.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(133.4
|
)
|
Other comprehensive income, net
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
Other comprehensive income/(loss), net of tax
|
(133.4
|
)
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
(132.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(555.2
|
)
|
|
(116.9
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(671.4
|
)
|
Other comprehensive income/(loss), net of tax
|
(133.4
|
)
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
(132.9
|
)
|
Ending balance
|
(688.6
|
)
|
|
(116.4
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(804.3
|
)
|
|
For the nine months ended September 30, 2019
|
|||||||||||||
$ in millions
|
Foreign currency translation
|
|
Employee benefit plans
|
|
Equity method investments
|
|
Available-for-sale investments
|
|
Total
|
|||||
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||||
Currency translation differences on investments in foreign subsidiaries
|
(71.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(71.0
|
)
|
Other comprehensive income, net
|
—
|
|
|
1.3
|
|
|
0.1
|
|
|
0.3
|
|
|
1.7
|
|
Other comprehensive income/(loss), net of tax
|
(71.0
|
)
|
|
1.3
|
|
|
0.1
|
|
|
0.3
|
|
|
(69.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(617.6
|
)
|
|
(117.7
|
)
|
|
—
|
|
|
0.3
|
|
|
(735.0
|
)
|
Other comprehensive income/(loss), net of tax
|
(71.0
|
)
|
|
1.3
|
|
|
0.1
|
|
|
0.3
|
|
|
(69.3
|
)
|
Ending balance
|
(688.6
|
)
|
|
(116.4
|
)
|
|
0.1
|
|
|
0.6
|
|
|
(804.3
|
)
|
|
For the three months ended September 30,
|
||
$ in millions
|
2020
|
|
2019
|
Americas
|
1,118.2
|
|
1,286.0
|
UK
|
148.6
|
|
191.4
|
EMEA ex UK (Europe, Middle East, and Africa)
|
158.2
|
|
169.2
|
Asia
|
72.6
|
|
74.0
|
Total operating revenues
|
1,497.6
|
|
1,720.6
|
|
For the nine months ended September 30,
|
||
$ in millions
|
2020
|
|
2019
|
Americas
|
3,356.2
|
|
3,037.5
|
UK
|
465.3
|
|
611.9
|
EMEA ex UK (Europe, Middle East, and Africa)
|
468.3
|
|
507.5
|
Asia
|
225.7
|
|
217.7
|
Total operating revenues
|
4,515.5
|
|
4,374.6
|
|
For the nine months ended
September 30, 2020 |
|
For the nine months ended September 30, 2019
|
|||||||||||
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
|
18.7
|
|
|
1.1
|
|
|
21.94
|
|
|
12.5
|
|
|
0.9
|
|
Granted during the period(1)
|
8.1
|
|
|
0.9
|
|
|
14.08
|
|
|
15.4
|
|
|
0.6
|
|
Forfeited during the period
|
(0.3
|
)
|
|
—
|
|
|
21.08
|
|
|
(0.5
|
)
|
|
—
|
|
Vested and distributed during the period
|
(7.7
|
)
|
|
(0.2
|
)
|
|
24.54
|
|
|
(8.1
|
)
|
|
(0.1
|
)
|
Unvested at the end of the period
|
18.8
|
|
|
1.8
|
|
|
19.42
|
|
|
19.3
|
|
|
1.4
|
|
$ in millions
|
Three months ended September 30, 2020
|
|
Nine months ended September 30, 2020
|
||
Operating lease cost
|
23.2
|
|
|
65.0
|
|
Variable lease cost
|
5.7
|
|
|
16.9
|
|
Less: sublease income
|
(0.5
|
)
|
|
(1.5
|
)
|
Total lease expense
|
28.4
|
|
|
80.4
|
|
$ in millions
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||
Operating lease cost
|
19.9
|
|
|
49.7
|
|
Variable lease cost
|
6.8
|
|
|
19.5
|
|
Less: sublease income
|
(0.2
|
)
|
|
(0.4
|
)
|
Total lease expense
|
26.5
|
|
|
68.8
|
|
$ in millions
|
Three months ended September 30, 2020
|
|
Nine months ended September 30, 2020
|
||
Operating cash flows from operating leases included in the measurement of lease liabilities
|
23.9
|
|
|
69.3
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
6.8
|
|
|
35.1
|
|
$ in millions
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||
Operating cash flows from operating leases included in the measurement of lease liabilities
|
20.9
|
|
|
54.1
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
13.5
|
|
|
161.9
|
|
$ in millions
|
|
|
Year Ending December 31,
|
Lease Liabilities
|
|
2020 (excluding the nine months ended September 30, 2020)
|
23.4
|
|
2021
|
78.9
|
|
2022
|
69.1
|
|
2023
|
55.9
|
|
2024
|
39.6
|
|
Thereafter
|
103.0
|
|
Total lease payments
|
369.9
|
|
Less: interest
|
(34.9
|
)
|
Present value of lease liabilities
|
335.0
|
|
$ in millions
|
Gross Unrecognized Income Tax Benefits
|
|
Balance at December 31, 2019
|
69.9
|
|
Additions for tax positions related to the current year
|
2.0
|
|
Additions for tax positions related to prior years
|
0.9
|
|
Other reductions for tax positions related to prior years
|
(0.8
|
)
|
Reductions for statute closings
|
(9.3
|
)
|
Balance at September 30, 2020
|
62.7
|
|
|
For the three months ended September 30,
|
|
For the nine months ended September 30,
|
||||||||||||
in millions, except per share data
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income attributable to Invesco Ltd.
|
191.7
|
|
|
167.1
|
|
|
313.7
|
|
|
384.9
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Invesco Ltd:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
461.1
|
|
|
462.8
|
|
|
459.0
|
|
|
432.3
|
|
||||
Dilutive effect of non-participating common share-based awards
|
2.4
|
|
|
4.1
|
|
|
3.0
|
|
|
2.3
|
|
||||
Weighted average common shares outstanding - diluted
|
463.5
|
|
|
466.9
|
|
|
462.0
|
|
|
434.6
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
-basic
|
|
$0.42
|
|
|
|
$0.36
|
|
|
|
$0.68
|
|
|
|
$0.89
|
|
-diluted
|
|
$0.41
|
|
|
|
$0.36
|
|
|
|
$0.68
|
|
|
|
$0.89
|
|
•
|
Costs of processing the restated historical financial statements, and related costs of communicating with present and former Fund shareholders;
|
•
|
Costs of reimbursing shareholders for transactions in Fund shares made at incorrect NAVs and for certain fees paid by the Funds based thereon; and
|
•
|
Certain additional costs in connection with these matters.
|
•
|
The process and method for determining such remediation is subject to various factors that are not yet certain and information that is not yet readily available. In this regard, a significant amount of the investors in the Funds are held in omnibus accounts where the company does not at this time have access to the level of data necessary to determine the appropriate remediation.
|
•
|
The company and/or the Funds may be entitled to seek reimbursement for certain of such costs under applicable insurance policies (subject to the terms of such policies, including applicable deductibles and policy limits).
|
•
|
The company may be entitled to seek indemnification for certain of such costs from MassMutual under the OppenheimerFunds acquisition agreement (subject to the terms of such indemnification, including the specified deductible and limit).
|
|
As of
|
||||
$ in millions
|
September 30, 2020
|
|
December 31, 2019
|
||
Cash and cash equivalents of CIP
|
254.0
|
|
|
652.2
|
|
Accounts receivable and other assets of CIP
|
201.9
|
|
|
172.9
|
|
Investments of CIP
|
7,718.4
|
|
|
7,808.0
|
|
Less: Debt of CIP
|
(6,526.7
|
)
|
|
(6,234.6
|
)
|
Less: Other liabilities of CIP
|
(520.4
|
)
|
|
(949.6
|
)
|
Less: Retained earnings
|
0.1
|
|
|
9.5
|
|
Less: Accumulated other comprehensive income, net of tax
|
—
|
|
|
(9.4
|
)
|
Less: Equity attributable to redeemable noncontrolling interests
|
(228.2
|
)
|
|
(383.5
|
)
|
Less: Equity attributable to nonredeemable noncontrolling interests
|
(415.9
|
)
|
|
(454.9
|
)
|
Invesco’s net interests in CIP
|
483.2
|
|
|
610.6
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Total operating revenues
|
(10.4
|
)
|
|
(8.5
|
)
|
|
(29.8
|
)
|
|
(24.4
|
)
|
Total operating expenses
|
4.4
|
|
|
9.4
|
|
|
22.9
|
|
|
17.6
|
|
Operating income
|
(14.8
|
)
|
|
(17.9
|
)
|
|
(52.7
|
)
|
|
(42.0
|
)
|
Equity in earnings of unconsolidated affiliates
|
(26.0
|
)
|
|
(9.5
|
)
|
|
10.8
|
|
|
(8.6
|
)
|
Interest and dividend income
|
—
|
|
|
(0.7
|
)
|
|
(0.3
|
)
|
|
(3.1
|
)
|
Other gains and losses, net
|
(5.0
|
)
|
|
0.3
|
|
|
8.4
|
|
|
(28.7
|
)
|
Interest and dividend income of CIP
|
76.3
|
|
|
90.4
|
|
|
241.2
|
|
|
261.8
|
|
Interest expense of CIP
|
(41.8
|
)
|
|
(58.0
|
)
|
|
(151.2
|
)
|
|
(170.8
|
)
|
Other gains/(losses) of CIP, net
|
64.7
|
|
|
4.6
|
|
|
(61.4
|
)
|
|
36.0
|
|
Income before income taxes
|
53.4
|
|
|
9.2
|
|
|
(5.2
|
)
|
|
44.6
|
|
Net income
|
53.4
|
|
|
9.2
|
|
|
(5.2
|
)
|
|
44.6
|
|
Net (income)/loss attributable to noncontrolling interests in consolidated entities
|
(43.8
|
)
|
|
(11.1
|
)
|
|
14.6
|
|
|
(45.9
|
)
|
Net income attributable to Invesco Ltd.
|
9.6
|
|
|
(1.9
|
)
|
|
9.4
|
|
|
(1.3
|
)
|
|
For the nine months ended September 30, 2020
|
|
For the nine months ended September 30, 2019
|
||
$ in millions
|
VIEs
|
|
VIEs
|
||
Cash and cash equivalents of CIP
|
9.1
|
|
|
9.9
|
|
Accounts receivable and other assets of CIP
|
1.2
|
|
|
3.1
|
|
Investments of CIP
|
114.2
|
|
|
401.9
|
|
Total assets
|
124.5
|
|
|
414.9
|
|
|
|
|
|
||
Debt of CIP
|
75.8
|
|
|
188.8
|
|
Other liabilities of CIP
|
37.8
|
|
|
226.1
|
|
Total liabilities
|
113.6
|
|
|
414.9
|
|
Total equity
|
10.9
|
|
|
—
|
|
Total liabilities and equity
|
124.5
|
|
|
414.9
|
|
|
For the nine months ended September 30, 2020
|
|
For the nine months ended September 30, 2019
|
||||||||
$ in millions
|
VIEs
|
|
VOEs
|
|
VIEs
|
|
VOEs
|
||||
Cash and cash equivalents of CIP
|
0.4
|
|
|
0.2
|
|
|
7.6
|
|
|
(0.2
|
)
|
Accounts receivable and other assets of CIP
|
2.8
|
|
|
1.1
|
|
|
22.3
|
|
|
0.3
|
|
Investments of CIP
|
216.9
|
|
|
134.1
|
|
|
626.1
|
|
|
37.0
|
|
Total assets
|
220.1
|
|
|
135.4
|
|
|
656.0
|
|
|
37.1
|
|
|
|
|
|
|
|
|
|
||||
Debt of CIP
|
—
|
|
|
—
|
|
|
526.2
|
|
|
—
|
|
Other liabilities of CIP
|
2.0
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
Total liabilities
|
2.0
|
|
|
—
|
|
|
548.4
|
|
|
—
|
|
Total equity
|
218.1
|
|
|
135.4
|
|
|
107.6
|
|
|
37.1
|
|
Total liabilities and equity
|
220.1
|
|
|
135.4
|
|
|
656.0
|
|
|
37.1
|
|
|
As of September 30, 2020
|
|||||||||||||
$ 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
|
6,616.6
|
|
|
—
|
|
|
6,616.6
|
|
|
—
|
|
|
—
|
|
Bonds
|
550.3
|
|
|
—
|
|
|
550.3
|
|
|
—
|
|
|
—
|
|
Equity securities
|
278.0
|
|
|
202.4
|
|
|
75.6
|
|
|
—
|
|
|
—
|
|
Equity and fixed income mutual funds
|
23.3
|
|
|
0.4
|
|
|
22.9
|
|
|
—
|
|
|
—
|
|
Investments in other private equity funds
|
250.2
|
|
|
—
|
|
|
7.6
|
|
|
—
|
|
|
242.6
|
|
Total assets at fair value
|
7,718.4
|
|
|
202.8
|
|
|
7,273.0
|
|
|
—
|
|
|
242.6
|
|
|
As of December 31, 2019
|
|||||||||||||
$ 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
|
6,504.4
|
|
|
—
|
|
|
6,504.4
|
|
|
—
|
|
|
—
|
|
Bonds
|
705.9
|
|
|
0.5
|
|
|
705.4
|
|
|
—
|
|
|
—
|
|
Equity securities
|
275.9
|
|
|
204.4
|
|
|
71.5
|
|
|
—
|
|
|
—
|
|
Equity and fixed income mutual funds
|
29.8
|
|
|
20.3
|
|
|
9.5
|
|
|
—
|
|
|
—
|
|
Investments in other private equity funds
|
213.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213.4
|
|
Real estate investments
|
78.6
|
|
|
—
|
|
|
—
|
|
|
78.6
|
|
|
—
|
|
Total assets at fair value
|
7,808.0
|
|
|
225.2
|
|
|
7,290.8
|
|
|
78.6
|
|
|
213.4
|
|
|
Three months ended September 30, 2020
|
|
Nine months ended September 30, 2020
|
||
$ in millions
|
Level 3 Assets
|
|
Level 3 Assets
|
||
Beginning balance
|
—
|
|
|
78.6
|
|
Purchases
|
—
|
|
|
—
|
|
Sales
|
—
|
|
|
—
|
|
Issuances
|
—
|
|
|
—
|
|
Settlements
|
—
|
|
|
—
|
|
Deconsolidation of CIP
|
—
|
|
|
(89.4
|
)
|
Gains and losses included in the Condensed Consolidated Statements of Income
|
—
|
|
|
10.8
|
|
Ending balance
|
—
|
|
|
—
|
|
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||
$ in millions
|
Level 3 Assets
|
|
Level 3 Assets
|
||
Beginning balance
|
14.5
|
|
|
11.8
|
|
Purchases
|
17.2
|
|
|
17.2
|
|
Gains and losses included in the Condensed Consolidated Statements of Income
|
0.3
|
|
|
3.0
|
|
Ending balance
|
32.0
|
|
|
32.0
|
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||
in millions, except term data
|
|
Fair Value
|
|
Total Unfunded Commitments
|
|
Weighted Average Remaining Term(2)
|
|
Fair Value
|
|
Total Unfunded Commitments
|
|
Weighted Average Remaining Term (2)
|
||||
Private equity funds(1)
|
|
$242.6
|
|
$118.2
|
|
6.8 years
|
|
|
$213.4
|
|
|
|
$78.3
|
|
|
6.7 years
|
(1)
|
These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds.
|
(2)
|
These investments are expected to be returned through distributions because of liquidations of the funds’ underlying assets over the weighted average periods indicated.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Affiliated operating revenues:
|
|
|
|
|
|
|
|
||||
Investment management fees
|
987.2
|
|
|
1,133.5
|
|
|
2,975.2
|
|
|
2,905.3
|
|
Service and distribution fees
|
338.9
|
|
|
375.6
|
|
|
1,004.8
|
|
|
864.1
|
|
Performance fees
|
—
|
|
|
14.1
|
|
|
3.4
|
|
|
37.5
|
|
Other
|
46.4
|
|
|
60.3
|
|
|
149.4
|
|
|
161.2
|
|
Total affiliated operating revenues
|
1,372.5
|
|
|
1,583.5
|
|
|
4,132.8
|
|
|
3,968.1
|
|
$ in millions
|
September 30, 2020
|
|
December 31, 2019
|
||
Affiliated asset balances:
|
|
|
|
||
Cash and cash equivalents
|
630.6
|
|
|
620.9
|
|
Unsettled fund receivables
|
266.1
|
|
|
113.6
|
|
Accounts receivable
|
435.4
|
|
|
599.8
|
|
Investments
|
601.9
|
|
|
633.5
|
|
Assets held for policyholders
|
7,882.2
|
|
|
10,835.3
|
|
Other assets
|
22.2
|
|
|
24.5
|
|
Total affiliated asset balances
|
9,838.4
|
|
|
12,827.6
|
|
|
|
|
|
||
Affiliated liability balances:
|
|
|
|
||
Accrued compensation and benefits
|
22.7
|
|
|
65.7
|
|
Accounts payable and accrued expenses
|
80.8
|
|
|
53.8
|
|
Unsettled fund payables
|
273.1
|
|
|
116.6
|
|
Total affiliated liability balances
|
376.6
|
|
|
236.1
|
|
|
Index expressed in currency
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||
Equity Index
|
2020
|
|
2019
|
2020
|
|
2019
|
|||||
S&P 500
|
U.S. Dollar
|
8.5
|
%
|
|
1.2
|
%
|
4.1
|
%
|
|
18.7
|
%
|
FTSE 100
|
British Pound
|
(4.9
|
)%
|
|
(0.2
|
)%
|
(22.2
|
)%
|
|
10.1
|
%
|
FTSE 100
|
U.S. Dollar
|
(0.8
|
)%
|
|
(3.4
|
)%
|
(24.3
|
)%
|
|
6.2
|
%
|
Nikkei 225
|
Japanese Yen
|
4.0
|
%
|
|
2.3
|
%
|
(2.0
|
)%
|
|
8.7
|
%
|
Nikkei 225
|
U.S. Dollar
|
6.3
|
%
|
|
2.0
|
%
|
1.1
|
%
|
|
11.0
|
%
|
MSCI Emerging Markets
|
U.S. Dollar
|
8.7
|
%
|
|
(5.1
|
)%
|
(2.9
|
)%
|
|
3.7
|
%
|
Bond Index
|
|
|
|
|
|
|
|
||||
Barclays U.S. Aggregate Bond
|
U.S. Dollar
|
0.6
|
%
|
|
2.3
|
%
|
6.8
|
%
|
|
8.5
|
%
|
•
|
Results of Operations (three and nine months ended September 30, 2020 compared to three and nine months ended September 30, 2019);
|
•
|
Schedule of Non-GAAP Information;
|
•
|
Balance Sheet Discussion; and
|
•
|
Liquidity and Capital Resources.
|
$ in millions, other than per common share amounts, operating margins and AUM
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
U.S. GAAP Financial Measures Summary
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Operating revenues
|
1,497.6
|
|
|
1,720.6
|
|
|
4,515.5
|
|
|
4,374.6
|
|
Operating income
|
268.5
|
|
|
275.1
|
|
|
702.6
|
|
|
493.6
|
|
Operating margin
|
17.9
|
%
|
|
16.0
|
%
|
|
15.6
|
%
|
|
11.3
|
%
|
Net income attributable to Invesco Ltd.
|
191.7
|
|
|
167.1
|
|
|
313.7
|
|
|
384.9
|
|
Diluted EPS
|
0.41
|
|
|
0.36
|
|
|
0.68
|
|
|
0.89
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP Financial Measures Summary
|
|
|
|
|
|
|
|
||||
Net revenues(1)
|
1,092.5
|
|
|
1,228.7
|
|
|
3,272.6
|
|
|
3,147.3
|
|
Adjusted operating income(2)
|
406.7
|
|
|
502.6
|
|
|
1,179.1
|
|
|
1,150.3
|
|
Adjusted operating margin(2)
|
37.2
|
%
|
|
40.9
|
%
|
|
36.0
|
%
|
|
36.5
|
%
|
Adjusted net income attributable to Invesco Ltd.(3)
|
244.0
|
|
|
325.2
|
|
|
559.0
|
|
|
830.4
|
|
Adjusted diluted EPS(3)
|
0.53
|
|
|
0.70
|
|
|
1.21
|
|
|
1.91
|
|
|
|
|
|
|
|
|
|
||||
Assets Under Management
|
|
|
|
|
|
|
|
||||
Ending AUM (billions)
|
1,218.2
|
|
|
1,184.4
|
|
|
1,218.2
|
|
|
1,184.4
|
|
Average AUM (billions)
|
1,206.2
|
|
|
1,188.2
|
|
|
1,167.1
|
|
|
1,059.0
|
|
(1)
|
Net revenues is a non-GAAP financial measure. Net revenues are operating revenues plus the net revenues of our Great Wall joint venture; less pass-through revenue adjustments to investment management fees, service and distribution fees and other; plus management and performance fees earned from CIP. See "Schedule of Non-GAAP Information" for the reconciliation of operating revenues to net revenues.
|
(2)
|
Adjusted operating income and adjusted operating margin are non-GAAP financial measures. Adjusted operating margin is adjusted operating income divided by net revenues. Adjusted operating income includes operating income plus the net operating income of our joint venture investments, the operating income impact of the consolidation of investment products, transaction, integration and restructuring adjustments, compensation expense related to market valuation changes in deferred compensation plans and other reconciling items. See "Schedule of Non-GAAP Information," for the reconciliation of operating income to adjusted operating income.
|
(3)
|
Adjusted net income attributable to Invesco Ltd. and adjusted diluted EPS are non-GAAP financial measures. Adjusted net income attributable to Invesco Ltd. is net income attributable to Invesco Ltd. adjusted to exclude the net income of CIP, transaction, integration and restructuring adjustments, the net income impact of deferred compensation plans and other reconciling items. Adjustments made to net income attributable to Invesco Ltd. are tax-affected in arriving at adjusted net income attributable to Invesco Ltd. By calculation, adjusted diluted EPS is adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common shares outstanding (for diluted EPS). See "Schedule of Non-GAAP Information," for the reconciliation of net income attributable to Invesco Ltd. to adjusted net income attributable to Invesco Ltd.
|
|
Benchmark Comparison
|
|
Peer Group Comparison
|
||||||||||||||
|
% of AUM Ahead of Benchmark
|
|
% of AUM In Top Half of Peer Group
|
||||||||||||||
|
1yr
|
3yr
|
5yr
|
10yr
|
|
1yr
|
3yr
|
5yr
|
10yr
|
||||||||
Equities(2)
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Core (5%)
|
17
|
%
|
15
|
%
|
13
|
%
|
15
|
%
|
|
27
|
%
|
26
|
%
|
26
|
%
|
16
|
%
|
U.S. Growth (6%)
|
87
|
%
|
43
|
%
|
51
|
%
|
43
|
%
|
|
100
|
%
|
51
|
%
|
87
|
%
|
51
|
%
|
U.S. Value (7%)
|
11
|
%
|
9
|
%
|
8
|
%
|
11
|
%
|
|
—
|
%
|
—
|
%
|
—
|
%
|
—
|
%
|
Sector (1%)
|
71
|
%
|
97
|
%
|
75
|
%
|
95
|
%
|
|
76
|
%
|
55
|
%
|
55
|
%
|
55
|
%
|
UK (1%)
|
23
|
%
|
22
|
%
|
17
|
%
|
44
|
%
|
|
6
|
%
|
6
|
%
|
22
|
%
|
26
|
%
|
Canadian (0%)
|
—
|
%
|
—
|
%
|
—
|
%
|
11
|
%
|
|
10
|
%
|
—
|
%
|
—
|
%
|
10
|
%
|
Asian (3%)
|
82
|
%
|
82
|
%
|
96
|
%
|
90
|
%
|
|
43
|
%
|
59
|
%
|
86
|
%
|
87
|
%
|
Continental European (2%)
|
41
|
%
|
6
|
%
|
38
|
%
|
75
|
%
|
|
7
|
%
|
5
|
%
|
5
|
%
|
73
|
%
|
Global (7%)
|
72
|
%
|
67
|
%
|
70
|
%
|
87
|
%
|
|
75
|
%
|
36
|
%
|
38
|
%
|
45
|
%
|
Global Ex U.S. and Emerging Markets (13%)
|
86
|
%
|
88
|
%
|
89
|
%
|
98
|
%
|
|
32
|
%
|
87
|
%
|
70
|
%
|
88
|
%
|
Fixed Income(2)
|
|
|
|
|
|
|
|
|
|
||||||||
Money Market (17%)
|
79
|
%
|
99
|
%
|
100
|
%
|
100
|
%
|
|
79
|
%
|
79
|
%
|
80
|
%
|
98
|
%
|
U.S. Fixed Income (12%)
|
49
|
%
|
79
|
%
|
84
|
%
|
95
|
%
|
|
47
|
%
|
57
|
%
|
89
|
%
|
93
|
%
|
Global Fixed Income (6%)
|
85
|
%
|
75
|
%
|
72
|
%
|
96
|
%
|
|
67
|
%
|
34
|
%
|
60
|
%
|
65
|
%
|
Stable Value (5%)
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
97
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Other(2)
|
|
|
|
|
|
|
|
|
|
||||||||
Alternatives (8%)
|
28
|
%
|
29
|
%
|
77
|
%
|
36
|
%
|
|
24
|
%
|
37
|
%
|
45
|
%
|
53
|
%
|
Balanced (7%)
|
74
|
%
|
49
|
%
|
50
|
%
|
58
|
%
|
|
48
|
%
|
44
|
%
|
51
|
%
|
57
|
%
|
(1)
|
Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. AUM measured in the one, three, five and ten year quartile rankings represents 54%, 53%, 53% and 48% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, five and ten year basis represents 64%, 64%, 62% and 56% of total Invesco AUM as of 9/30/20. Peer group rankings are sourced from a widely-used third party ranking agency in each fund’s market (Lipper, Morningstar, IA, Russell, Mercer, eVestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.
|
(2)
|
Numbers in parenthesis reflect percentage of 5 year total ranked AUM. As of September 30, 2020. Total ranked AUM is $658.2 billion (54% of total Invesco AUM) for 1 year, $650.4 billion (53% of total Invesco AUM) for 3 year, $642.2 billion (53% of total Invesco AUM) for 5 year and $582.6 billion (48% of total Invesco AUM) for 10 year.
|
|
For the three months ended September 30,
|
||||||||||||||||
|
2020
|
|
2019
|
||||||||||||||
$ in billions
|
Total AUM
|
|
Active
|
|
Passive
|
|
Total AUM
|
|
Active
|
|
Passive
|
||||||
June 30
|
1,145.2
|
|
|
863.5
|
|
|
281.7
|
|
|
1,197.8
|
|
|
927.6
|
|
|
270.2
|
|
Long-term inflows
|
71.9
|
|
|
50.0
|
|
|
21.9
|
|
|
58.6
|
|
|
38.4
|
|
|
20.2
|
|
Long-term outflows
|
(64.1
|
)
|
|
(48.2
|
)
|
|
(15.9
|
)
|
|
(69.7
|
)
|
|
(54.1
|
)
|
|
(15.6
|
)
|
Long-term net flows
|
7.8
|
|
|
1.8
|
|
|
6.0
|
|
|
(11.1
|
)
|
|
(15.7
|
)
|
|
4.6
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
2.7
|
|
|
(0.1
|
)
|
|
2.8
|
|
Net flows in money market funds
|
(3.5
|
)
|
|
(3.5
|
)
|
|
—
|
|
|
2.6
|
|
|
2.6
|
|
|
—
|
|
Total net flows
|
11.3
|
|
|
(1.7
|
)
|
|
13.0
|
|
|
(5.8
|
)
|
|
(13.2
|
)
|
|
7.4
|
|
Reinvested distributions
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|
2.2
|
|
|
2.2
|
|
|
—
|
|
Market gains and losses
|
53.0
|
|
|
30.0
|
|
|
23.0
|
|
|
(1.6
|
)
|
|
(1.8
|
)
|
|
0.2
|
|
Foreign currency translation
|
7.7
|
|
|
7.4
|
|
|
0.3
|
|
|
(8.2
|
)
|
|
(7.8
|
)
|
|
(0.4
|
)
|
September 30
|
1,218.2
|
|
|
900.2
|
|
|
318.0
|
|
|
1,184.4
|
|
|
907.0
|
|
|
277.4
|
|
Average AUM
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average long-term AUM
|
956.3
|
|
|
786.9
|
|
|
169.4
|
|
|
976.1
|
|
|
817.6
|
|
|
158.5
|
|
Average AUM
|
1,206.2
|
|
|
898.5
|
|
|
307.7
|
|
|
1,188.2
|
|
|
915.6
|
|
|
272.6
|
|
Revenue yield
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross revenue yield on AUM (2)
|
51.9
|
|
|
63.3
|
|
|
20.5
|
|
|
59.8
|
|
|
71.0
|
|
|
23.8
|
|
Gross revenue yield on AUM before performance fees (2)
|
51.9
|
|
|
63.3
|
|
|
20.5
|
|
|
59.3
|
|
|
70.3
|
|
|
23.8
|
|
Net revenue yield on AUM (3)
|
36.2
|
|
|
44.8
|
|
|
11.4
|
|
|
41.4
|
|
|
49.2
|
|
|
15.0
|
|
Net revenue yield on AUM before performance fees (3)
|
36.0
|
|
|
44.4
|
|
|
11.4
|
|
|
40.7
|
|
|
48.4
|
|
|
15.0
|
|
|
For the nine months ended September 30,
|
||||||||||||||||
|
2020
|
|
2019
|
||||||||||||||
$ in billions
|
Total AUM
|
|
Active
|
|
Passive
|
|
Total AUM
|
|
Active
|
|
Passive
|
||||||
December 31
|
1,226.2
|
|
|
929.2
|
|
|
297.0
|
|
|
888.2
|
|
|
667.2
|
|
|
221.0
|
|
Long-term inflows
|
219.3
|
|
|
147.0
|
|
|
72.3
|
|
|
166.8
|
|
|
106.4
|
|
|
60.4
|
|
Long-term outflows
|
(244.8
|
)
|
|
(179.2
|
)
|
|
(65.6
|
)
|
|
(187.2
|
)
|
|
(139.9
|
)
|
|
(47.3
|
)
|
Long-term net flows
|
(25.5
|
)
|
|
(32.2
|
)
|
|
6.7
|
|
|
(20.4
|
)
|
|
(33.5
|
)
|
|
13.1
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
—
|
|
|
(11.0
|
)
|
|
8.5
|
|
|
(0.1
|
)
|
|
8.6
|
|
Net flows in money market funds
|
16.2
|
|
|
16.2
|
|
|
—
|
|
|
5.1
|
|
|
5.1
|
|
|
—
|
|
Total net flows
|
(20.3
|
)
|
|
(16.0
|
)
|
|
(4.3
|
)
|
|
(6.8
|
)
|
|
(28.5
|
)
|
|
21.7
|
|
Reinvested distributions
|
3.9
|
|
|
3.9
|
|
|
—
|
|
|
4.9
|
|
|
4.9
|
|
|
—
|
|
Market gains and losses
|
8.0
|
|
|
(17.2
|
)
|
|
25.2
|
|
|
80.8
|
|
|
50.2
|
|
|
30.6
|
|
Acquisitions (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
224.4
|
|
|
219.9
|
|
|
4.5
|
|
Foreign currency translation
|
0.4
|
|
|
0.3
|
|
|
0.1
|
|
|
(7.1
|
)
|
|
(6.7
|
)
|
|
(0.4
|
)
|
June 30
|
1,218.2
|
|
|
900.2
|
|
|
318.0
|
|
|
1,184.4
|
|
|
907.0
|
|
|
277.4
|
|
Average AUM
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average long-term AUM
|
930.3
|
|
|
769.4
|
|
|
160.8
|
|
|
853.9
|
|
|
705.9
|
|
|
148.0
|
|
Average AUM
|
1,167.1
|
|
|
878.9
|
|
|
288.2
|
|
|
1,059.0
|
|
|
802.1
|
|
|
256.9
|
|
Revenue yield
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross revenue yield on AUM (2)
|
53.7
|
|
64.9
|
|
21.4
|
|
56.9
|
|
|
68.0
|
|
|
24.0
|
|
|||
Gross revenue yield on AUM before performance fees (2)
|
53.6
|
|
64.8
|
|
21.4
|
|
56.3
|
|
|
67.0
|
|
|
24.0
|
|
|||
Net revenue yield on AUM (3)
|
37.4
|
|
45.6
|
|
12.2
|
|
39.6
|
|
|
47.7
|
|
|
14.5
|
|
|||
Net revenue yield on AUM before performance fees (3)
|
37.1
|
|
45.3
|
|
12.2
|
|
38.9
|
|
|
46.7
|
|
|
14.5
|
|
(1)
|
The acquisition of OppenheimerFunds on May 24, 2019 added $224.4 billion in AUM during the second quarter of 2019.
|
(2)
|
Gross revenue yield on AUM is equal to annualized total operating revenues divided by average AUM, excluding Invesco Great Wall AUM. The average AUM for Invesco Great Wall in the three and nine months ended September 30, 2020 was $51.0 billion and $46.5 billion (three and nine months ended September 30, 2019: $37.4 billion and $34.7 billion). It is appropriate to exclude the average AUM of Invesco Great Wall for purposes of computing gross revenue yield on AUM, because the revenues resulting from these AUM are not presented in our operating revenues. Under U.S. GAAP, our share of the net income of Invesco Great Wall Fund Management Company (“Invesco Great Wall”) is recorded as equity in earnings of unconsolidated affiliates on our Condensed Consolidated Statements of Income. Gross revenue yield, the most comparable U.S. GAAP-based measure to net revenue yield, is not considered a meaningful effective fee rate measure. Additionally, the numerator of the gross revenue yield measure, operating revenues, excludes the management fees earned from CIP; however, the denominator of the measure includes the AUM of these investment products. Therefore, the gross revenue yield measure is not considered representative of the company’s effective fee rate from AUM.
|
(3)
|
Net revenue yield on AUM is equal to annualized net revenues divided by average AUM. See “Schedule of Non-GAAP Information” for a reconciliation of operating revenues to net revenues.
|
$ in billions
|
Total
|
|
Retail
|
|
Institutional
|
|||
June 30, 2020
|
1,145.2
|
|
|
788.4
|
|
|
356.8
|
|
Long-term inflows
|
71.9
|
|
|
52.2
|
|
|
19.7
|
|
Long-term outflows
|
(64.1
|
)
|
|
(52.5
|
)
|
|
(11.6
|
)
|
Long-term net flows
|
7.8
|
|
|
(0.3
|
)
|
|
8.1
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
5.3
|
|
|
1.7
|
|
Net flows in money market funds
|
(3.5
|
)
|
|
0.8
|
|
|
(4.3
|
)
|
Total net flows
|
11.3
|
|
|
5.8
|
|
|
5.5
|
|
Reinvested distributions
|
1.0
|
|
|
0.9
|
|
|
0.1
|
|
Market gains and losses
|
53.0
|
|
|
47.2
|
|
|
5.8
|
|
Foreign currency translation
|
7.7
|
|
|
3.8
|
|
|
3.9
|
|
September 30, 2020
|
1,218.2
|
|
|
846.1
|
|
|
372.1
|
|
|
|
|
|
|
|
|||
June 30, 2019
|
1,197.8
|
|
|
852.0
|
|
|
345.8
|
|
Long-term inflows
|
58.6
|
|
|
47.0
|
|
|
11.6
|
|
Long-term outflows
|
(69.7
|
)
|
|
(57.0
|
)
|
|
(12.7
|
)
|
Long-term net flows
|
(11.1
|
)
|
|
(10.0
|
)
|
|
(1.1
|
)
|
Net flows in non-management fee earning AUM
|
2.7
|
|
|
1.5
|
|
|
1.2
|
|
Net flows in money market funds
|
2.6
|
|
|
0.6
|
|
|
2.0
|
|
Total net flows
|
(5.8
|
)
|
|
(7.9
|
)
|
|
2.1
|
|
Reinvested distributions
|
2.2
|
|
|
2.2
|
|
|
—
|
|
Market gains and losses
|
(1.6
|
)
|
|
(3.5
|
)
|
|
1.9
|
|
Foreign currency translation
|
(8.2
|
)
|
|
(5.4
|
)
|
|
(2.8
|
)
|
September 30, 2019
|
1,184.4
|
|
|
837.4
|
|
|
347.0
|
|
$ in billions
|
Total
|
|
Retail
|
|
Institutional
|
|||
December 31, 2019
|
1,226.2
|
|
|
878.2
|
|
|
348.0
|
|
Long-term inflows
|
219.3
|
|
|
157.4
|
|
|
61.9
|
|
Long-term outflows
|
(244.8
|
)
|
|
(202.6
|
)
|
|
(42.2
|
)
|
Long-term net flows
|
(25.5
|
)
|
|
(45.2
|
)
|
|
19.7
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
6.1
|
|
|
(17.1
|
)
|
Net flows in money market funds
|
16.2
|
|
|
3.4
|
|
|
12.8
|
|
Total net flows
|
(20.3
|
)
|
|
(35.7
|
)
|
|
15.4
|
|
Reinvested distributions
|
3.9
|
|
|
3.7
|
|
|
0.2
|
|
Market gains and losses
|
8.0
|
|
|
0.9
|
|
|
7.1
|
|
Foreign currency translation
|
0.4
|
|
|
(1.0
|
)
|
|
1.4
|
|
September 30, 2020
|
1,218.2
|
|
|
846.1
|
|
|
372.1
|
|
|
|
|
|
|
|
|||
December 31, 2018
|
888.2
|
|
|
566.7
|
|
|
321.5
|
|
Long-term inflows
|
166.8
|
|
|
129.9
|
|
|
36.9
|
|
Long-term outflows
|
(187.2
|
)
|
|
(150.4
|
)
|
|
(36.8
|
)
|
Long-term net flows
|
(20.4
|
)
|
|
(20.5
|
)
|
|
0.1
|
|
Net flows in non-management fee earning AUM
|
8.5
|
|
|
2.6
|
|
|
5.9
|
|
Net flows in money market funds
|
5.1
|
|
|
4.2
|
|
|
0.9
|
|
Total net flows
|
(6.8
|
)
|
|
(13.7
|
)
|
|
6.9
|
|
Reinvested distributions
|
4.9
|
|
|
4.7
|
|
|
0.2
|
|
Market gains and losses
|
80.8
|
|
|
68.6
|
|
|
12.2
|
|
Acquisitions (4)
|
224.4
|
|
|
215.8
|
|
|
8.6
|
|
Foreign currency translation
|
(7.1
|
)
|
|
(4.7
|
)
|
|
(2.4
|
)
|
September 30, 2019
|
1,184.4
|
|
|
837.4
|
|
|
347.0
|
|
$ in billions
|
Total
|
|
Retail
|
|
Institutional
|
|||
June 30, 2020
|
281.7
|
|
|
270.4
|
|
|
11.3
|
|
Long-term inflows
|
21.9
|
|
|
21.4
|
|
|
0.5
|
|
Long-term outflows
|
(15.9
|
)
|
|
(15.6
|
)
|
|
(0.3
|
)
|
Long-term net flows
|
6.0
|
|
|
5.8
|
|
|
0.2
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
5.3
|
|
|
1.7
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
13.0
|
|
|
11.1
|
|
|
1.9
|
|
Market gains and losses
|
23.0
|
|
|
22.3
|
|
|
0.7
|
|
Foreign currency translation
|
0.3
|
|
|
0.3
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
304.1
|
|
|
13.9
|
|
|
|
|
|
|
|
|||
June 30, 2019
|
270.2
|
|
|
249.0
|
|
|
21.2
|
|
Long-term inflows
|
20.2
|
|
|
20.2
|
|
|
—
|
|
Long-term outflows
|
(15.6
|
)
|
|
(15.6
|
)
|
|
—
|
|
Long-term net flows
|
4.6
|
|
|
4.6
|
|
|
—
|
|
Net flows in non-management fee earning AUM
|
2.8
|
|
|
1.6
|
|
|
1.2
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
7.4
|
|
|
6.2
|
|
|
1.2
|
|
Market gains and losses
|
0.2
|
|
|
0.3
|
|
|
(0.1
|
)
|
Foreign currency translation
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
255.1
|
|
|
22.3
|
|
$ in billions
|
Total
|
|
Retail
|
|
Institutional
|
|||
December 31, 2019
|
297.0
|
|
|
275.8
|
|
|
21.2
|
|
Long-term inflows
|
72.3
|
|
|
64.3
|
|
|
8.0
|
|
Long-term outflows
|
(65.6
|
)
|
|
(64.9
|
)
|
|
(0.7
|
)
|
Long-term net flows
|
6.7
|
|
|
(0.6
|
)
|
|
7.3
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
6.1
|
|
|
(17.1
|
)
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
(4.3
|
)
|
|
5.5
|
|
|
(9.8
|
)
|
Reinvested distributions
|
—
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
25.2
|
|
|
22.7
|
|
|
2.5
|
|
Foreign currency translation
|
0.1
|
|
|
0.1
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
304.1
|
|
|
13.9
|
|
|
|
|
|
|
|
|||
December 31, 2018
|
221.0
|
|
|
204.6
|
|
|
16.4
|
|
Long-term inflows
|
60.4
|
|
|
60.3
|
|
|
0.1
|
|
Long-term outflows
|
(47.3
|
)
|
|
(47.3
|
)
|
|
—
|
|
Long-term net flows
|
13.1
|
|
|
13.0
|
|
|
0.1
|
|
Net flows in non-management fee earning AUM
|
8.6
|
|
|
2.8
|
|
|
5.8
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
21.7
|
|
|
15.8
|
|
|
5.9
|
|
Market gains and losses
|
30.6
|
|
|
30.6
|
|
|
—
|
|
Acquisitions (4)
|
4.5
|
|
|
4.5
|
|
|
—
|
|
Foreign currency translation
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
255.1
|
|
|
22.3
|
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
|
|
Alternatives
|
||||||
June 30, 2020
|
1,145.2
|
|
|
544.9
|
|
|
260.7
|
|
|
60.9
|
|
|
111.5
|
|
|
167.2
|
|
Long-term inflows
|
71.9
|
|
|
27.9
|
|
|
24.4
|
|
|
9.6
|
|
|
—
|
|
|
10.0
|
|
Long-term outflows
|
(64.1
|
)
|
|
(32.0
|
)
|
|
(15.6
|
)
|
|
(7.1
|
)
|
|
—
|
|
|
(9.4
|
)
|
Long-term net flows
|
7.8
|
|
|
(4.1
|
)
|
|
8.8
|
|
|
2.5
|
|
|
—
|
|
|
0.6
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
5.4
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
(3.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
Total net flows
|
11.3
|
|
|
1.3
|
|
|
10.4
|
|
|
2.5
|
|
|
(3.5
|
)
|
|
0.6
|
|
Reinvested distributions
|
1.0
|
|
|
0.2
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
Market gains and losses
|
53.0
|
|
|
43.6
|
|
|
3.4
|
|
|
3.3
|
|
|
0.2
|
|
|
2.5
|
|
Foreign currency translation
|
7.7
|
|
|
2.4
|
|
|
1.4
|
|
|
1.3
|
|
|
1.1
|
|
|
1.5
|
|
September 30, 2020
|
1,218.2
|
|
|
592.4
|
|
|
276.4
|
|
|
68.1
|
|
|
109.3
|
|
|
172.0
|
|
Average AUM
|
1,206.2
|
|
|
583.6
|
|
|
271.8
|
|
|
66.2
|
|
|
111.6
|
|
|
173.0
|
|
% of total average AUM
|
100.0
|
%
|
|
48.4
|
%
|
|
22.5
|
%
|
|
5.5
|
%
|
|
9.3
|
%
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
June 30, 2019
|
1,197.8
|
|
|
574.6
|
|
|
273.6
|
|
|
64.1
|
|
|
95.7
|
|
|
189.8
|
|
Long-term inflows
|
58.6
|
|
|
25.4
|
|
|
17.7
|
|
|
5.4
|
|
|
—
|
|
|
10.1
|
|
Long-term outflows
|
(69.7
|
)
|
|
(37.6
|
)
|
|
(13.0
|
)
|
|
(5.3
|
)
|
|
—
|
|
|
(13.8
|
)
|
Long-term net flows
|
(11.1
|
)
|
|
(12.2
|
)
|
|
4.7
|
|
|
0.1
|
|
|
—
|
|
|
(3.7
|
)
|
Net flows in non-management fee earning AUM
|
2.7
|
|
|
0.6
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
2.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
Total net flows
|
(5.8
|
)
|
|
(11.6
|
)
|
|
6.8
|
|
|
0.1
|
|
|
2.6
|
|
|
(3.7
|
)
|
Reinvested distributions
|
2.2
|
|
|
1.2
|
|
|
0.4
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
Market gains and losses
|
(1.6
|
)
|
|
(4.5
|
)
|
|
1.7
|
|
|
0.7
|
|
|
0.2
|
|
|
0.3
|
|
Foreign currency translation
|
(8.2
|
)
|
|
(2.9
|
)
|
|
(1.4
|
)
|
|
(1.4
|
)
|
|
(0.8
|
)
|
|
(1.7
|
)
|
September 30, 2019
|
1,184.4
|
|
|
556.8
|
|
|
281.1
|
|
|
63.8
|
|
|
97.7
|
|
|
185.0
|
|
Average AUM
|
1,188.2
|
|
|
562.9
|
|
|
276.3
|
|
|
64.0
|
|
|
98.0
|
|
|
187.0
|
|
% of total average AUM
|
100.0
|
%
|
|
47.4
|
%
|
|
23.3
|
%
|
|
5.4
|
%
|
|
8.2
|
%
|
|
15.7
|
%
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
|
|
Alternatives
|
||||||
December 31, 2019
|
1,226.2
|
|
|
598.8
|
|
|
283.5
|
|
|
67.3
|
|
|
91.4
|
|
|
185.2
|
|
Long-term inflows
|
219.3
|
|
|
88.9
|
|
|
76.2
|
|
|
20.8
|
|
|
—
|
|
|
33.4
|
|
Long-term outflows
|
(244.8
|
)
|
|
(126.8
|
)
|
|
(58.3
|
)
|
|
(20.8
|
)
|
|
—
|
|
|
(38.9
|
)
|
Long-term net flows
|
(25.5
|
)
|
|
(37.9
|
)
|
|
17.9
|
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
16.0
|
|
|
(27.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
16.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|
—
|
|
Total net flows
|
(20.3
|
)
|
|
(21.9
|
)
|
|
(9.1
|
)
|
|
—
|
|
|
16.2
|
|
|
(5.5
|
)
|
Reinvested distributions
|
3.9
|
|
|
1.2
|
|
|
1.4
|
|
|
0.4
|
|
|
—
|
|
|
0.9
|
|
Market gains and losses
|
8.0
|
|
|
15.2
|
|
|
0.3
|
|
|
0.1
|
|
|
1.3
|
|
|
(8.9
|
)
|
Foreign currency translation
|
0.4
|
|
|
(0.9
|
)
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
|
0.3
|
|
September 30, 2020
|
1,218.2
|
|
|
592.4
|
|
|
276.4
|
|
|
68.1
|
|
|
109.3
|
|
|
172.0
|
|
Average AUM
|
1,167.1
|
|
|
551.4
|
|
|
271.0
|
|
|
62.7
|
|
|
109.4
|
|
|
172.6
|
|
% of total average AUM
|
100.0
|
%
|
|
47.2
|
%
|
|
23.2
|
%
|
|
5.4
|
%
|
|
9.4
|
%
|
|
14.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2018
|
888.2
|
|
|
369.1
|
|
|
208.6
|
|
|
55.4
|
|
|
89.9
|
|
|
165.2
|
|
Long-term inflows
|
166.8
|
|
|
74.0
|
|
|
50.4
|
|
|
13.8
|
|
|
0.2
|
|
|
28.4
|
|
Long-term outflows
|
(187.2
|
)
|
|
(95.2
|
)
|
|
(36.7
|
)
|
|
(15.1
|
)
|
|
(0.1
|
)
|
|
(40.1
|
)
|
Long-term net flows
|
(20.4
|
)
|
|
(21.2
|
)
|
|
13.7
|
|
|
(1.3
|
)
|
|
0.1
|
|
|
(11.7
|
)
|
Net flows in non-management fee earning AUM
|
8.5
|
|
|
0.7
|
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
5.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.1
|
|
|
—
|
|
Total net flows
|
(6.8
|
)
|
|
(20.5
|
)
|
|
21.5
|
|
|
(1.3
|
)
|
|
5.2
|
|
|
(11.7
|
)
|
Reinvested distributions
|
4.9
|
|
|
2.7
|
|
|
1.1
|
|
|
0.5
|
|
|
—
|
|
|
0.6
|
|
Market gains and losses
|
80.8
|
|
|
58.1
|
|
|
8.6
|
|
|
6.7
|
|
|
(0.3
|
)
|
|
7.7
|
|
Acquisitions (4)
|
224.4
|
|
|
149.7
|
|
|
42.5
|
|
|
3.7
|
|
|
3.7
|
|
|
24.8
|
|
Foreign currency translation
|
(7.1
|
)
|
|
(2.3
|
)
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|
(0.8
|
)
|
|
(1.6
|
)
|
September 30, 2019
|
1,184.4
|
|
|
556.8
|
|
|
281.1
|
|
|
63.8
|
|
|
97.7
|
|
|
185.0
|
|
Average AUM
|
1,059.0
|
|
|
480.1
|
|
|
244.5
|
|
|
60.9
|
|
|
96.2
|
|
|
177.3
|
|
% of total average AUM
|
100.0
|
%
|
|
45.3
|
%
|
|
23.1
|
%
|
|
5.8
|
%
|
|
9.1
|
%
|
|
16.7
|
%
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
|
|
Alternatives
|
||||||
June 30, 2020
|
281.7
|
|
|
228.3
|
|
|
30.6
|
|
|
0.8
|
|
|
—
|
|
|
22.0
|
|
Long-term inflows
|
21.9
|
|
|
13.4
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
Long-term outflows
|
(15.9
|
)
|
|
(10.7
|
)
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
Long-term net flows
|
6.0
|
|
|
2.7
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
5.4
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
13.0
|
|
|
8.1
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
Market gains and losses
|
23.0
|
|
|
21.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
Foreign currency translation
|
0.3
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
258.4
|
|
|
33.6
|
|
|
0.8
|
|
|
—
|
|
|
25.2
|
|
Average AUM
|
307.7
|
|
|
249.3
|
|
|
32.8
|
|
|
0.8
|
|
|
—
|
|
|
24.8
|
|
% of total average AUM
|
100.0
|
%
|
|
81.0
|
%
|
|
10.7
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
June 30, 2019
|
270.2
|
|
|
194.6
|
|
|
56.8
|
|
|
0.8
|
|
|
—
|
|
|
18.0
|
|
Long-term inflows
|
20.2
|
|
|
13.7
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
Long-term outflows
|
(15.6
|
)
|
|
(12.3
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
Long-term net flows
|
4.6
|
|
|
1.4
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
Net flows in non-management fee earning AUM
|
2.8
|
|
|
0.7
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
7.4
|
|
|
2.1
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
Market gains and losses
|
0.2
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
0.2
|
|
Foreign currency translation
|
(0.4
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
196.6
|
|
|
60.7
|
|
|
0.8
|
|
|
—
|
|
|
19.3
|
|
Average AUM
|
272.6
|
|
|
195.0
|
|
|
58.2
|
|
|
0.8
|
|
|
—
|
|
|
18.6
|
|
% of total average AUM
|
100.0
|
%
|
|
71.5
|
%
|
|
21.3
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
6.8
|
%
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
|
|
Alternatives
|
||||||
December 31, 2019
|
297.0
|
|
|
217.1
|
|
|
58.9
|
|
|
0.9
|
|
|
—
|
|
|
20.1
|
|
Long-term inflows
|
72.3
|
|
|
45.9
|
|
|
9.8
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
Long-term outflows
|
(65.6
|
)
|
|
(45.7
|
)
|
|
(7.3
|
)
|
|
—
|
|
|
—
|
|
|
(12.6
|
)
|
Long-term net flows
|
6.7
|
|
|
0.2
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
16.0
|
|
|
(27.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
(4.3
|
)
|
|
16.2
|
|
|
(24.5
|
)
|
|
—
|
|
|
—
|
|
|
4.0
|
|
Market gains and losses
|
25.2
|
|
|
25.0
|
|
|
(0.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
1.1
|
|
Foreign currency translation
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
258.4
|
|
|
33.6
|
|
|
0.8
|
|
|
—
|
|
|
25.2
|
|
Average AUM
|
288.2
|
|
|
223.3
|
|
|
42.1
|
|
|
0.8
|
|
|
—
|
|
|
22.0
|
|
% of total average AUM
|
100.0
|
%
|
|
77.5
|
%
|
|
14.6
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2018
|
221.0
|
|
|
155.3
|
|
|
47.2
|
|
|
0.7
|
|
|
—
|
|
|
17.8
|
|
Long-term inflows
|
60.4
|
|
|
42.6
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
9.1
|
|
Long-term outflows
|
(47.3
|
)
|
|
(34.8
|
)
|
|
(3.5
|
)
|
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
Long-term net flows
|
13.1
|
|
|
7.8
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Net flows in non-management fee earning AUM
|
8.6
|
|
|
0.8
|
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
21.7
|
|
|
8.6
|
|
|
13.0
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Market gains and losses
|
30.6
|
|
|
28.4
|
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
1.4
|
|
Acquisitions (4)
|
4.5
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
(0.4
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
196.6
|
|
|
60.7
|
|
|
0.8
|
|
|
—
|
|
|
19.3
|
|
Average AUM
|
256.9
|
|
|
183.6
|
|
|
54.2
|
|
|
0.8
|
|
|
—
|
|
|
18.3
|
|
% of total average AUM
|
100.0
|
%
|
|
71.5
|
%
|
|
21.1
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
7.1
|
%
|
$ in billions
|
Total
|
|
Americas
|
|
UK
|
|
EMEA Ex UK
|
|
Asia
|
|||||
June 30, 2020
|
1,145.2
|
|
|
829.8
|
|
|
55.1
|
|
|
130.9
|
|
|
129.4
|
|
Long-term inflows
|
71.9
|
|
|
33.8
|
|
|
4.9
|
|
|
13.2
|
|
|
20.0
|
|
Long-term outflows
|
(64.1
|
)
|
|
(38.2
|
)
|
|
(3.5
|
)
|
|
(10.4
|
)
|
|
(12.0
|
)
|
Long-term net flows
|
7.8
|
|
|
(4.4
|
)
|
|
1.4
|
|
|
2.8
|
|
|
8.0
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
6.3
|
|
|
—
|
|
|
0.5
|
|
|
0.2
|
|
Net flows in money market funds
|
(3.5
|
)
|
|
(5.5
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
2.2
|
|
Total net flows
|
11.3
|
|
|
(3.6
|
)
|
|
1.4
|
|
|
3.1
|
|
|
10.4
|
|
Reinvested distributions
|
1.0
|
|
|
0.9
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
53.0
|
|
|
44.0
|
|
|
—
|
|
|
4.2
|
|
|
4.8
|
|
Foreign currency translation
|
7.7
|
|
|
0.5
|
|
|
2.4
|
|
|
1.7
|
|
|
3.1
|
|
September 30, 2020
|
1,218.2
|
|
|
871.6
|
|
|
59.0
|
|
|
139.9
|
|
|
147.7
|
|
|
|
|
|
|
|
|
|
|
|
|||||
June 30, 2019
|
1,197.8
|
|
|
863.8
|
|
|
76.3
|
|
|
139.1
|
|
|
118.6
|
|
Long-term inflows
|
58.6
|
|
|
33.1
|
|
|
1.7
|
|
|
13.2
|
|
|
10.6
|
|
Long-term outflows
|
(69.7
|
)
|
|
(43.6
|
)
|
|
(5.1
|
)
|
|
(12.7
|
)
|
|
(8.3
|
)
|
Long-term net flows
|
(11.1
|
)
|
|
(10.5
|
)
|
|
(3.4
|
)
|
|
0.5
|
|
|
2.3
|
|
Net flows in non-management fee earning AUM
|
2.7
|
|
|
2.1
|
|
|
—
|
|
|
0.4
|
|
|
0.2
|
|
Net flows in money market funds
|
2.6
|
|
|
4.9
|
|
|
—
|
|
|
(2.6
|
)
|
|
0.3
|
|
Total net flows
|
(5.8
|
)
|
|
(3.5
|
)
|
|
(3.4
|
)
|
|
(1.7
|
)
|
|
2.8
|
|
Reinvested distributions
|
2.2
|
|
|
2.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
(1.6
|
)
|
|
(3.7
|
)
|
|
(0.5
|
)
|
|
1.5
|
|
|
1.1
|
|
Foreign currency translation
|
(8.2
|
)
|
|
(0.4
|
)
|
|
(2.4
|
)
|
|
(3.2
|
)
|
|
(2.2
|
)
|
September 30, 2019
|
1,184.4
|
|
|
858.3
|
|
|
70.1
|
|
|
135.7
|
|
|
120.3
|
|
$ in billions
|
Total
|
|
Americas
|
|
UK
|
|
EMEA Ex UK
|
|
Asia
|
|||||
December 31, 2019
|
1,226.2
|
|
|
879.5
|
|
|
74.4
|
|
|
143.7
|
|
|
128.6
|
|
Long-term inflows
|
219.3
|
|
|
125.6
|
|
|
8.1
|
|
|
43.0
|
|
|
42.6
|
|
Long-term outflows
|
(244.8
|
)
|
|
(158.3
|
)
|
|
(14.5
|
)
|
|
(39.6
|
)
|
|
(32.4
|
)
|
Long-term net flows
|
(25.5
|
)
|
|
(32.7
|
)
|
|
(6.4
|
)
|
|
3.4
|
|
|
10.2
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
(2.5
|
)
|
|
(0.1
|
)
|
|
(9.1
|
)
|
|
0.7
|
|
Net flows in money market funds
|
16.2
|
|
|
13.7
|
|
|
0.1
|
|
|
—
|
|
|
2.4
|
|
Total net flows
|
(20.3
|
)
|
|
(21.5
|
)
|
|
(6.4
|
)
|
|
(5.7
|
)
|
|
13.3
|
|
Reinvested distributions
|
3.9
|
|
|
3.7
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Market gains and losses
|
8.0
|
|
|
10.6
|
|
|
(7.2
|
)
|
|
1.1
|
|
|
3.5
|
|
Foreign currency translation
|
0.4
|
|
|
(0.7
|
)
|
|
(1.9
|
)
|
|
0.8
|
|
|
2.2
|
|
September 30, 2020
|
1,218.2
|
|
|
871.6
|
|
|
59.0
|
|
|
139.9
|
|
|
147.7
|
|
|
|
|
|
|
|
|
|
|
|
|||||
December 31, 2018
|
888.2
|
|
|
581.6
|
|
|
76.6
|
|
|
125.5
|
|
|
104.5
|
|
Long-term inflows
|
166.8
|
|
|
90.1
|
|
|
6.9
|
|
|
39.7
|
|
|
30.1
|
|
Long-term outflows
|
(187.2
|
)
|
|
(107.7
|
)
|
|
(15.5
|
)
|
|
(39.0
|
)
|
|
(25.0
|
)
|
Long-term net flows
|
(20.4
|
)
|
|
(17.6
|
)
|
|
(8.6
|
)
|
|
0.7
|
|
|
5.1
|
|
Net flows in non-management fee earning AUM
|
8.5
|
|
|
6.1
|
|
|
0.2
|
|
|
2.0
|
|
|
0.2
|
|
Net flows in money market funds
|
5.1
|
|
|
2.6
|
|
|
—
|
|
|
(1.6
|
)
|
|
4.1
|
|
Total net flows
|
(6.8
|
)
|
|
(8.9
|
)
|
|
(8.4
|
)
|
|
1.1
|
|
|
9.4
|
|
Reinvested distributions
|
4.9
|
|
|
4.6
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
80.8
|
|
|
56.8
|
|
|
3.4
|
|
|
12.5
|
|
|
8.1
|
|
Acquisitions (4)
|
224.4
|
|
|
223.7
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
(7.1
|
)
|
|
0.5
|
|
|
(2.5
|
)
|
|
(3.4
|
)
|
|
(1.7
|
)
|
September 30, 2019
|
1,184.4
|
|
|
858.3
|
|
|
70.1
|
|
|
135.7
|
|
|
120.3
|
|
$ in billions
|
Total
|
|
Americas
|
|
UK
|
|
EMEA Ex UK
|
|
Asia
|
|||||
June 30, 2020
|
281.7
|
|
|
229.0
|
|
|
0.6
|
|
|
46.0
|
|
|
6.1
|
|
Long-term inflows
|
21.9
|
|
|
11.9
|
|
|
0.2
|
|
|
9.1
|
|
|
0.7
|
|
Long-term outflows
|
(15.9
|
)
|
|
(9.5
|
)
|
|
(0.1
|
)
|
|
(5.7
|
)
|
|
(0.6
|
)
|
Long-term net flows
|
6.0
|
|
|
2.4
|
|
|
0.1
|
|
|
3.4
|
|
|
0.1
|
|
Net flows in non-management fee earning AUM
|
7.0
|
|
|
6.3
|
|
|
—
|
|
|
0.5
|
|
|
0.2
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
13.0
|
|
|
8.7
|
|
|
0.1
|
|
|
3.9
|
|
|
0.3
|
|
Market gains and losses
|
23.0
|
|
|
18.8
|
|
|
—
|
|
|
3.7
|
|
|
0.5
|
|
Foreign currency translation
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
256.5
|
|
|
0.7
|
|
|
53.9
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|||||
June 30, 2019
|
270.2
|
|
|
221.5
|
|
|
0.9
|
|
|
43.9
|
|
|
3.9
|
|
Long-term inflows
|
20.2
|
|
|
11.1
|
|
|
0.1
|
|
|
8.6
|
|
|
0.4
|
|
Long-term outflows
|
(15.6
|
)
|
|
(9.1
|
)
|
|
(0.1
|
)
|
|
(5.9
|
)
|
|
(0.5
|
)
|
Long-term net flows
|
4.6
|
|
|
2.0
|
|
|
—
|
|
|
2.7
|
|
|
(0.1
|
)
|
Net flows in non-management fee earning AUM
|
2.8
|
|
|
2.2
|
|
|
—
|
|
|
0.4
|
|
|
0.2
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
7.4
|
|
|
4.2
|
|
|
—
|
|
|
3.1
|
|
|
0.1
|
|
Market gains and losses
|
0.2
|
|
|
—
|
|
|
(0.3
|
)
|
|
0.3
|
|
|
0.2
|
|
Foreign currency translation
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
225.7
|
|
|
0.6
|
|
|
46.9
|
|
|
4.2
|
|
$ in billions
|
Total
|
|
Americas
|
|
UK
|
|
EMEA Ex UK
|
|
Asia
|
|||||
December 31, 2019
|
297.0
|
|
|
240.0
|
|
|
0.7
|
|
|
51.4
|
|
|
4.9
|
|
Long-term inflows
|
72.3
|
|
|
42.4
|
|
|
0.6
|
|
|
27.4
|
|
|
1.9
|
|
Long-term outflows
|
(65.6
|
)
|
|
(43.7
|
)
|
|
(0.5
|
)
|
|
(20.0
|
)
|
|
(1.4
|
)
|
Long-term net flows
|
6.7
|
|
|
(1.3
|
)
|
|
0.1
|
|
|
7.4
|
|
|
0.5
|
|
Net flows in non-management fee earning AUM
|
(11.0
|
)
|
|
(2.5
|
)
|
|
(0.1
|
)
|
|
(9.1
|
)
|
|
0.7
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
(4.3
|
)
|
|
(3.8
|
)
|
|
—
|
|
|
(1.7
|
)
|
|
1.2
|
|
Market gains and losses
|
25.2
|
|
|
20.4
|
|
|
—
|
|
|
4.0
|
|
|
0.8
|
|
Foreign currency translation
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.2
|
|
|
—
|
|
September 30, 2020
|
318.0
|
|
|
256.5
|
|
|
0.7
|
|
|
53.9
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|||||
December 31, 2018
|
221.0
|
|
|
184.0
|
|
|
0.7
|
|
|
32.6
|
|
|
3.7
|
|
Long-term inflows
|
60.4
|
|
|
34.8
|
|
|
0.3
|
|
|
24.1
|
|
|
1.2
|
|
Long-term outflows
|
(47.3
|
)
|
|
(29.3
|
)
|
|
(0.3
|
)
|
|
(16.0
|
)
|
|
(1.7
|
)
|
Long-term net flows
|
13.1
|
|
|
5.5
|
|
|
—
|
|
|
8.1
|
|
|
(0.5
|
)
|
Net flows in non-management fee earning AUM
|
8.6
|
|
|
6.2
|
|
|
0.2
|
|
|
2.0
|
|
|
0.2
|
|
Net flows in money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
21.7
|
|
|
11.7
|
|
|
0.2
|
|
|
10.1
|
|
|
(0.3
|
)
|
Market gains and losses
|
30.6
|
|
|
25.5
|
|
|
(0.3
|
)
|
|
4.6
|
|
|
0.8
|
|
Acquisitions (4)
|
4.5
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
September 30, 2019
|
277.4
|
|
|
225.7
|
|
|
0.6
|
|
|
46.9
|
|
|
4.2
|
|
(1)
|
Channel refers to the internal distribution channel from which the AUM originated. Retail AUM represents AUM distributed by the company’s retail sales team. Institutional AUM represents AUM distributed by our institutional sales team. This aggregation is viewed as a proxy for presenting AUM in the retail and institutional markets in which the company operates.
|
(2)
|
Asset classes are descriptive groupings of AUM by common type of underlying investments.
|
(3)
|
Client domicile disclosure groups AUM by the domicile of the underlying clients.
|
(4)
|
The acquisition of OppenheimerFunds business on May 24, 2019 added $224.4 billion in AUM at that date.
|
(1)
|
Total revenue adjustments includes passed through investment management, service and distribution, and other revenues and equal the same amount as the third party distribution, service and advisory expenses.
|
(2)
|
Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus net revenues from Invesco Great Wall, plus management and performance fees earned from CIP. See “Schedule of Non-GAAP Information” for additional important disclosures regarding the use of net revenues.
|
|
|
|
|
|
Variance
|
|
|
|
|
|
Variance
|
||||||||||||
|
Three months ended September 30,
|
|
2020 vs 2019
|
|
Nine months ended September 30,
|
|
2020 vs 2019
|
||||||||||||||||
$ in millions
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
||||||||
Third-party distribution, service and advisory
|
480.8
|
|
|
545.1
|
|
|
(64.3
|
)
|
|
(11.8
|
)%
|
|
1,439.9
|
|
|
1,364.9
|
|
|
75.0
|
|
|
5.5
|
%
|
Employee compensation
|
444.5
|
|
|
446.0
|
|
|
(1.5
|
)
|
|
(0.3
|
)%
|
|
1,321.0
|
|
|
1,249.2
|
|
|
71.8
|
|
|
5.7
|
%
|
Marketing
|
15.6
|
|
|
33.2
|
|
|
(17.6
|
)
|
|
(53.0
|
)%
|
|
62.7
|
|
|
94.6
|
|
|
(31.9
|
)
|
|
(33.7
|
)%
|
Property, office and technology
|
127.5
|
|
|
131.2
|
|
|
(3.7
|
)
|
|
(2.8
|
)%
|
|
386.2
|
|
|
353.3
|
|
|
32.9
|
|
|
9.3
|
%
|
General and administrative
|
89.7
|
|
|
104.5
|
|
|
(14.8
|
)
|
|
(14.2
|
)%
|
|
384.9
|
|
|
282.5
|
|
|
102.4
|
|
|
36.2
|
%
|
Transaction, integration, and restructuring
|
71.0
|
|
|
185.5
|
|
|
(114.5
|
)
|
|
(61.7
|
)%
|
|
218.2
|
|
|
536.5
|
|
|
(318.3
|
)
|
|
(59.3
|
)%
|
Total operating expenses
|
1,229.1
|
|
|
1,445.5
|
|
|
(216.4
|
)
|
|
(15.0
|
)%
|
|
3,812.9
|
|
|
3,881.0
|
|
|
(68.1
|
)
|
|
(1.8
|
)%
|
$ in millions
|
Three months ended September 30, 2020
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
|
Three months ended September 30, 2019
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
||||||
Third-party distribution, service and advisory
|
480.8
|
|
|
39.0
|
%
|
|
32.1
|
%
|
|
545.1
|
|
|
37.7
|
%
|
|
31.7
|
%
|
Employee compensation
|
444.5
|
|
36.2
|
%
|
|
29.7
|
%
|
|
446.0
|
|
|
30.9
|
%
|
|
25.9
|
%
|
|
Marketing
|
15.6
|
|
1.3
|
%
|
|
1.0
|
%
|
|
33.2
|
|
|
2.3
|
%
|
|
1.9
|
%
|
|
Property, office and technology
|
127.5
|
|
10.4
|
%
|
|
8.5
|
%
|
|
131.2
|
|
|
9.1
|
%
|
|
7.6
|
%
|
|
General and administrative
|
89.7
|
|
7.3
|
%
|
|
6.0
|
%
|
|
104.5
|
|
|
7.2
|
%
|
|
6.1
|
%
|
|
Transaction, integration, and restructuring
|
71.0
|
|
5.8
|
%
|
|
4.7
|
%
|
|
185.5
|
|
|
12.8
|
%
|
|
10.8
|
%
|
|
Total operating expenses
|
1,229.1
|
|
|
100.0
|
%
|
|
82.1
|
%
|
|
1,445.5
|
|
|
100.0
|
%
|
|
84.0
|
%
|
$ in millions
|
Nine months ended September 30, 2020
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
|
Nine months ended September 30, 2019
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
||||||
Third-party distribution, service and advisory
|
1,439.9
|
|
|
37.9
|
%
|
|
31.9
|
%
|
|
1,364.9
|
|
|
35.2
|
%
|
|
31.2
|
%
|
Employee compensation
|
1321.0
|
|
34.6
|
%
|
|
29.3
|
%
|
|
1,249.2
|
|
|
32.2
|
%
|
|
28.6
|
%
|
|
Marketing
|
62.7
|
|
1.6
|
%
|
|
1.4
|
%
|
|
94.6
|
|
|
2.4
|
%
|
|
2.2
|
%
|
|
Property, office and technology
|
386.2
|
|
10.1
|
%
|
|
8.6
|
%
|
|
353.3
|
|
|
9.1
|
%
|
|
8.1
|
%
|
|
General and administrative
|
384.9
|
|
10.1
|
%
|
|
8.5
|
%
|
|
282.5
|
|
|
7.3
|
%
|
|
6.5
|
%
|
|
Transaction, integration, and restructuring
|
218.2
|
|
5.7
|
%
|
|
4.8
|
%
|
|
536.5
|
|
|
13.8
|
%
|
|
12.3
|
%
|
|
Total operating expenses
|
3,812.9
|
|
|
100.0
|
%
|
|
84.4
|
%
|
|
3,881.0
|
|
|
100.0
|
%
|
|
88.7
|
%
|
|
|
|
|
|
Variance
|
|
|
|
|
|
Variance
|
||||||||||||
|
Three months ended September 30,
|
|
2020 vs 2019
|
|
Nine months ended September 30,
|
|
2020 vs 2019
|
||||||||||||||||
$ in millions
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
||||||||
Equity in earnings of unconsolidated affiliates
|
18.6
|
|
|
19.8
|
|
|
(1.2
|
)
|
|
(6.1
|
)%
|
|
46.7
|
|
|
46.9
|
|
|
(0.2
|
)
|
|
(0.4
|
)%
|
Interest and dividend income
|
2.6
|
|
|
5.9
|
|
|
(3.3
|
)
|
|
(55.9
|
)%
|
|
11.4
|
|
|
14.5
|
|
|
(3.1
|
)
|
|
(21.4
|
)%
|
Interest expense
|
(33.8
|
)
|
|
(35.0
|
)
|
|
1.2
|
|
|
(3.4
|
)%
|
|
(104.9
|
)
|
|
(101.1
|
)
|
|
(3.8
|
)
|
|
3.8
|
%
|
Other gains and losses, net
|
31.5
|
|
|
13.8
|
|
|
17.7
|
|
|
128.3
|
%
|
|
(15.0
|
)
|
|
69.0
|
|
|
(84.0
|
)
|
|
N/A
|
|
Other income/(expense) of CIP, net
|
99.2
|
|
|
37.0
|
|
|
62.2
|
|
|
168.1
|
%
|
|
28.6
|
|
|
127.0
|
|
|
(98.4
|
)
|
|
(77.5
|
)%
|
Total other income and expenses
|
118.1
|
|
|
41.5
|
|
|
76.6
|
|
|
184.6
|
%
|
|
(33.2
|
)
|
|
156.3
|
|
|
(189.5
|
)
|
|
N/A
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Operating revenues, U.S. GAAP basis
|
1,497.6
|
|
|
1,720.6
|
|
|
4,515.5
|
|
|
4,374.6
|
|
Invesco Great Wall(1)
|
65.3
|
|
|
44.7
|
|
|
167.2
|
|
|
113.2
|
|
Revenue Adjustments(2)
|
|
|
|
|
|
|
|
||||
Investment management fees
|
(192.6
|
)
|
|
(211.2
|
)
|
|
(573.1
|
)
|
|
(602.5
|
)
|
Service and distribution fees
|
(245.0
|
)
|
|
(279.8
|
)
|
|
(730.1
|
)
|
|
(622.0
|
)
|
Other
|
(43.2
|
)
|
|
(54.1
|
)
|
|
(136.7
|
)
|
|
(140.4
|
)
|
Total Revenue Adjustments
|
(480.8
|
)
|
|
(545.1
|
)
|
|
(1,439.9
|
)
|
|
(1,364.9
|
)
|
CIP(3)
|
10.4
|
|
|
8.5
|
|
|
29.8
|
|
|
24.4
|
|
Net revenues
|
1,092.5
|
|
|
1,228.7
|
|
|
3,272.6
|
|
|
3,147.3
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Operating income, U.S. GAAP basis
|
268.5
|
|
|
275.1
|
|
|
702.6
|
|
|
493.6
|
|
Invesco Great Wall(1)
|
37.7
|
|
|
24.2
|
|
|
95.4
|
|
|
58.3
|
|
CIP(3)
|
14.8
|
|
|
17.9
|
|
|
52.7
|
|
|
42.0
|
|
Transaction, integration, and restructuring(4)
|
71.0
|
|
|
185.5
|
|
|
218.2
|
|
|
536.5
|
|
Compensation expense related to market valuation changes in deferred compensation plans(5)
|
14.7
|
|
|
(0.1
|
)
|
|
4.9
|
|
|
19.9
|
|
Other reconciling items(6)
|
—
|
|
|
—
|
|
|
105.3
|
|
|
—
|
|
Adjusted operating income
|
406.7
|
|
|
502.6
|
|
|
1,179.1
|
|
|
1,150.3
|
|
|
|
|
|
|
|
|
|
||||
Operating margin*
|
17.9
|
%
|
|
16.0
|
%
|
|
15.6
|
%
|
|
11.3
|
%
|
Adjusted operating margin**
|
37.2
|
%
|
|
40.9
|
%
|
|
36.0
|
%
|
|
36.5
|
%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
$ in millions, except per common share data
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis
|
191.7
|
|
|
167.1
|
|
|
313.7
|
|
|
384.9
|
|
||||
CIP(3)
|
(9.6
|
)
|
|
1.9
|
|
|
(9.4
|
)
|
|
1.3
|
|
||||
Transaction, integration, and restructuring, net of tax(4)
|
65.2
|
|
|
154.1
|
|
|
197.3
|
|
|
442.4
|
|
||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax(5)
|
(7.1
|
)
|
|
2.3
|
|
|
(7.1
|
)
|
|
(3.7
|
)
|
||||
Other reconciling items, net of tax(6)
|
3.8
|
|
|
(0.2
|
)
|
|
64.5
|
|
|
5.5
|
|
||||
Adjusted net income attributable to Invesco Ltd.
|
244.0
|
|
|
325.2
|
|
|
559.0
|
|
|
830.4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Average common shares outstanding - diluted
|
463.5
|
|
|
466.9
|
|
|
462.0
|
|
|
434.6
|
|
||||
Diluted EPS
|
|
$0.41
|
|
|
|
$0.36
|
|
|
|
$0.68
|
|
|
|
$0.89
|
|
Adjusted diluted EPS***
|
|
$0.53
|
|
|
|
$0.70
|
|
|
|
$1.21
|
|
|
|
$1.91
|
|
*
|
Operating margin is equal to operating income divided by operating revenues.
|
**
|
Adjusted operating margin is equal to adjusted operating income divided by net revenues.
|
***
|
Adjusted diluted EPS is equal to adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding. There is no difference between the calculated EPS amounts presented above and the calculated EPS amounts under the two class method.
|
(1)
|
Invesco Great Wall
|
(2)
|
Revenue Adjustments
|
(3)
|
CIP
|
(4)
|
Transaction, integration, and restructuring related adjustments
|
(5)
|
Market movement on deferred compensation plan liabilities
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Market movement on deferred compensation plan liabilities:
|
|
|
|
|
|
|
|
||||
Compensation expense related to market valuation changes in deferred compensation liability
|
14.7
|
|
|
(0.1
|
)
|
|
4.9
|
|
|
19.9
|
|
Adjustments to operating income
|
14.7
|
|
|
(0.1
|
)
|
|
4.9
|
|
|
19.9
|
|
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense)
|
(23.9
|
)
|
|
3.2
|
|
|
(14.0
|
)
|
|
(24.7
|
)
|
Taxation:
|
|
|
|
|
|
|
|
||||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense
|
2.1
|
|
|
(0.8
|
)
|
|
2.0
|
|
|
1.1
|
|
Adjustments to net income attributable to Invesco Ltd.
|
(7.1
|
)
|
|
2.3
|
|
|
(7.1
|
)
|
|
(3.7
|
)
|
(6)
|
Other reconciling items
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
$ in millions
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Other non-GAAP adjustments:
|
|
|
|
|
|
|
|
||||
Fund rebalancing correction(a)
|
—
|
|
|
—
|
|
|
105.3
|
|
|
—
|
|
Adjustments to operating income
|
—
|
|
|
—
|
|
|
105.3
|
|
|
—
|
|
Foreign exchange hedge(b)
|
—
|
|
|
(3.6
|
)
|
|
(1.2
|
)
|
|
(1.3
|
)
|
Acquisition-related contingent consideration(c)
|
0.4
|
|
|
3.2
|
|
|
(12.0
|
)
|
|
8.5
|
|
Taxation:
|
|
|
|
|
|
|
|
||||
Taxation on fund rebalancing correction(a)
|
—
|
|
|
—
|
|
|
(25.3
|
)
|
|
|
|
Release of uncertain tax position(d)
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
|
—
|
|
Tax impact of regulation changes(e)
|
3.6
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
Taxation on foreign exchange hedge amortization(b)
|
—
|
|
|
1.0
|
|
|
0.3
|
|
|
0.3
|
|
Taxation on acquisition-related contingent consideration(c)
|
(0.2
|
)
|
|
(0.8
|
)
|
|
2.8
|
|
|
(2.0
|
)
|
Adjustments to net income attributable to Invesco Ltd.
|
3.8
|
|
|
(0.2
|
)
|
|
64.5
|
|
|
5.5
|
|
(a)
|
The company recorded a charge of $105.3 million in the second quarter of 2020 due to a previously disclosed S&P 500 equal weight funds rebalancing correction. Due to the unique character and magnitude of this item, it has been adjusted from U.S. GAAP to arrive at the company's non-GAAP financial measures.
|
(b)
|
Included within other gains and losses, net is the mark-to-market of foreign exchange put option contracts intended to provide protection against the impact of a significant decline in the Pound Sterling/U.S. Dollar foreign exchange rates. The Pound Sterling contracts provided coverage through June 30, 2020. The adjustment from U.S. GAAP to non-GAAP earnings removes the impact of market volatility; therefore, the company’s non-GAAP results include only the amortization of the cost of the contracts during the contract period.
|
(c)
|
In 2019, the company made digital wealth acquisitions, which resulted in a contingent consideration liability. Adjustment to the fair value of contingent consideration liability is a decrease of $3.5 million in the nine months ended September 30, 2020. See Note 3, "Fair Value of Assets and Liabilities".
|
(d)
|
The income tax provision for the nine months ended September 30, 2020 includes a tax benefit of $9.0 million resulting from the reversal of an uncertain tax position due to the expiration of statute of limitations. This benefit has been removed from the company’s non-GAAP results to be consistent with the exclusion of the original provision in a prior period.
|
(e)
|
Represents a non–cash income tax expense arising from the revaluation of certain deferred tax liabilities due to the increase in the UK corporate tax rate.
|
|
As of September 30, 2020
|
|
As of December 31, 2019
|
||||||||||||||||||||
Balance sheet information
$ in millions |
U.S. GAAP
|
|
Impact of CIP
|
|
Impact of Policyholders
|
|
As Adjusted
|
|
U.S. GAAP
|
|
Impact of CIP
|
|
Impact of Policyholders
|
|
As Adjusted
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
1,066.6
|
|
|
—
|
|
|
—
|
|
|
1,066.6
|
|
|
1,049.0
|
|
|
—
|
|
|
—
|
|
|
1,049.0
|
|
Unsettled fund receivables
|
317.5
|
|
|
—
|
|
|
—
|
|
|
317.5
|
|
|
162.7
|
|
|
—
|
|
|
—
|
|
|
162.7
|
|
Investments
|
769.8
|
|
|
(476.4
|
)
|
|
—
|
|
|
1,246.2
|
|
|
829.5
|
|
|
(640.2
|
)
|
|
—
|
|
|
1,469.7
|
|
Assets of CIP:
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
||||||
Investments and other assets of CIP
|
7,920.3
|
|
|
7,920.3
|
|
|
—
|
|
|
—
|
|
|
7,980.9
|
|
|
7,980.9
|
|
|
—
|
|
|
—
|
|
Cash and cash equivalents of CIP
|
254.0
|
|
|
254.0
|
|
|
—
|
|
|
—
|
|
|
652.2
|
|
|
652.2
|
|
|
—
|
|
|
—
|
|
Assets held for policyholders
|
7,882.5
|
|
|
—
|
|
|
7,882.5
|
|
|
—
|
|
|
10,835.6
|
|
|
—
|
|
|
10,835.6
|
|
|
—
|
|
Goodwill and intangible assets, net
|
16,044.7
|
|
|
—
|
|
|
—
|
|
|
16,044.7
|
|
|
15,867.7
|
|
|
—
|
|
|
—
|
|
|
15,867.7
|
|
Other assets(2)
|
1,782.1
|
|
|
(6.8
|
)
|
|
—
|
|
|
1,788.9
|
|
|
2,042.7
|
|
|
(5.6
|
)
|
|
—
|
|
|
2,048.3
|
|
Total assets
|
36,037.5
|
|
|
7,691.1
|
|
|
7,882.5
|
|
|
20,463.9
|
|
|
39,420.3
|
|
|
7,987.3
|
|
|
10,835.6
|
|
|
20,597.4
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities of CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt of CIP
|
6,526.7
|
|
|
6,526.7
|
|
|
—
|
|
|
—
|
|
|
6,234.6
|
|
|
6,234.6
|
|
|
—
|
|
|
—
|
|
Other liabilities of CIP
|
520.4
|
|
|
520.4
|
|
|
—
|
|
|
—
|
|
|
949.6
|
|
|
949.6
|
|
|
—
|
|
|
—
|
|
Policyholder payables
|
7,882.5
|
|
|
—
|
|
|
7,882.5
|
|
|
—
|
|
|
10,835.6
|
|
|
—
|
|
|
10,835.6
|
|
|
—
|
|
Unsettled fund payables
|
304.3
|
|
|
—
|
|
|
—
|
|
|
304.3
|
|
|
154.2
|
|
|
—
|
|
|
—
|
|
|
154.2
|
|
Long-term debt
|
2,172.0
|
|
|
—
|
|
|
—
|
|
|
2,172.0
|
|
|
2,080.3
|
|
|
—
|
|
|
—
|
|
|
2,080.3
|
|
Other liabilities(3)
|
4,052.8
|
|
|
—
|
|
|
—
|
|
|
4,052.8
|
|
|
4,464.2
|
|
|
(35.2
|
)
|
|
—
|
|
|
4,499.4
|
|
Total liabilities
|
21,458.7
|
|
|
7,047.1
|
|
|
7,882.5
|
|
|
6,529.1
|
|
|
24,718.5
|
|
|
7,149.0
|
|
|
10,835.6
|
|
|
6,733.9
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total equity attributable to Invesco Ltd.
|
13,934.0
|
|
|
(0.1
|
)
|
|
—
|
|
|
13,934.1
|
|
|
13,862.5
|
|
|
(0.1
|
)
|
|
—
|
|
|
13,862.6
|
|
Noncontrolling interests(4)
|
644.8
|
|
|
644.1
|
|
|
—
|
|
|
0.7
|
|
|
839.3
|
|
|
838.4
|
|
|
—
|
|
|
0.9
|
|
Total equity
|
14,578.8
|
|
|
644.0
|
|
|
—
|
|
|
13,934.8
|
|
|
14,701.8
|
|
|
838.3
|
|
|
—
|
|
|
13,863.5
|
|
Total liabilities and equity
|
36,037.5
|
|
|
7,691.1
|
|
|
7,882.5
|
|
|
20,463.9
|
|
|
39,420.3
|
|
|
7,987.3
|
|
|
10,835.6
|
|
|
20,597.4
|
|
(2)
|
Amounts include accounts receivable, prepaid assets, property, equipment and software and other assets.
|
(3)
|
Amounts include accrued compensation and benefits, accounts payable and accrued expenses and deferred tax liabilities.
|
(4)
|
Amounts include redeemable noncontrolling interests in consolidated entities and equity attributable to nonredeemable noncontrolling interests in consolidated entities.
|
Cash flows information(1)
|
Nine months ended
September 30, 2020 |
|
Nine months ended
September 30, 2019 |
||||||||||||||
$ in millions
|
U.S. GAAP
|
|
Impact of CIP
|
|
Excluding CIP
|
|
U.S. GAAP
|
|
Impact of CIP
|
|
Excluding CIP
|
||||||
Cash and cash equivalents, beginning of the period
|
1,701.2
|
|
|
652.2
|
|
|
1,049.0
|
|
|
1,805.4
|
|
|
657.7
|
|
|
1,147.7
|
|
Cash flows from operating activities(1)
|
662.7
|
|
|
(54.2
|
)
|
|
716.9
|
|
|
669.3
|
|
|
(116.3
|
)
|
|
785.6
|
|
Cash flows from investing activities
|
(829.0
|
)
|
|
(756.7
|
)
|
|
(72.3
|
)
|
|
(769.3
|
)
|
|
(934.3
|
)
|
|
165.0
|
|
Cash flows from financing activities
|
(230.3
|
)
|
|
391.3
|
|
|
(621.6
|
)
|
|
(140.2
|
)
|
|
893.6
|
|
|
(1,033.8
|
)
|
Increase/(decrease) in cash and cash equivalents
|
(396.6
|
)
|
|
(419.6
|
)
|
|
23.0
|
|
|
(240.2
|
)
|
|
(157.0
|
)
|
|
(83.2
|
)
|
Foreign exchange movement on cash and cash equivalents
|
6.9
|
|
|
12.3
|
|
|
(5.4
|
)
|
|
(23.5
|
)
|
|
(7.6
|
)
|
|
(15.9
|
)
|
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP
|
9.1
|
|
|
9.1
|
|
|
—
|
|
|
(7.4
|
)
|
|
(7.4
|
)
|
|
—
|
|
Cash and cash equivalents, end of the period
|
1,320.6
|
|
|
254.0
|
|
|
1,066.6
|
|
|
1,534.3
|
|
|
485.7
|
|
|
1,048.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
1,066.6
|
|
|
—
|
|
|
1,066.6
|
|
|
1,048.6
|
|
|
—
|
|
|
1,048.6
|
|
Cash and cash equivalents of CIP
|
254.0
|
|
|
254.0
|
|
|
—
|
|
|
485.7
|
|
|
485.7
|
|
|
—
|
|
Total cash and cash equivalents per consolidated statement of cash flows
|
1,320.6
|
|
|
254.0
|
|
|
1,066.6
|
|
|
1,534.3
|
|
|
485.7
|
|
|
1,048.6
|
|
(1)
|
These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s significant liquidity evaluations and decisions. Policyholder assets and liabilities are equal and offsetting and have no impact on Invesco’s shareholder’s equity. The impact of cash inflows/outflows from policyholder assets and liabilities are reflected within cash flows from operating activities as changes in receivables and/or payables, as applicable.
|
$ in millions
|
September 30, 2020
|
|
December 31, 2019
|
||
$1.5 billion floating rate credit facility expiring August 11, 2022
|
90.0
|
|
|
—
|
|
Unsecured Senior Notes:
|
|
|
|
||
$600 million 3.125% - due November 30, 2022
|
598.6
|
|
|
598.1
|
|
$600 million 4.000% - due January 30, 2024
|
596.5
|
|
|
595.8
|
|
$500 million 3.750% - due January 15, 2026
|
496.6
|
|
|
496.1
|
|
$400 million 5.375% - due November 30, 2043
|
390.3
|
|
|
390.3
|
|
Long-term debt
|
2,172.0
|
|
|
2,080.3
|
|
$ millions
|
Total
|
|
Q3 2020
|
|
Q2 2020
|
|
Q1 2020
|
|
Q4 2019
|
||||||
Net income attributable to Invesco Ltd.
|
493.5
|
|
|
191.7
|
|
|
40.5
|
|
|
81.5
|
|
|
179.8
|
|
|
Dividends on preferred shares
|
236.8
|
|
|
59.2
|
|
|
59.2
|
|
|
59.2
|
|
|
59.2
|
|
|
Impact of CIP on net income attributable to Invesco Ltd.
|
(9.1
|
)
|
|
(9.6
|
)
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
Tax expense
|
273.1
|
|
|
91.9
|
|
|
43.4
|
|
|
57.4
|
|
|
80.4
|
|
|
Amortization/depreciation
|
202.8
|
|
|
51.6
|
|
|
50.3
|
|
|
48.4
|
|
|
52.5
|
|
|
Interest expense
|
139.5
|
|
|
33.8
|
|
|
34.8
|
|
|
36.3
|
|
|
34.6
|
|
|
Common share-based compensation expense
|
186.9
|
|
|
43.0
|
|
|
47.8
|
|
|
47.4
|
|
|
48.7
|
|
|
Unrealized gains and losses from investments, net(1)
|
2.8
|
|
|
(18.4
|
)
|
|
(41.8
|
)
|
|
74.6
|
|
|
(11.6
|
)
|
|
EBITDA(2)
|
1,526.3
|
|
|
443.2
|
|
|
234.3
|
|
|
404.9
|
|
|
443.9
|
|
|
Adjusted debt(2)
|
|
$2,183.3
|
|
|
|
|
|
|
|
|
|
||||
Leverage ratio (Debt/EBITDA - maximum 3.25:1.00)
|
1.43
|
|
|
|
|
|
|
|
|
|
|||||
Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00)
|
10.94
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjustments for unrealized gains and losses from investments, as defined in our credit facility, may also include non-cash gains and losses on investments to the extent that they do not represent anticipated future cash receipts or expenditures.
|
(2)
|
EBITDA and Adjusted debt are non-GAAP financial measures; however, management does not use these measures for anything other than these debt covenant calculations. The calculation of EBITDA above (a reconciliation from net income attributable to Invesco Ltd.) is defined by our credit agreement, and therefore net income attributable to Invesco Ltd. is the most appropriate GAAP measure from which to reconcile to EBITDA. The calculation of Adjusted debt is defined in our credit facility and equals total debt of $2,172.0 million plus $11.3 million in letters of credit.
|
•
|
Causing the value of AUM to decrease.
|
•
|
Causing the returns realized on AUM to decrease (impacting performance fees).
|
•
|
Causing clients to withdraw funds in favor of investments in markets that they perceive to offer greater opportunity and that the company does not serve.
|
•
|
Causing clients to rebalance assets away from investments that the company manages into investments that the company does not manage.
|
•
|
Causing clients to reallocate assets away from products that earn higher revenues into products that earn lower revenues.
|
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) |
||||||
July 1-31, 2020
|
441,791
|
|
|
$
|
10.83
|
|
|
—
|
|
|
|
$732.2
|
|
August 1-31, 2020
|
43,764
|
|
|
$
|
10.54
|
|
|
—
|
|
|
|
$732.2
|
|
September 1-30, 2020
|
84,937
|
|
|
$
|
10.34
|
|
|
—
|
|
|
|
$732.2
|
|
Total
|
570,492
|
|
|
|
|
—
|
|
|
|
(1)
|
An aggregate of 570,492 shares were surrendered to us by Invesco employees to satisfy tax withholding obligations in connection with the vesting of equity awards.
|
(2)
|
At September 30, 2020, a balance of $732.2 million remains available under the share repurchase authorization approved by the Board on July 22, 2016.
|
3.1
|
|
3.2
|
|
3.3
|
|
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 September 30, 2020, formatted in Inline XBRL (Extensible Business Reporting Language): (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 September 30, 2020, formatted in Inline XBRL
|
|
INVESCO LTD.
|
October 30, 2020
|
/s/ MARTIN L. FLANAGAN
|
|
Martin L. Flanagan
|
|
President and Chief Executive Officer
|
|
|
October 30, 2020
|
/s/ L. ALLISON DUKES
|
|
L. Allison Dukes
|
|
Senior Managing Director and Chief Financial Officer
|
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