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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
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Bermuda
(State or Other Jurisdiction of Incorporation or Organization)
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98-0557567
(I.R.S. Employer Identification No.)
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1555 Peachtree Street, N.E., Suite 1800, Atlanta, GA
(Address of Principal Executive Offices)
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30309
(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Page
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TABLE OF CONTENTS
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As of
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$ in millions, except per share data
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March 31, 2019
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December 31, 2018
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ASSETS
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Cash and cash equivalents
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1,017.1
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1,147.7
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Unsettled fund receivables
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474.6
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191.3
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Accounts receivable
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598.7
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604.0
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Investments
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640.9
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613.5
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Assets of consolidated investment products (CIP):
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Cash and cash equivalents of CIP
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251.2
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657.7
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Accounts receivable and other assets of CIP
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141.8
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110.8
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Investments of CIP
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6,728.1
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6,213.5
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Assets held for policyholders
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12,102.7
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11,384.8
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Prepaid assets
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116.8
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127.1
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Other assets
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292.8
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126.1
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Property, equipment and software, net
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462.8
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468.7
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Intangible assets, net
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2,181.5
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2,176.1
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Goodwill
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7,197.6
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7,157.1
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Total assets
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32,206.6
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30,978.4
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LIABILITIES
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Accrued compensation and benefits
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340.2
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646.5
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Accounts payable and accrued expenses
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1,250.6
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1,087.2
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Liabilities of CIP:
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Debt of CIP
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5,211.7
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5,226.0
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Other liabilities of CIP
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511.6
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387.6
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Policyholder payables
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12,102.7
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11,384.8
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Unsettled fund payables
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446.0
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178.7
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Long-term debt
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2,515.7
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2,408.8
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Deferred tax liabilities, net
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367.6
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326.4
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Total liabilities
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22,746.1
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21,646.0
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Commitments and contingencies (See Note 12)
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TEMPORARY EQUITY
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Redeemable noncontrolling interests in consolidated entities
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451.1
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396.2
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PERMANENT EQUITY
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Equity attributable to Invesco Ltd.:
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Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of March 31, 2019 and December 31, 2018)
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98.1
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98.1
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Additional paid-in-capital
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6,273.7
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6,334.8
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Treasury shares
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(2,971.0
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)
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(3,003.6
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)
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Retained earnings
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5,942.1
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5,884.5
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Accumulated other comprehensive income/(loss), net of tax
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(673.6
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)
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(735.0
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)
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Total equity attributable to Invesco Ltd.
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8,669.3
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8,578.8
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Equity attributable to nonredeemable noncontrolling interests in consolidated entities
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340.1
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357.4
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Total permanent equity
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9,009.4
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8,936.2
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Total liabilities, temporary and permanent equity
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32,206.6
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30,978.4
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Three months ended March 31,
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$ in millions, except per share data
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2019
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2018
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Operating revenues:
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Investment management fees
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923.7
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1,043.7
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Service and distribution fees
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219.3
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246.1
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Performance fees
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21.8
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9.1
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Other
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49.8
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56.9
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Total operating revenues
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1,214.6
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1,355.8
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Operating expenses:
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Third-party distribution, service and advisory
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368.0
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419.1
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Employee compensation
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381.3
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385.2
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Marketing
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28.0
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28.0
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Property, office and technology
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107.2
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100.2
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General and administrative
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83.8
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83.7
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Transaction, integration, and restructuring
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46.1
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18.5
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Total operating expenses
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1,014.4
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1,034.7
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Operating income
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200.2
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321.1
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Other income/(expense):
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Equity in earnings of unconsolidated affiliates
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15.0
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9.7
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Interest and dividend income
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4.7
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4.2
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Interest expense
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(33.1
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)
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(23.2
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)
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Other gains and losses, net
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31.1
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(5.4
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)
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Other income/(expense) of CIP, net
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38.9
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27.2
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Income before income taxes
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256.8
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333.6
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Income tax provision
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(66.2
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(68.4
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)
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Net income
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190.6
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265.2
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Net (income)/loss attributable to noncontrolling interests in consolidated entities
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(12.9
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(11.3
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Net income attributable to Invesco Ltd.
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177.7
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253.9
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Earnings per share:
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-basic
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$0.44
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$0.62
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-diluted
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$0.44
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$0.62
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Three months ended March 31,
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$ in millions
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2019
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2018
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Net income
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190.6
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265.2
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Other comprehensive income/(loss), net of tax:
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Currency translation differences on investments in foreign subsidiaries
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60.9
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64.6
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Other comprehensive income/(loss), net of tax
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0.5
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(1.6
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Other comprehensive income/(loss)
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61.4
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63.0
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Total comprehensive income/(loss)
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252.0
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328.2
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Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities
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(12.9
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)
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(11.3
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)
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Comprehensive income/(loss) attributable to Invesco Ltd.
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239.1
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316.9
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Three months ended March 31,
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$ in millions
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2019
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2018
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Operating activities:
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Net income
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190.6
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265.2
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Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
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Amortization and depreciation
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36.3
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33.6
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Share-based compensation expense
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49.8
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40.9
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Other (gains)/losses, net
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(31.1
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)
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5.4
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Other (gains)/losses of CIP, net
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(12.2
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)
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(8.8
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)
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Equity in earnings of unconsolidated affiliates
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(15.0
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)
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(9.7
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)
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Distributions from equity method investees
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2.0
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0.9
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Changes in operating assets and liabilities:
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(Purchase)/sale of investments by CIP, net
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(56.4
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)
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3.2
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(Purchase)/sale of investments, net
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29.6
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(31.8
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)
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(Increase)/decrease in receivables
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(720.3
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)
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26.4
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Increase/(decrease) in payables
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406.3
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(377.5
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)
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Net cash provided by/(used in) operating activities
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(120.4
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)
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(52.2
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)
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Investing activities:
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Purchase of property, equipment and software
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(21.1
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)
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(20.6
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)
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Purchase of investments by CIP
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(745.0
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)
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(938.6
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)
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Sale of investments by CIP
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395.1
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661.2
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Purchase of investments
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(72.9
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)
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(28.8
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)
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Sale of investments
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27.9
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29.0
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Capital distributions from equity method investees
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40.2
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—
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Collateral received/(posted), net
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42.4
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—
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Net cash provided by/(used in) investing activities
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(333.4
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)
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(297.8
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)
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Financing activities:
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Purchases of treasury shares
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(78.6
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)
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(39.3
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)
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Dividends paid
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(120.1
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)
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(119.6
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)
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Third-party capital invested into CIP
|
74.5
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|
95.6
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Third-party capital distributed by CIP
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(27.4
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)
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(29.0
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)
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Borrowings of debt by CIP
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8.4
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53.0
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Repayments of debt by CIP
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(46.1
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)
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(1.9
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)
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Net borrowings/(repayments) under credit facility
|
106.3
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|
—
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Payment of contingent consideration
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(4.0
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)
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(3.4
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)
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Net cash provided by/(used in) financing activities
|
(87.0
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)
|
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(44.6
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)
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Increase/(decrease) in cash and cash equivalents
|
(540.8
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)
|
|
(394.6
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)
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Foreign exchange movement on cash and cash equivalents
|
8.8
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|
|
37.5
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Foreign exchange movement on cash and cash equivalents of CIP
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(5.2
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)
|
|
1.0
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Net cash inflows (outflows) upon consolidation/deconsolidation of CIP
|
0.1
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|
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(39.3
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)
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Cash and cash equivalents, beginning of period
|
1,805.4
|
|
|
2,517.7
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Cash and cash equivalents, end of period
|
1,268.3
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|
2,122.3
|
|
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|
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Cash and cash equivalents
|
1,017.1
|
|
|
1,861.5
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Cash and cash equivalents of CIP
|
251.2
|
|
|
260.8
|
|
Total cash and cash equivalents per consolidated statement of cash flows
|
1,268.3
|
|
|
2,122.3
|
|
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Equity Attributable to Invesco Ltd.
|
|
|
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$ in millions
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Co
mmon
Shares
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Additional Paid-in-Capital
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Treasury Shares
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income/(Loss)
|
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Total Equity Attributable to Invesco Ltd.
|
|
Nonredeemable Noncontrolling Interests in Consolidated Entities
|
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Total Permanent Equity
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Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
|
|||||||||
January 1, 2019
|
98.1
|
|
|
6,334.8
|
|
|
(3,003.6
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)
|
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5,884.5
|
|
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(735.0
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)
|
|
8,578.8
|
|
|
357.4
|
|
|
8,936.2
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|
|
396.2
|
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Net income
|
—
|
|
|
—
|
|
|
—
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|
|
177.7
|
|
|
—
|
|
|
177.7
|
|
|
(6.1
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)
|
|
171.6
|
|
|
19.0
|
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Other comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61.4
|
|
|
61.4
|
|
|
—
|
|
|
61.4
|
|
|
—
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|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.2
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)
|
|
(11.2
|
)
|
|
35.9
|
|
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(120.1
|
)
|
|
—
|
|
|
(120.1
|
)
|
|
—
|
|
|
(120.1
|
)
|
|
—
|
|
Employee share plans:
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|||||||||
Share-based compensation
|
—
|
|
|
49.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49.8
|
|
|
—
|
|
|
49.8
|
|
|
—
|
|
Vested shares
|
—
|
|
|
(110.8
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)
|
|
110.8
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|
|
—
|
|
|
—
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|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other share awards
|
—
|
|
|
(0.1
|
)
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
Purchase of shares
|
—
|
|
|
—
|
|
|
(78.6
|
)
|
|
—
|
|
|
—
|
|
|
(78.6
|
)
|
|
—
|
|
|
(78.6
|
)
|
|
—
|
|
March 31, 2019
|
98.1
|
|
|
6,273.7
|
|
|
(2,971.0
|
)
|
|
5,942.1
|
|
|
(673.6
|
)
|
|
8,669.3
|
|
|
340.1
|
|
|
9,009.4
|
|
|
451.1
|
|
|
Equity Attributable to Invesco Ltd.
|
|
|
|
|
|
|
|||||||||||||||||||
$ in millions
|
Co
mmon
Shares
|
|
Additional Paid-in-Capital
|
|
Treasury Shares
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income
|
|
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, 2018
|
98.1
|
|
|
6,282.0
|
|
|
(2,781.9
|
)
|
|
5,489.1
|
|
|
(391.2
|
)
|
|
8,696.1
|
|
|
259.5
|
|
|
8,955.6
|
|
|
243.2
|
|
Adjustment for adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
|
(3.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
January 1, 2018, as adjusted
|
98.1
|
|
|
6,282.0
|
|
|
(2,781.9
|
)
|
|
5,492.3
|
|
|
(394.4
|
)
|
|
8,696.1
|
|
|
259.5
|
|
|
8,955.6
|
|
|
243.2
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
253.9
|
|
|
—
|
|
|
253.9
|
|
|
7.3
|
|
|
261.2
|
|
|
4.0
|
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63.0
|
|
|
63.0
|
|
|
—
|
|
|
63.0
|
|
|
—
|
|
Change in noncontrolling interests in consolidated entities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.9
|
|
|
27.9
|
|
|
33.8
|
|
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(119.6
|
)
|
|
—
|
|
|
(119.6
|
)
|
|
—
|
|
|
(119.6
|
)
|
|
—
|
|
Employee share plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Share-based compensation
|
—
|
|
|
40.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40.9
|
|
|
—
|
|
|
40.9
|
|
|
—
|
|
Vested shares
|
—
|
|
|
(105.6
|
)
|
|
105.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other share awards
|
—
|
|
|
0.1
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
Purchase of shares
|
—
|
|
|
—
|
|
|
(39.3
|
)
|
|
—
|
|
|
—
|
|
|
(39.3
|
)
|
|
—
|
|
|
(39.3
|
)
|
|
—
|
|
March 31, 2018
|
98.1
|
|
|
6,217.4
|
|
|
(2,715.4
|
)
|
|
5,626.6
|
|
|
(331.4
|
)
|
|
8,895.3
|
|
|
294.7
|
|
|
9,190.0
|
|
|
281.0
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||
$ in millions
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||
Cash and cash equivalents
|
|
1,017.1
|
|
|
1,017.1
|
|
|
1,147.7
|
|
|
1,147.7
|
|
Equity investments
|
|
290.0
|
|
|
290.0
|
|
|
283.2
|
|
|
283.2
|
|
Foreign time deposits
(1)
|
|
28.3
|
|
|
28.3
|
|
|
28.1
|
|
|
28.1
|
|
Assets held for policyholders
|
|
12,102.7
|
|
|
12,102.7
|
|
|
11,384.8
|
|
|
11,384.8
|
|
Policyholder payables
(1)
|
|
(12,102.7
|
)
|
|
(12,102.7
|
)
|
|
(11,384.8
|
)
|
|
(11,384.8
|
)
|
Contingent consideration liability
|
|
(38.4
|
)
|
|
(38.4
|
)
|
|
(40.9
|
)
|
|
(40.9
|
)
|
Long-term debt
(1)
|
|
(2,515.7
|
)
|
|
(2,600.1
|
)
|
|
(2,408.8
|
)
|
|
(2,418.2
|
)
|
(1)
|
These financial instruments are not measured 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 March 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
|
474.0
|
|
|
474.0
|
|
|
—
|
|
|
—
|
|
Investments:*
|
|
|
|
|
|
|
|
||||
Equity investments:
|
|
|
|
|
|
|
|
||||
Seed money
|
219.9
|
|
|
219.9
|
|
|
—
|
|
|
—
|
|
Investments related to deferred compensation plans
|
67.0
|
|
|
67.0
|
|
|
—
|
|
|
—
|
|
Other equity securities
|
3.1
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
Assets held for policyholders
|
12,102.7
|
|
|
12,102.7
|
|
|
—
|
|
|
—
|
|
Total
|
12,866.7
|
|
|
12,866.7
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||
Contingent consideration liability
|
(38.4
|
)
|
|
—
|
|
|
—
|
|
|
(38.4
|
)
|
Total
|
(38.4
|
)
|
|
—
|
|
|
—
|
|
|
(38.4
|
)
|
|
As of December 31, 2018
|
||||||||||
$ 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
|
367.6
|
|
|
367.6
|
|
|
—
|
|
|
—
|
|
Investments:*
|
|
|
|
|
|
|
|
||||
Equity investments:
|
|
|
|
|
|
|
|
||||
Seed money
|
202.8
|
|
|
202.8
|
|
|
—
|
|
|
—
|
|
Investments related to deferred compensation plans
|
78.6
|
|
|
78.6
|
|
|
—
|
|
|
—
|
|
Other equity securities
|
1.8
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
Assets held for policyholders
|
11,384.8
|
|
|
11,384.8
|
|
|
—
|
|
|
—
|
|
Total
|
12,035.6
|
|
|
12,035.6
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration liability
|
(40.9
|
)
|
|
—
|
|
|
—
|
|
|
(40.9
|
)
|
Total
|
(40.9
|
)
|
|
—
|
|
|
—
|
|
|
(40.9
|
)
|
*
|
Foreign time deposits of
$28.3 million
(
December 31, 2018
:
28.1 million
) are excluded from this table. Equity method and other investments of
$316.7 million
and
$5.9 million
, respectively, (
December 31, 2018
:
$296.3 million
and
$5.9 million
,
respectively)
are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.
|
|
Three months ended March 31, 2019
|
|
$ in millions
|
Contingent Consideration Liability
|
|
Beginning balance
|
(40.9
|
)
|
Net unrealized gains and losses included in other gains and losses, net*
|
(1.5
|
)
|
Disposition/settlements
|
4.0
|
|
Ending balance
|
(38.4
|
)
|
|
Three months ended March 31, 2018
|
||||
$ in millions
|
Contingent Consideration Liability
|
|
Other Debt Securities
|
||
Beginning balance
|
(57.4
|
)
|
|
9.9
|
|
Net unrealized gains and losses included in other gains and losses, net*
|
0.4
|
|
|
(3.2
|
)
|
Disposition/settlements
|
3.4
|
|
|
—
|
|
Other
|
—
|
|
|
(0.5
|
)
|
Ending balance
|
(53.6
|
)
|
|
6.2
|
|
*
|
These unrealized gains and losses are attributable to balances still held at the respective period ends.
|
|
For the three months ended March 31, 2018
|
|||||||
$ in millions
|
Proceeds from Sales
|
|
Gross Realized Gains
|
|
Gross Realized Losses
|
|||
CLOs
|
2.6
|
|
|
—
|
|
|
—
|
|
Other debt securities
|
0.2
|
|
|
—
|
|
|
(0.1
|
)
|
|
2.8
|
|
|
—
|
|
|
(0.1
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||
$ in millions
|
Carrying Value
(2)
|
|
Fair Value
|
|
Carrying Value
(2)
|
|
Fair Value
|
||||
$1.5 billion floating rate credit facility expiring August 11, 2022
|
437.1
|
|
|
437.1
|
|
|
330.8
|
|
|
330.8
|
|
Unsecured Senior Notes
(1)
:
|
|
|
|
|
|
|
|
||||
$600 million 3.125% - due November 30, 2022
|
597.6
|
|
|
608.6
|
|
|
597.5
|
|
|
585.2
|
|
$600 million 4.000% - due January 30, 2024
|
595.2
|
|
|
620.6
|
|
|
594.9
|
|
|
594.5
|
|
$500 million 3.750% - due January 15, 2026
|
495.7
|
|
|
508.3
|
|
|
495.6
|
|
|
487.6
|
|
$400 million 5.375% - due November 30, 2043
|
390.1
|
|
|
425.5
|
|
|
390.0
|
|
|
420.1
|
|
Long-term debt
|
2,515.7
|
|
|
2,600.1
|
|
|
2,408.8
|
|
|
2,418.2
|
|
(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
|
March 31, 2019
|
|
December 31, 2018
|
|
|
Common shares issued
|
490.4
|
|
|
490.4
|
|
Less: Treasury shares for which dividend and voting rights do not apply
|
(89.6
|
)
|
|
(93.3
|
)
|
Common shares outstanding
|
400.8
|
|
|
397.1
|
|
|
For the three months ended March 31, 2019
|
||||||||||
$ in millions
|
Foreign currency translation
|
|
Employee benefit plans
|
|
Available-for-sale investments
|
|
Total
|
||||
Other comprehensive income/(loss) net of tax:
|
|
|
|
|
|
|
|
||||
Currency translation differences on investments in foreign subsidiaries
|
60.9
|
|
|
—
|
|
|
—
|
|
|
60.9
|
|
Other comprehensive income, net
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
0.5
|
|
Other comprehensive income/(loss), net of tax
|
60.9
|
|
|
0.2
|
|
|
0.3
|
|
|
61.4
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
(617.6
|
)
|
|
(117.7
|
)
|
|
0.3
|
|
|
(735.0
|
)
|
Other comprehensive income/(loss), net of tax
|
60.9
|
|
|
0.2
|
|
|
0.3
|
|
|
61.4
|
|
Ending balance
|
(556.7
|
)
|
|
(117.5
|
)
|
|
0.6
|
|
|
(673.6
|
)
|
|
For the three months ended March 31, 2018
|
|||||||||||||
$ 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
|
64.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64.6
|
|
Other comprehensive income, net
|
—
|
|
|
0.4
|
|
|
(2.3
|
)
|
|
0.3
|
|
|
(1.6
|
)
|
Other comprehensive income/(loss), net of tax
|
64.6
|
|
|
0.4
|
|
|
(2.3
|
)
|
|
0.3
|
|
|
63.0
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(290.5
|
)
|
|
(109.7
|
)
|
|
4.3
|
|
|
4.7
|
|
|
(391.2
|
)
|
Adjustment for adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.2
|
)
|
|
(3.2
|
)
|
January 1, 2018, as adjusted
|
(290.5
|
)
|
|
(109.7
|
)
|
|
4.3
|
|
|
1.5
|
|
|
(394.4
|
)
|
Other comprehensive income/(loss), net of tax
|
64.6
|
|
|
0.4
|
|
|
(2.3
|
)
|
|
0.3
|
|
|
63.0
|
|
Ending balance
|
(225.9
|
)
|
|
(109.3
|
)
|
|
2.0
|
|
|
1.8
|
|
|
(331.4
|
)
|
|
For the three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
North America
|
760.0
|
|
|
818.0
|
|
EMEA (Europe, Middle East, and Africa)
|
380.3
|
|
|
469.9
|
|
Asia-Pacific
|
74.3
|
|
|
67.9
|
|
Total operating revenues
|
1,214.6
|
|
|
1,355.8
|
|
|
For the three months ended March 31, 2019
|
|
For the three months ended March 31, 2018
|
|||||||||||
Millions of shares, except fair values
|
Time- Vested
|
|
Performance- Vested
|
|
Weighted Average Grant Date Fair Value ($)
|
|
Time- Vested
|
|
Performance- Vested
|
|||||
Unvested at the beginning of period
|
12.5
|
|
|
0.9
|
|
|
31.46
|
|
|
12.0
|
|
|
0.9
|
|
Granted during the period
|
8.9
|
|
|
0.6
|
|
|
19.34
|
|
|
5.1
|
|
|
0.4
|
|
Forfeited during the period
|
(0.3
|
)
|
|
—
|
|
|
27.18
|
|
|
(0.1
|
)
|
|
—
|
|
Vested and distributed during the period
|
(4.6
|
)
|
|
(0.1
|
)
|
|
32.08
|
|
|
(4.2
|
)
|
|
(0.3
|
)
|
Unvested at the end of the period
|
16.5
|
|
|
1.4
|
|
|
24.93
|
|
|
12.8
|
|
|
1.0
|
|
$ in millions
|
Three months ended
March 31, 2019 |
|
Operating lease cost
|
12.8
|
|
Variable lease cost
|
6.8
|
|
Less: sublease income
|
(0.1
|
)
|
Total lease expense
|
19.5
|
|
$ in millions
|
Three months ended
March 31, 2019 |
|
Operating cash flows from operating leases included in the measurement of lease liabilities
|
15.0
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
4.1
|
|
$ in millions
|
|
|
Year Ended December 31,
|
Lease Liabilities
|
|
2019 (excluding the three months ended March 31, 2019)
|
44.3
|
|
2020
|
52.5
|
|
2021
|
48.4
|
|
2022
|
42.0
|
|
2023
|
35.3
|
|
Thereafter
|
52.1
|
|
Total lease payments
|
274.6
|
|
Less: interest
|
24.8
|
|
Present value of lease liabilities
|
249.8
|
|
$ in millions
|
Total
|
|
2019
|
61.6
|
|
2020
|
56.3
|
|
2021
|
49.3
|
|
2022
|
42.8
|
|
2023
|
36.7
|
|
Thereafter
|
53.5
|
|
Gross lease commitments
|
300.2
|
|
Less: future minimum payments expected to be received under non-cancelable subleases
|
(2.5
|
)
|
Net lease commitments
|
297.7
|
|
|
For the three months ended March 31,
|
||||||
In millions, except per share data
|
2019
|
|
2018
|
||||
Net income
|
|
$190.6
|
|
|
|
$265.2
|
|
Net (income)/loss attributable to noncontrolling interests in consolidated entities
|
(12.9
|
)
|
|
(11.3
|
)
|
||
Net income attributable to Invesco Ltd.
|
177.7
|
|
|
253.9
|
|
||
Less: Allocation of earnings to restricted shares
|
(6.0
|
)
|
|
(7.5
|
)
|
||
Net income attributable to common shareholders
|
|
$171.7
|
|
|
|
$246.4
|
|
|
|
|
|
||||
Invesco Ltd:
|
|
|
|
||||
Weighted average shares outstanding - basic
|
401.6
|
|
|
411.3
|
|
||
Dilutive effect of non-participating share-based awards
|
0.3
|
|
|
0.5
|
|
||
Weighted average shares outstanding - diluted
|
401.9
|
|
|
411.8
|
|
||
|
|
|
|
||||
Common shareholders:
|
|
|
|
||||
Weighted average shares outstanding - basic
|
401.6
|
|
|
411.3
|
|
||
Less: Weighted average restricted shares
|
(13.7
|
)
|
|
(12.2
|
)
|
||
Weighted average common shares outstanding - basic
|
387.9
|
|
|
399.1
|
|
||
Dilutive effect of non-participating share-based awards
|
0.3
|
|
|
0.5
|
|
||
Weighted average common shares outstanding - diluted
|
388.2
|
|
|
399.6
|
|
||
|
|
|
|
||||
Earnings per share:
|
|
|
|
||||
Basic earnings per share
|
|
$0.44
|
|
|
|
$0.62
|
|
Diluted earnings per share
|
|
$0.44
|
|
|
|
$0.62
|
|
Dividends declared per share
|
|
$0.30
|
|
|
|
$0.29
|
|
|
As of
|
||||
$ in millions
|
March 31, 2019
|
|
December 31, 2018
|
||
Cash and cash equivalents of CIP
|
251.2
|
|
|
657.7
|
|
Accounts receivable and other assets of CIP
|
141.8
|
|
|
110.8
|
|
Investments of CIP
|
6,728.1
|
|
|
6,213.5
|
|
Less: Debt of CIP
|
(5,211.7
|
)
|
|
(5,226.0
|
)
|
Less: Other liabilities of CIP
|
(511.6
|
)
|
|
(387.6
|
)
|
Less: Retained earnings
|
8.9
|
|
|
7.9
|
|
Less: Accumulated other comprehensive income, net of tax
|
(8.8
|
)
|
|
(7.8
|
)
|
Less: Equity attributable to redeemable noncontrolling interests
|
(451.1
|
)
|
|
(396.2
|
)
|
Less: Equity attributable to nonredeemable noncontrolling interests
|
(339.2
|
)
|
|
(356.5
|
)
|
Invesco’s net interests in CIP
|
607.6
|
|
|
615.8
|
|
|
Three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
Total operating revenues
|
(8.7
|
)
|
|
(7.0
|
)
|
Total operating expenses
|
2.8
|
|
|
3.2
|
|
Operating income
|
(11.5
|
)
|
|
(10.2
|
)
|
Equity in earnings of unconsolidated affiliates
|
6.5
|
|
|
(4.2
|
)
|
Interest and dividend income
|
(1.3
|
)
|
|
—
|
|
Other gains and losses, net
|
(20.7
|
)
|
|
(0.9
|
)
|
Interest and dividend income of CIP
|
84.7
|
|
|
57.8
|
|
Interest expense of CIP
|
(58.0
|
)
|
|
(39.4
|
)
|
Other gains/(losses) of CIP, net
|
12.2
|
|
|
8.8
|
|
Income before income taxes
|
11.9
|
|
|
11.9
|
|
Income tax provision
|
—
|
|
|
—
|
|
Net income
|
11.9
|
|
|
11.9
|
|
Net (income)/loss attributable to noncontrolling interests in consolidated entities
|
(12.9
|
)
|
|
(11.3
|
)
|
Net income attributable to Invesco Ltd.
|
(1.0
|
)
|
|
0.6
|
|
|
For the three months ended March 31, 2019
|
|
$ in millions
|
VIEs
|
|
Cash and cash equivalents of CIP
|
0.4
|
|
Accounts receivable and other assets of CIP
|
2.7
|
|
Investments of CIP
|
105.9
|
|
Total assets
|
109.0
|
|
|
|
|
Debt of CIP
|
97.8
|
|
Other liabilities of CIP
|
11.2
|
|
Total liabilities
|
109.0
|
|
Total equity
|
—
|
|
Total liabilities and equity
|
109.0
|
|
|
For the three months ended March 31, 2019
|
|
For the three months ended March 31, 2018
|
|||||
$ in millions
|
VIEs
|
|
VOEs
|
|
VIEs
|
|||
Cash and cash equivalents of CIP
|
—
|
|
|
—
|
|
|
39.3
|
|
Accounts receivable and other assets of CIP
|
—
|
|
|
—
|
|
|
8.3
|
|
Investments of CIP
|
6.3
|
|
|
4.6
|
|
|
339.9
|
|
Total assets
|
6.3
|
|
|
4.6
|
|
|
387.5
|
|
|
|
|
—
|
|
|
|
||
Debt of CIP
|
—
|
|
|
—
|
|
|
375.3
|
|
Other liabilities of CIP
|
—
|
|
|
—
|
|
|
3.2
|
|
Total liabilities
|
—
|
|
|
—
|
|
|
378.5
|
|
Total equity
|
6.3
|
|
|
4.6
|
|
|
9.0
|
|
Total liabilities and equity
|
6.3
|
|
|
4.6
|
|
|
387.5
|
|
|
As of March 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
|
5,536.8
|
|
|
—
|
|
|
5,536.8
|
|
|
—
|
|
|
—
|
|
Bonds
|
711.6
|
|
|
1.0
|
|
|
710.6
|
|
|
—
|
|
|
—
|
|
Equity securities
|
270.3
|
|
|
232.6
|
|
|
37.7
|
|
|
—
|
|
|
—
|
|
Equity and fixed income mutual funds
|
23.5
|
|
|
23.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Investments in other private equity funds
|
173.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173.7
|
|
Real estate investments
|
12.2
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
|
—
|
|
Total assets at fair value
|
6,728.1
|
|
|
257.1
|
|
|
6,285.1
|
|
|
12.2
|
|
|
173.7
|
|
|
As of December 31, 2018
|
|||||||||||||
$ 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
|
5,117.0
|
|
|
—
|
|
|
5,117.0
|
|
|
—
|
|
|
—
|
|
Bonds
|
636.0
|
|
|
—
|
|
|
636.0
|
|
|
—
|
|
|
—
|
|
Equity securities
|
241.2
|
|
|
208.1
|
|
|
33.1
|
|
|
—
|
|
|
—
|
|
Equity and fixed income mutual funds
|
18.8
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Investments in other private equity funds
|
188.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188.7
|
|
Real estate investments
|
11.8
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
Total assets at fair value
|
6,213.5
|
|
|
226.9
|
|
|
5,786.1
|
|
|
11.8
|
|
|
188.7
|
|
|
Three months ended March 31, 2019
|
|
Three months ended March 31, 2018
|
||
$ in millions
|
Level 3 Assets
|
|
Level 3 Assets
|
||
Beginning balance
|
11.8
|
|
|
76.2
|
|
Purchases
|
—
|
|
|
—
|
|
Sales
|
—
|
|
|
(0.7
|
)
|
Gains and losses included in the Condensed Consolidated Statements of Income
(1)
|
0.3
|
|
|
5.7
|
|
Ending balance
|
12.2
|
|
|
81.2
|
|
(1)
|
Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the
three months ended
March 31, 2019
are
$0.3 million
, in net unrealized
gains
attributable to investments still held at
March 31, 2019
by CIP (for the
three months ended
March 31, 2018
:
$5.7 million
, in net unrealized gains are attributable to investments still held at
March 31, 2018
by CIP).
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
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)
|
|
$173.7
|
|
$110.3
|
|
6.7 years
|
|
|
$188.7
|
|
|
|
$101.9
|
|
|
6.1 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 as a result of liquidations of the funds’ underlying assets over the weighted average periods indicated.
|
|
Three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
Affiliated operating revenues:
|
|
|
|
||
Investment management fees
|
816.3
|
|
|
916.1
|
|
Service and distribution fees
|
209.9
|
|
|
245.3
|
|
Performance fees
|
10.5
|
|
|
4.1
|
|
Other
|
46.8
|
|
|
54.8
|
|
Total affiliated operating revenues
|
1,083.5
|
|
|
1,220.3
|
|
$ in millions
|
March 31, 2019
|
|
December 31, 2018
|
||
Affiliated asset balances:
|
|
|
|
||
Cash and cash equivalents
|
474.0
|
|
|
367.6
|
|
Unsettled fund receivables
|
228.2
|
|
|
105.0
|
|
Accounts receivable
|
376.0
|
|
|
391.4
|
|
Investments
|
591.0
|
|
|
655.7
|
|
Assets held for policyholders
|
12,102.4
|
|
|
11,384.5
|
|
Other assets
|
3.4
|
|
|
3.2
|
|
Total affiliated asset balances
|
13,775.0
|
|
|
12,907.4
|
|
|
|
|
|
||
Affiliated liability balances:
|
|
|
|
||
Accrued compensation and benefits
|
64.3
|
|
|
83.2
|
|
Accounts payable and accrued expenses
|
59.8
|
|
|
64.8
|
|
Unsettled fund payables
|
241.8
|
|
|
100.3
|
|
Total affiliated liability balances
|
365.9
|
|
|
248.3
|
|
|
Index expressed in currency
|
Three months ended March 31,
|
||||
Equity Index
|
2019
|
|
2018
|
|||
S&P 500
|
U.S. Dollar
|
13.1
|
%
|
|
(1.2
|
)%
|
FTSE 100
|
British Pound
|
8.2
|
%
|
|
(8.2
|
)%
|
FTSE 100
|
U.S. Dollar
|
10.3
|
%
|
|
(4.9
|
)%
|
Nikkei 225
|
Japanese Yen
|
6.0
|
%
|
|
(7.1
|
)%
|
Nikkei 225
|
U.S. Dollar
|
5.6
|
%
|
|
(1.7
|
)%
|
MSCI Emerging Markets
|
U.S. Dollar
|
9.6
|
%
|
|
0.9
|
%
|
Bond Index
|
|
|
|
|
||
Barclays U.S. Aggregate Bond
|
U.S. Dollar
|
2.9
|
%
|
|
(1.5
|
)%
|
•
|
Invesco won the Deal of the Year honor at the 26th annual Mutual Fund Industry Awards for its $5.6bn acquisition of MassMutual subsidiary OppenheimerFunds. The Deal Of The Year is awarded to the M&A deal that has most changed the landscape of the fund or retirement industry.
|
•
|
Invesco QQQ celebrated 20 years of curating innovation. Since its inception in 1999, Invesco QQQ has grown to become one of the largest, most-traded and highest-performing ETFs in the history of the industry.
|
•
|
Invesco launched a Blockchain ETF on the London Stock Exchange, providing an innovative way for investors to participate in this technology.
|
•
|
Invesco launched Gilt ETFs, giving investors access to UK government bonds across the full maturity spectrum of up to 55 years and with maturities of between 12 months and five years.
|
•
|
Invesco was named one of the Top 5 dividend funds for the past 5 years by Barron’s.
|
•
|
Invesco was cited as leading the way in Taiwan’s target-maturity fund space with the highest percentage of market share as of end of 2018.
|
•
|
Results of Operations (
three months ended
March 31, 2019
compared to
three months ended
March 31, 2018
);
|
•
|
Schedule of Non-GAAP Information;
|
•
|
Balance Sheet Discussion; and
|
•
|
Liquidity and Capital Resources.
|
$ in millions, other than per share amounts, operating margins and AUM
|
Three months ended March 31,
|
||||
U.S. GAAP Financial Measures Summary
|
2019
|
|
2018
|
||
Operating revenues
|
1,214.6
|
|
|
1,355.8
|
|
Operating income
|
200.2
|
|
|
321.1
|
|
Operating margin
|
16.5
|
%
|
|
23.7
|
%
|
Net income attributable to Invesco Ltd.
|
177.7
|
|
|
253.9
|
|
Diluted EPS
|
0.44
|
|
|
0.62
|
|
|
|
|
|
||
Non-GAAP Financial Measures Summary
|
|
|
|
||
Net revenues
(1)
|
887.1
|
|
|
958.0
|
|
Adjusted operating income
(2)
|
284.3
|
|
|
357.3
|
|
Adjusted operating margin
(2)
|
32.0
|
%
|
|
37.3
|
%
|
Adjusted net income attributable to Invesco Ltd.
(3)
|
224.8
|
|
|
273.9
|
|
Adjusted diluted EPS
(3)
|
0.56
|
|
|
0.67
|
|
|
|
|
|
||
Assets Under Management
|
|
|
|
||
Ending AUM (billions)
|
954.8
|
|
|
934.2
|
|
Average AUM (billions)
|
932.8
|
|
|
951.3
|
|
(1)
|
Net revenues is a non-GAAP financial measure. Net revenues are operating revenues plus the net revenues of Invesco Great Wall, less third-party distribution, service and advisory expenses, 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 Invesco Great Wall, the operating income impact of the consolidation of investment products, transaction, integration, and restructuring expenses, 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 expenses, 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 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
|
|
1yr
|
3yr
|
5yr
|
||||||
Equities
|
|
|
|
|
|
|
|
||||||
U.S. Core
|
—
|
%
|
9
|
%
|
15
|
%
|
|
23
|
%
|
19
|
%
|
9
|
%
|
U.S. Growth
|
4
|
%
|
87
|
%
|
30
|
%
|
|
13
|
%
|
10
|
%
|
10
|
%
|
U.S. Value
|
42
|
%
|
52
|
%
|
40
|
%
|
|
43
|
%
|
53
|
%
|
3
|
%
|
Sector Funds
|
79
|
%
|
89
|
%
|
53
|
%
|
|
70
|
%
|
66
|
%
|
29
|
%
|
U.K.
|
6
|
%
|
7
|
%
|
16
|
%
|
|
11
|
%
|
8
|
%
|
8
|
%
|
Canadian
|
5
|
%
|
5
|
%
|
—
|
%
|
|
5
|
%
|
36
|
%
|
—
|
%
|
Asian
|
71
|
%
|
84
|
%
|
82
|
%
|
|
58
|
%
|
94
|
%
|
87
|
%
|
Continental European
|
4
|
%
|
6
|
%
|
76
|
%
|
|
—
|
%
|
21
|
%
|
74
|
%
|
Global
|
27
|
%
|
10
|
%
|
44
|
%
|
|
37
|
%
|
50
|
%
|
46
|
%
|
Global Ex U.S. and Emerging Markets
|
80
|
%
|
8
|
%
|
17
|
%
|
|
87
|
%
|
8
|
%
|
2
|
%
|
Fixed Income
|
|
|
|
|
|
|
|
||||||
Money Market
|
98
|
%
|
98
|
%
|
99
|
%
|
|
80
|
%
|
83
|
%
|
83
|
%
|
U.S. Fixed Income
|
55
|
%
|
89
|
%
|
91
|
%
|
|
41
|
%
|
81
|
%
|
87
|
%
|
Global Fixed Income
|
30
|
%
|
54
|
%
|
47
|
%
|
|
35
|
%
|
55
|
%
|
47
|
%
|
Stable Value
|
100
|
%
|
100
|
%
|
100
|
%
|
|
100
|
%
|
100
|
%
|
100
|
%
|
Other
|
|
|
|
|
|
|
|
||||||
Alternatives
|
24
|
%
|
66
|
%
|
66
|
%
|
|
23
|
%
|
40
|
%
|
78
|
%
|
Balanced
|
41
|
%
|
53
|
%
|
45
|
%
|
|
53
|
%
|
87
|
%
|
58
|
%
|
(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, and five year quartile rankings represents 51%, 51%, and 50% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five year basis represents 64%, 62%, and 59% of total Invesco AUM as of 3/31/19. 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
|
Spot Foreign Exchange Rates
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Pound Sterling ($ per £)
|
1.306
|
|
|
1.274
|
|
|
1.404
|
|
|
1.353
|
|
Canadian Dollar (CAD per $)
|
1.344
|
|
|
1.365
|
|
|
1.290
|
|
|
1.253
|
|
Japan (¥ per $)
|
110.575
|
|
|
109.735
|
|
|
106.202
|
|
|
112.645
|
|
Euro ($ per Euro)
|
1.122
|
|
|
1.143
|
|
|
1.232
|
|
|
1.201
|
|
|
Three months ended March 31,
|
||||
Average Foreign Exchange Rates
|
2019
|
|
2018
|
||
Pound Sterling ($ per £)
|
1.302
|
|
|
1.391
|
|
Canadian Dollar (CAD per $)
|
1.330
|
|
|
1.263
|
|
Japan (¥ per $)
|
110.122
|
|
|
108.303
|
|
Euro ($ per Euro)
|
1.136
|
|
|
1.229
|
|
|
For the three months ended March 31,
|
||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||
$ in billions
|
Total AUM
|
|
Active
|
|
Passive
|
|
Total AUM
|
|
Active
|
|
Passive
|
||||||
December 31
|
888.2
|
|
|
667.2
|
|
|
221.0
|
|
|
937.6
|
|
|
738.6
|
|
|
199.0
|
|
Long-term inflows
|
53.8
|
|
|
33.7
|
|
|
20.1
|
|
|
56.6
|
|
|
40.1
|
|
|
16.5
|
|
Long-term outflows
|
(59.2
|
)
|
|
(43.0
|
)
|
|
(16.2
|
)
|
|
(56.3
|
)
|
|
(41.6
|
)
|
|
(14.7
|
)
|
Long-term net flows
|
(5.4
|
)
|
|
(9.3
|
)
|
|
3.9
|
|
|
0.3
|
|
|
(1.5
|
)
|
|
1.8
|
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
Net flows in institutional money market funds
|
6.8
|
|
|
6.8
|
|
|
—
|
|
|
0.4
|
|
|
0.4
|
|
|
—
|
|
Total net flows
|
3.5
|
|
|
(2.5
|
)
|
|
6.0
|
|
|
0.3
|
|
|
(1.1
|
)
|
|
1.4
|
|
Reinvested distributions
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|
—
|
|
Market gains and losses
|
60.9
|
|
|
37.3
|
|
|
23.6
|
|
|
(12.2
|
)
|
|
(11.8
|
)
|
|
(0.4
|
)
|
Foreign currency translation
|
1.5
|
|
|
1.6
|
|
|
(0.1
|
)
|
|
7.9
|
|
|
7.6
|
|
|
0.3
|
|
March 31
|
954.8
|
|
|
704.3
|
|
|
250.5
|
|
|
934.2
|
|
|
733.9
|
|
|
200.3
|
|
Average AUM
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average long-term AUM
|
735.9
|
|
|
599.1
|
|
|
136.8
|
|
|
783.1
|
|
|
669.9
|
|
|
113.2
|
|
Average AUM
|
932.8
|
|
|
694.8
|
|
|
238.0
|
|
|
951.3
|
|
|
747.1
|
|
|
204.2
|
|
Revenue yield
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross revenue yield on AUM
(1)
|
53.9
|
|
|
68.4
|
|
|
13.5
|
|
|
57.6
|
|
|
69.5
|
|
|
14.5
|
|
Gross revenue yield on AUM before performance fees
(1)
|
52.9
|
|
|
67.1
|
|
|
13.5
|
|
|
57.2
|
|
|
69.0
|
|
|
14.5
|
|
Net revenue yield on AUM
(2)
|
38.0
|
|
|
46.5
|
|
|
13.5
|
|
|
40.3
|
|
|
47.3
|
|
|
14.5
|
|
Net revenue yield on AUM before performance fees
(2)
|
37.1
|
|
|
45.2
|
|
|
13.5
|
|
|
39.9
|
|
|
46.8
|
|
|
14.5
|
|
(1)
|
Gross revenue yield on AUM is equal to annualized total operating revenues divided by average AUM, excluding Invesco Great Wall AUM. Prior to the third quarter 2018, management reflected its interests in Invesco Great Wall on a proportional consolidation basis, which was consistent with the presentation of our share of the AUM from these investments. Given the company's influence on Invesco Great Wall, a change in regulation allowing increased foreign ownership, and reaching agreement in principle to obtain majority stake of the joint venture, the company began reporting 100% of the flows and AUM for Invesco Great Wall beginning in the third quarter 2018. For quarterly AUM, the average AUM for Invesco Great Wall included in the yield calculation in the three months ended
March 31, 2019
was
$31.5 billion
(
three months ended
March 31, 2018
:
$9.8 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 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
|
(2)
|
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
|
|||
December 31, 2018
|
888.2
|
|
|
566.7
|
|
|
321.5
|
|
Long-term inflows
|
53.8
|
|
|
40.3
|
|
|
13.5
|
|
Long-term outflows
|
(59.2
|
)
|
|
(44.8
|
)
|
|
(14.4
|
)
|
Long-term net flows
|
(5.4
|
)
|
|
(4.5
|
)
|
|
(0.9
|
)
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
(0.7
|
)
|
|
2.8
|
|
Net flows in institutional money market funds
|
6.8
|
|
|
3.3
|
|
|
3.5
|
|
Total net flows
|
3.5
|
|
|
(1.9
|
)
|
|
5.4
|
|
Reinvested distributions
|
0.7
|
|
|
0.6
|
|
|
0.1
|
|
Market gains and losses
|
60.9
|
|
|
53.0
|
|
|
7.9
|
|
Foreign currency translation
|
1.5
|
|
|
1.1
|
|
|
0.4
|
|
March 31, 2019
|
954.8
|
|
|
619.5
|
|
|
335.3
|
|
|
|
|
|
|
|
|||
December 31, 2017
|
937.6
|
|
|
637.0
|
|
|
300.6
|
|
Long-term inflows
|
56.6
|
|
|
43.7
|
|
|
12.9
|
|
Long-term outflows
|
(56.3
|
)
|
|
(45.8
|
)
|
|
(10.5
|
)
|
Long-term net flows
|
0.3
|
|
|
(2.1
|
)
|
|
2.4
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
Net flows in institutional money market funds
|
0.4
|
|
|
—
|
|
|
0.4
|
|
Total net flows
|
0.3
|
|
|
(2.2
|
)
|
|
2.5
|
|
Reinvested distributions
|
0.6
|
|
|
0.6
|
|
|
—
|
|
Transfers
(5)
|
—
|
|
|
(29.5
|
)
|
|
29.5
|
|
Market gains and losses
|
(12.2
|
)
|
|
(11.0
|
)
|
|
(1.2
|
)
|
Foreign currency translation
|
7.9
|
|
|
4.5
|
|
|
3.4
|
|
March 31, 2018
|
934.2
|
|
|
599.4
|
|
|
334.8
|
|
$ in billions
|
Total
|
|
Retail
|
|
Institutional
|
|||
December 31, 2018
|
221.0
|
|
|
204.6
|
|
|
16.4
|
|
Long-term inflows
|
20.1
|
|
|
20.1
|
|
|
—
|
|
Long-term outflows
|
(16.2
|
)
|
|
(16.2
|
)
|
|
—
|
|
Long-term net flows
|
3.9
|
|
|
3.9
|
|
|
—
|
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
(0.6
|
)
|
|
2.7
|
|
Net flows in institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
6.0
|
|
|
3.3
|
|
|
2.7
|
|
Market gains and losses
|
23.6
|
|
|
23.5
|
|
|
0.1
|
|
Foreign currency translation
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
March 31, 2019
|
250.5
|
|
|
231.3
|
|
|
19.2
|
|
|
|
|
|
|
|
|||
December 31, 2017
|
199.0
|
|
|
182.0
|
|
|
17.0
|
|
Long-term inflows
|
16.5
|
|
|
16.5
|
|
|
—
|
|
Long-term outflows
|
(14.7
|
)
|
|
(14.7
|
)
|
|
—
|
|
Long-term net flows
|
1.8
|
|
|
1.8
|
|
|
—
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
Total net flows
|
1.4
|
|
|
1.7
|
|
|
(0.3
|
)
|
Market gains and losses
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
Foreign currency translation
|
0.3
|
|
|
0.2
|
|
|
0.1
|
|
March 31, 2018
|
200.3
|
|
|
183.5
|
|
|
16.8
|
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
(3)
|
|
Alternatives
|
||||||
December 31, 2018
|
888.2
|
|
|
385.2
|
|
|
225.1
|
|
|
50.4
|
|
|
91.0
|
|
|
136.5
|
|
Long-term inflows
|
53.8
|
|
|
25.5
|
|
|
16.5
|
|
|
2.1
|
|
|
1.1
|
|
|
8.6
|
|
Long-term outflows
|
(59.2
|
)
|
|
(28.9
|
)
|
|
(13.6
|
)
|
|
(5.3
|
)
|
|
(0.4
|
)
|
|
(11.0
|
)
|
Long-term net flows
|
(5.4
|
)
|
|
(3.4
|
)
|
|
2.9
|
|
|
(3.2
|
)
|
|
0.7
|
|
|
(2.4
|
)
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
(1.0
|
)
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
6.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.8
|
|
|
—
|
|
Total net flows
|
3.5
|
|
|
(4.4
|
)
|
|
6.0
|
|
|
(3.2
|
)
|
|
7.5
|
|
|
(2.4
|
)
|
Reinvested distributions
|
0.7
|
|
|
0.3
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Market gains and losses
|
60.9
|
|
|
48.5
|
|
|
5.7
|
|
|
2.9
|
|
|
(0.7
|
)
|
|
4.5
|
|
Foreign currency translation
|
1.5
|
|
|
1.0
|
|
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
March 31, 2019
|
954.8
|
|
|
430.6
|
|
|
237.2
|
|
|
50.2
|
|
|
98.1
|
|
|
138.7
|
|
Average AUM
|
932.8
|
|
|
416.7
|
|
|
230.9
|
|
|
51.1
|
|
|
95.6
|
|
|
138.5
|
|
% of total average AUM
|
100.0
|
%
|
|
44.7
|
%
|
|
24.8
|
%
|
|
5.5
|
%
|
|
10.2
|
%
|
|
14.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
937.6
|
|
|
431.2
|
|
|
225.8
|
|
|
57.7
|
|
|
78.7
|
|
|
144.2
|
|
Long-term inflows
|
56.6
|
|
|
25.6
|
|
|
14.9
|
|
|
5.4
|
|
|
1.7
|
|
|
9.0
|
|
Long-term outflows
|
(56.3
|
)
|
|
(31.3
|
)
|
|
(12.6
|
)
|
|
(2.9
|
)
|
|
(1.4
|
)
|
|
(8.1
|
)
|
Long-term net flows
|
0.3
|
|
|
(5.7
|
)
|
|
2.3
|
|
|
2.5
|
|
|
0.3
|
|
|
0.9
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
Total net flows
|
0.3
|
|
|
(5.7
|
)
|
|
1.9
|
|
|
2.5
|
|
|
0.7
|
|
|
0.9
|
|
Reinvested distributions
|
0.6
|
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Market gains and losses
|
(12.2
|
)
|
|
(8.3
|
)
|
|
(1.6
|
)
|
|
(1.3
|
)
|
|
0.1
|
|
|
(1.1
|
)
|
Foreign currency translation
|
7.9
|
|
|
3.1
|
|
|
1.6
|
|
|
0.8
|
|
|
0.1
|
|
|
2.3
|
|
March 31, 2018
|
934.2
|
|
|
420.6
|
|
|
227.9
|
|
|
59.7
|
|
|
79.6
|
|
|
146.4
|
|
Average AUM
|
951.3
|
|
|
437.0
|
|
|
227.2
|
|
|
59.0
|
|
|
82.2
|
|
|
145.9
|
|
% of total average AUM
|
100.0
|
%
|
|
45.9
|
%
|
|
24.0
|
%
|
|
6.2
|
%
|
|
8.6
|
%
|
|
15.3
|
%
|
$ in billions
|
Total
|
|
Equity
|
|
Fixed Income
|
|
Balanced
|
|
Money Market
|
|
Alternatives
|
||||||
December 31, 2018
|
221.0
|
|
|
150.5
|
|
|
58.3
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
Long-term inflows
|
20.1
|
|
|
14.0
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
Long-term outflows
|
(16.2
|
)
|
|
(11.3
|
)
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
Long-term net flows
|
3.9
|
|
|
2.7
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
(1.1
|
)
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
6.0
|
|
|
1.6
|
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
Market gains and losses
|
23.6
|
|
|
21.9
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
Foreign currency translation
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
March 31, 2019
|
250.5
|
|
|
173.9
|
|
|
64.3
|
|
|
—
|
|
|
—
|
|
|
12.3
|
|
Average AUM
|
238.0
|
|
|
164.6
|
|
|
60.8
|
|
|
—
|
|
|
—
|
|
|
12.6
|
|
% of total average AUM
|
100.0
|
%
|
|
69.2
|
%
|
|
25.5
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
199.0
|
|
|
128.4
|
|
|
57.3
|
|
|
—
|
|
|
—
|
|
|
13.3
|
|
Long-term inflows
|
16.5
|
|
|
10.3
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
Long-term outflows
|
(14.7
|
)
|
|
(10.6
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
Long-term net flows
|
1.8
|
|
|
(0.3
|
)
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
1.4
|
|
|
(0.3
|
)
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
Market gains and losses
|
(0.4
|
)
|
|
0.1
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
0.2
|
|
Foreign currency translation
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
March 31, 2018
|
200.3
|
|
|
128.3
|
|
|
56.8
|
|
|
—
|
|
|
—
|
|
|
15.2
|
|
Average AUM
|
204.2
|
|
|
132.8
|
|
|
56.9
|
|
|
—
|
|
|
—
|
|
|
14.5
|
|
% of total average AUM
|
100.0
|
%
|
|
65.0
|
%
|
|
27.9
|
%
|
|
—
|
%
|
|
—
|
%
|
|
7.1
|
%
|
$ in billions
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental Europe
|
|
Asia
|
||||||
December 31, 2018
|
888.2
|
|
|
566.3
|
|
|
21.7
|
|
|
85.1
|
|
|
112.5
|
|
|
102.6
|
|
Long-term inflows
|
53.8
|
|
|
28.4
|
|
|
1.2
|
|
|
3.2
|
|
|
12.4
|
|
|
8.6
|
|
Long-term outflows
|
(59.2
|
)
|
|
(29.2
|
)
|
|
(1.4
|
)
|
|
(7.1
|
)
|
|
(12.8
|
)
|
|
(8.7
|
)
|
Long-term net flows
|
(5.4
|
)
|
|
(0.8
|
)
|
|
(0.2
|
)
|
|
(3.9
|
)
|
|
(0.4
|
)
|
|
(0.1
|
)
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
1.4
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
0.6
|
|
|
0.1
|
|
Net flows in institutional money market funds
|
6.8
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
3.5
|
|
Total net flows
|
3.5
|
|
|
4.0
|
|
|
(0.1
|
)
|
|
(4.0
|
)
|
|
0.1
|
|
|
3.5
|
|
Reinvested distributions
|
0.7
|
|
|
0.6
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
60.9
|
|
|
41.0
|
|
|
2.6
|
|
|
3.5
|
|
|
7.5
|
|
|
6.3
|
|
Foreign currency translation
|
1.5
|
|
|
—
|
|
|
0.3
|
|
|
1.8
|
|
|
(1.2
|
)
|
|
0.6
|
|
March 31, 2019
|
954.8
|
|
|
611.9
|
|
|
24.5
|
|
|
86.5
|
|
|
118.9
|
|
|
113.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
937.6
|
|
|
585.4
|
|
|
26.8
|
|
|
110.9
|
|
|
127.1
|
|
|
87.4
|
|
Long-term inflows
|
56.6
|
|
|
26.1
|
|
|
1.5
|
|
|
4.1
|
|
|
17.3
|
|
|
7.6
|
|
Long-term outflows
|
(56.3
|
)
|
|
(28.6
|
)
|
|
(1.6
|
)
|
|
(5.2
|
)
|
|
(15.2
|
)
|
|
(5.7
|
)
|
Long-term net flows
|
0.3
|
|
|
(2.5
|
)
|
|
(0.1
|
)
|
|
(1.1
|
)
|
|
2.1
|
|
|
1.9
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
0.4
|
|
|
1.2
|
|
|
—
|
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
Total net flows
|
0.3
|
|
|
(1.7
|
)
|
|
(0.1
|
)
|
|
(1.4
|
)
|
|
2.2
|
|
|
1.3
|
|
Reinvested distributions
|
0.6
|
|
|
0.5
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Market gains and losses
|
(12.2
|
)
|
|
(3.5
|
)
|
|
(0.2
|
)
|
|
(4.3
|
)
|
|
(1.9
|
)
|
|
(2.3
|
)
|
Foreign currency translation
|
7.9
|
|
|
—
|
|
|
(0.8
|
)
|
|
3.9
|
|
|
2.3
|
|
|
2.5
|
|
March 31, 2018
|
934.2
|
|
|
580.7
|
|
|
25.7
|
|
|
109.2
|
|
|
129.7
|
|
|
88.9
|
|
$ in billions
|
Total
|
|
U.S.
|
|
Canada
|
|
U.K.
|
|
Continental Europe
|
|
Asia
|
||||||
December 31, 2018
|
221.0
|
|
|
190.3
|
|
|
0.6
|
|
|
—
|
|
|
28.8
|
|
|
1.3
|
|
Long-term inflows
|
20.1
|
|
|
13.4
|
|
|
0.1
|
|
|
—
|
|
|
6.4
|
|
|
0.2
|
|
Long-term outflows
|
(16.2
|
)
|
|
(11.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(4.1
|
)
|
|
(0.2
|
)
|
Long-term net flows
|
3.9
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
Net flows in non-management fee earning AUM
|
2.1
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
Net flows in institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
6.0
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
Market gains and losses
|
23.6
|
|
|
21.2
|
|
|
0.1
|
|
|
—
|
|
|
2.2
|
|
|
0.1
|
|
Foreign currency translation
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
March 31, 2019
|
250.5
|
|
|
214.8
|
|
|
0.7
|
|
|
—
|
|
|
33.6
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
199.0
|
|
|
167.3
|
|
|
0.6
|
|
|
—
|
|
|
30.0
|
|
|
1.1
|
|
Long-term inflows
|
16.5
|
|
|
9.4
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|
—
|
|
Long-term outflows
|
(14.7
|
)
|
|
(8.4
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(6.2
|
)
|
|
—
|
|
Long-term net flows
|
1.8
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.9
|
|
|
—
|
|
Net flows in non-management fee earning AUM
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net flows in institutional money market funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total net flows
|
1.4
|
|
|
0.6
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.9
|
|
|
—
|
|
Market gains and losses
|
(0.4
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
Foreign currency translation
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
March 31, 2018
|
200.3
|
|
|
167.7
|
|
|
0.5
|
|
|
—
|
|
|
31.0
|
|
|
1.1
|
|
(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.
|
(4)
|
Client domicile disclosure groups AUM by the domicile of the underlying clients.
|
|
|
|
|
|
Variance
|
||||||
|
Three months ended March 31,
|
|
2019 vs 2018
|
||||||||
$ in millions
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
||||
Investment management fees
|
923.7
|
|
|
1,043.7
|
|
|
(120.0
|
)
|
|
(11.5
|
)%
|
Service and distribution fees
|
219.3
|
|
|
246.1
|
|
|
(26.8
|
)
|
|
(10.9
|
)%
|
Performance fees
|
21.8
|
|
|
9.1
|
|
|
12.7
|
|
|
139.6
|
%
|
Other
|
49.8
|
|
|
56.9
|
|
|
(7.1
|
)
|
|
(12.5
|
)%
|
Total operating revenues
|
1,214.6
|
|
|
1,355.8
|
|
|
(141.2
|
)
|
|
(10.4
|
)%
|
Third-party distribution, service and advisory expenses
|
(368.0
|
)
|
|
(419.1
|
)
|
|
51.1
|
|
|
(12.2
|
)%
|
Invesco Great Wall
|
31.8
|
|
|
14.3
|
|
|
17.5
|
|
|
122.4
|
%
|
CIP
|
8.7
|
|
|
7.0
|
|
|
1.7
|
|
|
24.3
|
%
|
Net revenues
(*)
|
887.1
|
|
|
958.0
|
|
|
(70.9
|
)
|
|
(7.4
|
)%
|
|
|
|
|
|
Variance
|
||||||
|
Three months ended March 31,
|
|
2019 vs 2018
|
||||||||
$ in millions
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
||||
Third-party distribution, service and advisory
|
368.0
|
|
|
419.1
|
|
|
(51.1
|
)
|
|
(12.2
|
)%
|
Employee compensation
|
381.3
|
|
|
385.2
|
|
|
(3.9
|
)
|
|
(1.0
|
)%
|
Marketing
|
28.0
|
|
|
28.0
|
|
|
—
|
|
|
—
|
%
|
Property, office and technology
|
107.2
|
|
|
100.2
|
|
|
7.0
|
|
|
7.0
|
%
|
General and administrative
|
83.8
|
|
|
83.7
|
|
|
0.1
|
|
|
0.1
|
%
|
Transaction, integration and restructuring
|
46.1
|
|
|
18.5
|
|
|
27.6
|
|
|
149.2
|
%
|
Total operating expenses
|
1,014.4
|
|
|
1,034.7
|
|
|
(20.3
|
)
|
|
(2.0
|
)%
|
$ in millions
|
Three months ended March 31, 2019
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
|
Three months ended March 31, 2018
|
|
% of Total Operating Expenses
|
|
% of Operating Revenues
|
||||||
Third-party distribution, service and advisory
|
368.0
|
|
|
36.3
|
%
|
|
30.3
|
%
|
|
419.1
|
|
|
40.5
|
%
|
|
30.9
|
%
|
Employee compensation
|
381.3
|
|
|
37.6
|
%
|
|
31.4
|
%
|
|
385.2
|
|
|
37.2
|
%
|
|
28.4
|
%
|
Marketing
|
28.0
|
|
|
2.8
|
%
|
|
2.3
|
%
|
|
28.0
|
|
|
2.7
|
%
|
|
2.1
|
%
|
Property, office and technology
|
107.2
|
|
|
10.6
|
%
|
|
8.8
|
%
|
|
100.2
|
|
|
9.7
|
%
|
|
7.4
|
%
|
General and administrative
|
83.8
|
|
|
8.3
|
%
|
|
6.9
|
%
|
|
83.7
|
|
|
8.1
|
%
|
|
6.2
|
%
|
Transaction, integration and restructuring
|
46.1
|
|
|
4.5
|
%
|
|
3.8
|
%
|
|
18.5
|
|
|
1.8
|
%
|
|
1.4
|
%
|
Total operating expenses
|
1,014.4
|
|
|
100.0
|
%
|
|
83.5
|
%
|
|
1,034.7
|
|
|
100.0
|
%
|
|
76.3
|
%
|
|
|
|
|
|
Variance
|
||||||
|
Three months ended March 31,
|
|
2019 vs 2018
|
||||||||
$ in millions
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
||||
Equity in earnings of unconsolidated affiliates
|
15.0
|
|
|
9.7
|
|
|
5.3
|
|
|
54.6
|
%
|
Interest and dividend income
|
4.7
|
|
|
4.2
|
|
|
0.5
|
|
|
11.9
|
%
|
Interest expense
|
(33.1
|
)
|
|
(23.2
|
)
|
|
(9.9
|
)
|
|
42.7
|
%
|
Other gains and losses, net
|
31.1
|
|
|
(5.4
|
)
|
|
36.5
|
|
|
N/A
|
|
Other income/(expense) of CIP, net
|
38.9
|
|
|
27.2
|
|
|
11.7
|
|
|
43.0
|
%
|
Total other income and expenses
|
56.6
|
|
|
12.5
|
|
|
44.1
|
|
|
352.8
|
%
|
|
Three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
Operating revenues, U.S. GAAP basis
|
1,214.6
|
|
|
1,355.8
|
|
Invesco Great Wall
(1)
|
31.8
|
|
|
14.3
|
|
Third party distribution, service and advisory expenses
(2)
|
(368.0
|
)
|
|
(419.1
|
)
|
CIP
(3)
|
8.7
|
|
|
7.0
|
|
Net revenues
|
887.1
|
|
|
958.0
|
|
|
Three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
Operating income, U.S. GAAP basis
|
200.2
|
|
|
321.1
|
|
Invesco Great Wall
(1)
|
14.9
|
|
|
5.9
|
|
CIP
(3)
|
11.5
|
|
|
10.2
|
|
Transaction, integration, and restructuring
(4)
|
46.1
|
|
|
18.5
|
|
Compensation expense related to market valuation changes in deferred compensation plans
(5)
|
11.6
|
|
|
1.6
|
|
Adjusted operating income
|
284.3
|
|
|
357.3
|
|
|
|
|
|
||
Operating margin*
|
16.5
|
%
|
|
23.7
|
%
|
Adjusted operating margin**
|
32.0
|
%
|
|
37.3
|
%
|
|
Three months ended March 31,
|
||||||
$ in millions, except per share data
|
2019
|
|
2018
|
||||
Net income attributable to Invesco Ltd., U.S. GAAP basis
|
177.7
|
|
|
253.9
|
|
||
CIP
(3)
|
1.0
|
|
|
(0.6
|
)
|
||
Transaction, integration and restructuring, net of tax
(4)
|
44.8
|
|
|
17.9
|
|
||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax
(5)
|
(4.7
|
)
|
|
4.1
|
|
||
Other reconciling items, net of tax
(6)
|
6.0
|
|
|
(1.4
|
)
|
||
Adjusted net income attributable to Invesco Ltd.
|
224.8
|
|
|
273.9
|
|
||
|
|
|
|
||||
Average shares outstanding - diluted
|
401.9
|
|
|
411.8
|
|
||
Diluted EPS
|
|
$0.44
|
|
|
|
$0.62
|
|
Adjusted diluted EPS***
|
|
$0.56
|
|
|
|
$0.67
|
|
*
|
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 shares outstanding. There is no difference between the calculated earnings per share amounts presented above and the calculated earnings per share amounts under the two class method.
|
(1)
|
Invesco Great Wall
|
(2)
|
Third-party distribution, service and advisory expenses
|
(3)
|
CIP
|
(5)
|
Market movement on deferred compensation plan liabilities
|
|
Three months ended March 31,
|
||||
$ in millions
|
2019
|
|
2018
|
||
Market movement on deferred compensation plan liabilities:
|
|
|
|
||
Compensation expense related to market valuation changes in deferred compensation liability
|
11.6
|
|
|
1.6
|
|
Adjustments to operating income
|
11.6
|
|
|
1.6
|
|
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense)
|
(17.7
|
)
|
|
3.7
|
|
Taxation:
|
|
|
|
||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense
|
1.4
|
|
|
(1.2
|
)
|
Adjustments to net income attributable to Invesco Ltd.
|
(4.7
|
)
|
|
4.1
|
|
(6)
|
Other reconciling items
|
$ in millions
|
Three months ended March 31,
|
||||
Other non-GAAP adjustments:
|
2019
|
|
2018
|
||
Foreign exchange hedge
(a)
|
2.1
|
|
|
(1.5
|
)
|
Acquisition-related contingent consideration
|
5.8
|
|
|
(0.4
|
)
|
Taxation on foreign exchange hedge amortization
(a)
|
(0.5
|
)
|
|
0.4
|
|
Taxation on acquisition-related contingent consideration
|
(1.4
|
)
|
|
0.1
|
|
Adjustments to net income attributable to Invesco Ltd.
|
6.0
|
|
|
(1.5
|
)
|
(a)
|
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 provide coverage through
December 31, 2019
. 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.
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||||||||||||||||||
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
|
1,017.1
|
|
|
—
|
|
|
—
|
|
|
1,017.1
|
|
|
1,147.7
|
|
|
—
|
|
|
—
|
|
|
1,147.7
|
|
Unsettled fund receivables
|
474.6
|
|
|
—
|
|
|
—
|
|
|
474.6
|
|
|
191.3
|
|
|
—
|
|
|
—
|
|
|
191.3
|
|
Investments
|
640.9
|
|
|
(603.3
|
)
|
|
—
|
|
|
1,244.2
|
|
|
613.5
|
|
|
(610.9
|
)
|
|
—
|
|
|
1,224.4
|
|
Assets of CIP:
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
||||||
Investments and other assets of CIP
|
6,869.9
|
|
|
6,869.9
|
|
|
—
|
|
|
—
|
|
|
6,324.3
|
|
|
6,324.3
|
|
|
—
|
|
|
—
|
|
Cash and cash equivalents of CIP
|
251.2
|
|
|
251.2
|
|
|
—
|
|
|
—
|
|
|
657.7
|
|
|
657.7
|
|
|
—
|
|
|
—
|
|
Assets held for policyholders
|
12,102.7
|
|
|
—
|
|
|
12,102.7
|
|
|
—
|
|
|
11,384.8
|
|
|
—
|
|
|
11,384.8
|
|
|
—
|
|
Goodwill and intangible assets, net
|
9,379.1
|
|
|
—
|
|
|
—
|
|
|
9,379.1
|
|
|
9,333.2
|
|
|
—
|
|
|
—
|
|
|
9,333.2
|
|
Other assets
(2)
|
1,471.1
|
|
|
(4.3
|
)
|
|
—
|
|
|
1,475.4
|
|
|
1,325.9
|
|
|
(5.0
|
)
|
|
—
|
|
|
1,330.9
|
|
Total assets
|
32,206.6
|
|
|
6,513.5
|
|
|
12,102.7
|
|
|
13,590.4
|
|
|
30,978.4
|
|
|
6,366.1
|
|
|
11,384.8
|
|
|
13,227.5
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities of CIP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt of CIP
|
5,211.7
|
|
|
5,211.7
|
|
|
—
|
|
|
—
|
|
|
5,226.0
|
|
|
5,226.0
|
|
|
—
|
|
|
—
|
|
Other liabilities of CIP
|
511.6
|
|
|
511.6
|
|
|
—
|
|
|
—
|
|
|
387.6
|
|
|
387.6
|
|
|
—
|
|
|
—
|
|
Policyholder payables
|
12,102.7
|
|
|
—
|
|
|
12,102.7
|
|
|
—
|
|
|
11,384.8
|
|
|
—
|
|
|
11,384.8
|
|
|
—
|
|
Unsettled fund payables
|
446.0
|
|
|
—
|
|
|
—
|
|
|
446.0
|
|
|
178.7
|
|
|
—
|
|
|
—
|
|
|
178.7
|
|
Long-term debt
|
2,515.7
|
|
|
—
|
|
|
—
|
|
|
2,515.7
|
|
|
2,408.8
|
|
|
—
|
|
|
—
|
|
|
2,408.8
|
|
Other liabilities
(3)
|
1,958.4
|
|
|
—
|
|
|
—
|
|
|
1,958.4
|
|
|
2,060.1
|
|
|
—
|
|
|
—
|
|
|
2,060.1
|
|
Total liabilities
|
22,746.1
|
|
|
5,723.3
|
|
|
12,102.7
|
|
|
4,920.1
|
|
|
21,646.0
|
|
|
5,613.6
|
|
|
11,384.8
|
|
|
4,647.6
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total equity attributable to Invesco Ltd.
|
8,669.3
|
|
|
(0.1
|
)
|
|
—
|
|
|
8,669.4
|
|
|
8,578.8
|
|
|
(0.1
|
)
|
|
—
|
|
|
8,578.9
|
|
Noncontrolling interests
(4)
|
791.2
|
|
|
790.3
|
|
|
—
|
|
|
0.9
|
|
|
753.6
|
|
|
752.6
|
|
|
—
|
|
|
1.0
|
|
Total equity
|
9,460.5
|
|
|
790.2
|
|
|
—
|
|
|
8,670.3
|
|
|
9,332.4
|
|
|
752.5
|
|
|
—
|
|
|
8,579.9
|
|
Total liabilities and equity
|
32,206.6
|
|
|
6,513.5
|
|
|
12,102.7
|
|
|
13,590.4
|
|
|
30,978.4
|
|
|
6,366.1
|
|
|
11,384.8
|
|
|
13,227.5
|
|
(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 flow information
(1)
|
Three months ended
March 31, 2019 |
|
Three months ended
March 31, 2018 |
||||||||||||||
$ 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
|
1,805.4
|
|
|
657.7
|
|
|
1,147.7
|
|
|
2,517.7
|
|
|
511.3
|
|
|
2,006.4
|
|
Cash flows from operating activities
(1)
|
(120.4
|
)
|
|
(61.3
|
)
|
|
(59.1
|
)
|
|
(52.2
|
)
|
|
(53.3
|
)
|
|
1.1
|
|
Cash flows from investing activities
|
(333.4
|
)
|
|
(349.5
|
)
|
|
16.1
|
|
|
(297.8
|
)
|
|
(276.6
|
)
|
|
(21.2
|
)
|
Cash flows from financing activities
|
(87.0
|
)
|
|
9.4
|
|
|
(96.4
|
)
|
|
(44.6
|
)
|
|
117.7
|
|
|
(162.3
|
)
|
Increase/(decrease) in cash and cash equivalents
|
(540.8
|
)
|
|
(401.4
|
)
|
|
(139.4
|
)
|
|
(394.6
|
)
|
|
(212.2
|
)
|
|
(182.4
|
)
|
Foreign exchange movement on cash and cash equivalents
|
3.6
|
|
|
(5.2
|
)
|
|
8.8
|
|
|
38.5
|
|
|
1.0
|
|
|
37.5
|
|
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
(39.3
|
)
|
|
(39.3
|
)
|
|
—
|
|
Cash and cash equivalents, end of the period
|
1,268.3
|
|
|
251.2
|
|
|
1,017.1
|
|
|
2,122.3
|
|
|
260.8
|
|
|
1,861.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
1,017.1
|
|
|
—
|
|
|
1,017.1
|
|
|
1,861.5
|
|
|
—
|
|
|
1,861.5
|
|
Cash and cash equivalents of CIP
|
251.2
|
|
|
251.2
|
|
|
—
|
|
|
260.8
|
|
|
260.8
|
|
|
—
|
|
Total cash and cash equivalents per consolidated statement of cash flows
|
1,268.3
|
|
|
251.2
|
|
|
1,017.1
|
|
|
2,122.3
|
|
|
260.8
|
|
|
1,861.5
|
|
(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 receivable and/or payables, as applicable.
|
$ in millions
|
March 31, 2019
|
|
December 31, 2018
|
||
$1.5 billion floating rate credit facility expiring August 11, 2022
|
437.1
|
|
|
330.8
|
|
Unsecured Senior Notes:
|
|
|
|
||
$600 million 3.125% - due November 30, 2022
|
597.6
|
|
|
597.5
|
|
$600 million 4.000% - due January 30, 2024
|
595.2
|
|
|
594.9
|
|
$500 million 3.750% - due January 15, 2026
|
495.7
|
|
|
495.6
|
|
$400 million 5.375% - due November 30, 2043
|
390.1
|
|
|
390.0
|
|
Long-term debt
|
2,515.7
|
|
|
2,408.8
|
|
$ millions
|
Total
|
|
Q1 2019
|
|
Q4 2018
|
|
Q3 2018
|
|
Q2 2018
|
||||||
Net income attributable to Invesco Ltd.
|
806.6
|
|
|
177.7
|
|
|
114.2
|
|
|
269.6
|
|
|
245.1
|
|
|
Impact of CIP on net income attributable to Invesco Ltd.
|
(7.2
|
)
|
|
1.0
|
|
|
0.9
|
|
|
(11.3
|
)
|
|
2.2
|
|
|
Tax expense
|
252.8
|
|
|
66.2
|
|
|
53.2
|
|
|
61.1
|
|
|
72.3
|
|
|
Amortization/depreciation
|
144.8
|
|
|
36.3
|
|
|
36.5
|
|
|
39.6
|
|
|
32.4
|
|
|
Interest expense
|
121.4
|
|
|
33.1
|
|
|
29.2
|
|
|
29.6
|
|
|
29.5
|
|
|
Share-based compensation expense
|
181.3
|
|
|
49.8
|
|
|
47.9
|
|
|
42.8
|
|
|
40.8
|
|
|
Unrealized gains and losses from investments, net
*
|
22.2
|
|
|
(13.1
|
)
|
|
28.3
|
|
|
(4.7
|
)
|
|
11.7
|
|
|
EBITDA
**
|
1,521.9
|
|
|
351.0
|
|
|
310.2
|
|
|
426.7
|
|
|
434.0
|
|
|
Adjusted debt
**
|
|
$2,527.1
|
|
|
|
|
|
|
|
|
|
||||
Leverage ratio (Debt/EBITDA - maximum 3.25:1.00)
|
1.66
|
|
|
|
|
|
|
|
|
|
|||||
Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00)
|
12.54
|
|
|
|
|
|
|
|
|
|
*
|
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.
|
**
|
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
$2,515.7 million
plus
$11.4 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) |
||||||
January 1-31, 2019
|
36,736
|
|
|
$
|
17.16
|
|
|
—
|
|
|
|
$1,343.0
|
|
February 1-28, 2019
|
1,301,782
|
|
|
$
|
19.29
|
|
|
600,000
|
|
|
|
$1,331.5
|
|
March 1-31, 2019
|
62,595
|
|
|
$
|
19.19
|
|
|
2,004,814
|
|
|
|
$1,293.0
|
|
Total
|
1,401,113
|
|
|
|
|
2,604,814
|
|
|
|
(1)
|
An aggregate of
1,401,113
shares were surrendered to us by Invesco employees to satisfy tax withholding obligations in connection with the vesting of equity awards.
|
(2)
|
At
March 31, 2019
, a balance of
$1,293.0 million
remains available under the share repurchase authorizations approved by the Board on October 11, 2013 and July 22, 2016.
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
INVESCO LTD.
|
April 25, 2019
|
/s/ MARTIN L. FLANAGAN
|
|
Martin L. Flanagan
|
|
President and Chief Executive Officer
|
|
|
April 25, 2019
|
/s/ LOREN M. STARR
|
|
Loren M. Starr
|
|
Senior Managing Director and Chief Financial Officer
|
(a)
|
the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such date, or
|
(b)
|
as of your Termination of Service due to death or Disability, or
|
(c)
|
as of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion by the Head of Human Resources, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company within 60 days after your Termination of Service or such other time as the Company may determine and the severance agreement has become irrevocable, or
|
(d)
|
immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
|
(e)
|
your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason.
|
I.
|
Definitions
|
II.
|
Performance Vesting Formula
|
(a)
|
the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such date, or
|
(b)
|
as of your Termination of Service due to death or Disability, or
|
(c)
|
as of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion by the Head of Human Resources, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company within 60 days after your Termination of Service or such other time as the Company may determine and the severance agreement has become irrevocable, or
|
(d)
|
immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
|
(e)
|
your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason.
|
I.
|
Definitions
|
II.
|
Performance Vesting Formula
|
(a)
|
the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such respective dates, or
|
(b)
|
your Termination of Service due to death or Disability, or
|
(c)
|
your involuntary Termination of Service, other than for just cause under applicable Canadian law, provided that you sign a Final Release and Indemnity as part of a severance agreement in the form stipulated by the Company, within 90 days after your Termination of Service, and it has become irrevocable. In the event that the Final Release and Indemnity in a form acceptable to the Company is not signed within the 90 day period after your Termination of Service, then RSUs scheduled to vest during the applicable statutory notice period will vest on the respective vesting dates, subject to the terms and conditions of the Award Agreement. All other RSUs will be forfeited immediately upon the cessation of the statutory notice period, or
|
(d)
|
immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
|
(e)
|
your Termination of Service during the 24-month period following a Change in Control either (i) by the Employer other than for just cause, or (ii) by you for Good Reason.
|
I.
|
Definitions
|
II.
|
Performance Vesting Formula
|
1.
|
Amendments
.
|
|
INVESCO LTD.
By:
/s/ Loren M. Starr
Name: Loren M. Starr
Title: Senior Managing Director and
Chief Financial Officer
|
|
GEM ACQUISITION CORP.
By:
/s/ Loren M. Starr
Name: Loren M. Starr
Title: Chief Executive Officer and
Chief Financial Officer
|
|
GEM ACQUISITION TWO CORP.
By:
/s/ Loren M. Starr
Name: Loren M. Starr
Title: Chief Executive Officer and
Chief Financial Officer
|
|
MM ASSET MANAGEMENT HOLDING LLC
By:
/s/ Elizabeth Ward
Name: Elizabeth Ward
Title: Executive Vice President
|
|
OPPENHEIMER ACQUISITION CORP.
By:
/s/ Arthur P. Steinmetz
Name: Arthur P. Steinmetz
Title: President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Invesco Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
April 25, 2019
|
|
/s/ MARTIN L. FLANAGAN
|
|
|
Martin L. Flanagan
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Invesco Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
April 25, 2019
|
|
/s/ LOREN M. STARR
|
|
|
Loren M. Starr
|
|
|
Senior Managing Director and Chief Financial Officer
|
1.
|
the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
April 25, 2019
|
|
/s/ MARTIN L. FLANAGAN
|
|
|
Martin L. Flanagan
|
|
|
President and Chief Executive Officer
|
1.
|
the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
April 25, 2019
|
|
/s/ LOREN M. STARR
|
|
|
Loren M. Starr
|
|
|
Senior Managing Director and Chief Financial Officer
|