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Rating:Invesco Posts an 80 Percent Drop in Q1 Profit Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 23, 2009

Invesco Posts an 80 Percent Drop in Q1 Profit

by: Armie Margaret Lee

Invesco, which owns Invesco Aim and Invesco PowerShares among others, recorded an 80 percent drop in its first quarter net income. The asset manager earned $30.7 million in the first three months of 2009, compared to $155.2 million in the year-ago period.

Atlanta-based Invesco ended March with $348.2 billion of AUM, down from $357.2 billion at the end of 2008.

The market downturn led to a $16.3 billion reduction ion AUM in the first quarter, company executives said. This compares to a reduction of $33.7 billion in the fourth quarter of 2008.

"In spite of volatile markets, strong growth in our exchange-traded funds, U.K. business and cash management helped Invesco achieve positive long-term and total flows during the quarter, said Invesco president and CEO Martin Flanagan

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