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Thursday, April 23, 2009|
Invesco Posts an 80 Percent Drop in Q1 Profit
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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