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Invesco's November AUM Rises Marginally


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Invesco Ltd. (IVZ - Analyst Report) reported a slight rise in its preliminary month-end assets under management (AUM) for Nov 2013. The AUM for the month was $767.3 billion, up from $763.9 billion at the end of Oct 2013.

Favorable market returns and positive long-term net flows primarily aided the growth. Moreover, foreign exchange led to a $1.1 billion increase in AUM. In November, Invesco’s preliminary average AUM was $757.2 billion and preliminary average active AUM was $624.4 billion.

At the end of November, Invesco’s total equity AUM increased 2.2% to $374.3 billion from $366.2 billion at the end of Oct 2013. However, fixed income AUM slipped marginally from the prior month to $173.2 billion.

Invesco’s balanced AUM was $54.0 billion, in line with prior-quarter figure. The company’s money market AUM totaled $78.4 billion, down 3.9% from the previous month. Also, alternative AUM came in at $87.4 billion in the reported month, decreasing by almost 1.0% from the prior-month level.

Notably, all the figures have been adjusted by excluding Atlantic Trust’s balanced AUM and equity AUM of $23.2 billion and $0.6 billion, respectively. The latter is to be sold to Canadian Imperial Bank of Commerce (CM - Snapshot Report) for $210 million.

Among other investment managers, Franklin Resources Inc. (BEN - Analyst Report) announced preliminary AUM of $870.6 billion by its subsidiaries for Nov 2013, up slightly from $869.0 billion as of Oct 31, 2013 and rising 13.2% from $768.8 billion as of Nov 30, 2012. Further, Legg Mason Inc. (LM - Analyst Report) is expected to release its preliminary AUM later this week.

Invesco’s operating leverage will likely improve significantly over the long term due to the company’s cost-control initiatives. Further, the rebound in the equity market will act as a catalyst.

However, the company’s high debt levels and rising expenses remain concerns. Nevertheless, given Invesco’s diversified footprint, it is poised to benefit from improvement in global investment flows.

Currently, Invesco carries a Zacks Rank #3 (Hold).

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