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Invesco Ltd. (
- Analyst Report
announced a 2.0% rise in its preliminary month-end assets under management (AUM) for the month of September 2012. The company’s AUM for the reported month was $683.0 billion compared with $669.7 billion at the end of August.
Encouraging market returns, total net inflows and favorable foreign exchange were the primary reasons behind the improvement in AUM. Foreign exchange led to a $2.2 billion hike in AUM for the month. During the period, the company’s passive AUM witnessed long-term net inflows, whereas active AUM remained steady.
In the month under review, Invesco’s preliminary active AUM was recorded at $565.1 billion, reflecting approximately a 2.0% hike from $553.8 billion in the prior month. Likewise, preliminary passive AUM was $117.9 billion, up 1.7% compared with $115.9 billion in the last month.
As of September 30, 2012, Invesco’s average assets stood at $667.9 billion, while the total value of average active assets came in at $554.3 billion.
At the end of September, Invesco’s total equity assets inched up 1.8% to $300.6 billion from $295.2 billion recorded at the end of August. Similarly, the company’s fixed income assets improved 2.4% to $167.0 billion from $163.1 billion in the preceding month.
Invesco’s balanced assets summed up to $57.9 billion, growing 4.3% from the previous month. However, alternative AUM remained almost flat at $84.3 billion from $84.4 billion recorded in the prior month.
Moreover, Invesco’s money market AUM came in at $73.2 billion in the reported month, increasing 2.4% from $71.5 billion recorded in August 2012.
Earlier this week, Franklin Resources Inc. ( BEN - Analyst Report ) declared preliminary AUM of $749.9 billion by its subsidiaries for the month of September. The company’s results witnessed a rise of 2.6% from $731.0 billion as of August 31, 2012. Moreover, it increased 13.6% from $659.9 billion as of September 30, 2011.
Invesco’s broad diversification strategy positions it comfortably to benefit from enhanced global investment flows. However, the unstable U.S. dollar, volatile equity markets and mounting competition make us apprehensive.
Invesco currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. However, considering the fundamentals, we maintain a long-term ‘Neutral’ recommendation on the stock.
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