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Invesco's November AUM Slightly Up


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Invesco Ltd. (IVZ - Analyst Report) recorded a marginal 1.0% rise in its preliminary month-end assets under management (AUM) for the month of November 2012. The AUM for the month was $683.8 billion compared with $677.0 billion at the end of October.

Favorable market returns and total net inflows were the primary reasons for the rise in AUM. Yet, foreign exchange led to a $0.8 billion drop in AUM. During the month, Invesco’s active AUM witnessed positive long-term net inflows.

As of Nov. 30, 2012, Invesco’s average assets stood at $677.6 billion, while the total value of average active assets was $564.2 billion.

In the month under review, Invesco’s preliminary active AUM was recorded at $569.0 billion, reflecting a 1.0% rise from $563.4 billion in the prior month. Likewise, preliminary passive AUM was $114.8 billion, up 0.7% from $114.0 billion in the last month.

At the end of November, Invesco’s total equity assets inched up 0.8% to $294.5 billion from $292.3 billion recorded at the end of October. Similarly, fixed income assets grew 1.4% to $171.0 billion from $168.7 billion in the preceding month.

Invesco’s balanced assets summed up to $60.5 billion, rising 2.7% from the previous month. Moreover, money market AUM came in at $73.8 billion in the reported month, increasing just 0.7% from the prior month’s level of $73.3 billion. However, alternative AUM declined 0.2% from the prior month to $84.0 billion.

Among other asset managers, Franklin Resources Inc. (BEN - Analyst Report) declared preliminary AUM of $768.8 billion by its subsidiaries for November 2012. The company’s results rose 2.0% from $753.9 billion as of Oct 31, 2012. Moreover, it increased 13.8% from $675.8 billion as of Nov 30, 2011.

Similarly, Legg Mason Inc. (LM - Analyst Report) also reported a rise in its AUM in November 2012, compared with the prior month. Preliminary quarter-end AUM came in at $648.3 billion, up slightly 0.4% compared with the prior month. Equity AUM and Fixed Income AUM were down in the month under review, though liquidity AUM advanced.

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 a sluggish economic recovery, along with mounting competition, make us apprehensive.

Invesco currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We believe the marginal rise in AUM amid volatile markets could lead to positive estimate revisions. This, in turn, could cause an improvement in the Zacks Rank.

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