Invesco Ltd. (IVZ - Free Report) announced its preliminary month-end assets under management (“AUM”) for Oct 2016. The company’s AUM came in at $807.5 billion, a fall of 1.5% from $820.2 billion recorded in the prior month.
This decline stemmed from unfavorable market returns and net long-term outflows, largely driven by redemptions from a single US sub-advised client. Further, there was an unfavorable foreign exchange impact of $7.6 billion. However, these were partly offset by a rise in PowerShares QQQs and money market AUM.
Additionally, Invesco’s preliminary average total AUM for the quarter through Oct 31 was $813.8 billion, while preliminary average active AUM was $672.2 billion.
At the end of October, Invesco’s total Equity AUM decreased 2.9% from the prior month to $354.7 billion. Further, Fixed Income AUM of $205.8 billion inched down nearly 1% from the Sep 2016 level.
In addition, Balanced AUM came in at $47.4 billion, declining 3.1% from $48.9 billion recorded in Sep 2016. Also, Alternatives AUM dipped nearly 1% from the preceding month to $120.8 billion. Nonetheless, money market AUM was recorded at $78.8 billion, up 2.1% from the prior month.
Concurrently, Invesco provided an update on its accelerated share repurchase (ASR) program. Effective Nov 4, the company entered into ASR with Bank of America, N.A – a unit of Bank of America Corporation (BAC - Free Report) – to repurchase $150 million worth of shares. The final settlement is expected to occur by the end of this year.
Apart from Invesco, another investment manager, Franklin Resources Inc. (BEN - Free Report) , declared preliminary AUM of $723 billion by its subsidiaries for Oct 2016, a 1.4% decline from the prior month. Notably, Legg Mason, Inc. is expected to release preliminary AUM results for Oct 2016 in the coming days.
Currently, Invesco carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Invesco Ltd. (IVZ - Free Report) announced its preliminary month-end assets under management (“AUM”) for Oct 2016. The company’s AUM came in at $807.5 billion, a fall of 1.5% from $820.2 billion recorded in the prior month.
This decline stemmed from unfavorable market returns and net long-term outflows, largely driven by redemptions from a single US sub-advised client. Further, there was an unfavorable foreign exchange impact of $7.6 billion. However, these were partly offset by a rise in PowerShares QQQs and money market AUM.
Additionally, Invesco’s preliminary average total AUM for the quarter through Oct 31 was $813.8 billion, while preliminary average active AUM was $672.2 billion.
At the end of October, Invesco’s total Equity AUM decreased 2.9% from the prior month to $354.7 billion. Further, Fixed Income AUM of $205.8 billion inched down nearly 1% from the Sep 2016 level.
In addition, Balanced AUM came in at $47.4 billion, declining 3.1% from $48.9 billion recorded in Sep 2016. Also, Alternatives AUM dipped nearly 1% from the preceding month to $120.8 billion. Nonetheless, money market AUM was recorded at $78.8 billion, up 2.1% from the prior month.
Concurrently, Invesco provided an update on its accelerated share repurchase (ASR) program. Effective Nov 4, the company entered into ASR with Bank of America, N.A – a unit of Bank of America Corporation (BAC - Free Report) – to repurchase $150 million worth of shares. The final settlement is expected to occur by the end of this year.
Apart from Invesco, another investment manager, Franklin Resources Inc. (BEN - Free Report) , declared preliminary AUM of $723 billion by its subsidiaries for Oct 2016, a 1.4% decline from the prior month. Notably, Legg Mason, Inc. is expected to release preliminary AUM results for Oct 2016 in the coming days.
Currently, Invesco carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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