Q2 2024 Invesco Ltd Earnings Call Transcript
Key Points
- Invesco Ltd (IVZ) achieved $16.7 billion in net long-term flows, marking a 6% annualized organic growth rate, the best quarter in over two years.
- The company ended the quarter with over $1.7 trillion in AUM, up 12% from the prior year, reaching a record high.
- Invesco Ltd (IVZ) generated positive operating leverage with revenues up over 3% from the first quarter and expanded its operating margin by over 270 basis points to 30.9%.
- The ETF franchise recorded $12.8 billion in net long-term inflows, representing a 13% annual organic growth rate, with a record high of $415 billion in long-term ETF AUM.
- The company saw exceptionally strong net long-term inflows of $6.7 billion in assets managed in the Asia Pacific region, led by its China JV.
- The market environment remained choppy, with general uncertainty and continued higher interest rates impacting client investment behavior and business results.
- The S&P 500 equal-weighted index declined by 3% in the quarter, indicating narrow market returns.
- Equity returns outside the US were mixed, with Europe down 1% and the Bloomberg Global AG index declining by 1% in the quarter.
- Invesco Ltd (IVZ) experienced $6.3 billion in fundamental equity net outflows during the quarter.
- The company continues to face pressure on active fundamental equity flows, although net outflows have slowed compared to previous quarters.
Welcome to Invesco's second quarter earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.
Now I'd like to turn today's call over to Mr. Greg Ketron, Invesco's Head of Investor Relations. Thank you. You may begin.
Thanks, operator. And to all of you joining us on Invesco's quarterly earnings call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address. The press release and presentation are available on our website invesco.com. This information can be found by going to the Investor Relations section of the website.
Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slide 2 of the presentation regarding these statements and measures as well as the appendix for the appropriate reconciliations to GAAP.
Finally, Invesco is not responsible for and does not edit nor guarantee the accuracy of our earnings
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