Invesco Ltd.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
IVZ$27.080.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-28.
0000914208-25-000144
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000914208-25-000262
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 201 previous paragraphs and 221 current paragraphs.
135 unchanged; 46 reworded; 38 added; 19 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 24 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (38)
Current report
Market volatility at the beginning of the second quarter of 2025 was pronounced; however, after a challenging start, markets ended the second quarter with strong momentum. Against this backdrop, our diversified platform, global scale, and breadth of products were integral to sustaining long-term organic inflows in the second quarter of 2025 and reaching a record $2 trillion in AUM.
Current report
We remain prudent and diligent in our approach to capital management. Our priorities are balanced with a focus on supporting future growth and maintaining the strength of our balance sheet, while returning excess cash to shareholders. In addition to paying a $0.21 dividend per common share during the second quarter of 2025, the company repurchased 1.7 million common shares for $25 million in the open market. Additionally, on May 16, 2025, we repurchased $1.0 billion of Invesco’s outstanding Series A preferred shares which was funded through $1.0 billion of floating rate 3-year and 5-year bank term loans. A premium of 15% was paid to MassMutual on the repurchase of the preferred shares which were otherwise noncallable until May 2040. We also amended and restated the $2.0 billion floating rate Revolving credit agreement, increasing the borrowing capacity to $2.5 billion and extending the expiration date from April 26, 2028 to May 16, 2030.
Current report
In line with our strategic priority to expand our private markets business, we recently announced a proposal, subject to the approval of fund shareholders, to add Barings (MassMutual's global asset management subsidiary) as a sub-advisor to an existing private credit fund we manage and MassMutual’s intention to invest $150 million into the fund. This represents the first tranche of our broader strategic product and distribution partnership with Barings which MassMutual intends to support with an initial investment totaling $650 million.
Current report
During the second quarter, we also announced a re-alignment within our fundamental equities capability and made changes to our Developing Markets and Global/International investment teams to better serve our clients’ interests. This reorganization is part of our ongoing efforts to strengthen our investment returns, elevate our top talent, and use our scale advantages to gain efficiencies.
Current report
For the three months ended June 30, 2025, Service and distribution fees were $363.8 million as compared to $361.6 million for the three months ended June 30, 2024.
Current report
For the six months ended June 30, 2025, Service and distribution fees were $734.7 million as compared to $738.6 million for the six months ended June 30, 2024.
Current report
Performance fees were $2.6 million and $6.1 million for the three and six months ended June 30, 2025, respectively, and were primarily generated from private markets products.
Current report
Performance fees were $8.7 million and $9.5 million for the three and six months ended June 30, 2024, respectively, and were primarily generated from private markets products.
Current report
For the three months ended June 30, 2025, Other revenues were $48.2 million as compared to $47.2 million for the three months ended June 30, 2024.
Current report
Net revenues from IGW were $157.4 million and average AUM was $98.1 billion for the six months ended June 30, 2025 (Net revenues were $160.8 million and average AUM was $85.6 billion for the six months ended June 30, 2024).
Current report
Management and Performance fees earned from CIP were $10.6 million for the three months ended June 30, 2025 (three months ended June 30, 2024: $11.8 million).
Current report
Management and Performance fees earned from CIP were $20.9 million for the six months ended June 30, 2025 (six months ended June 30, 2024: $19.0 million).
Current report
During the six months ended June 30, 2025, Operating expenses increased $14.5 million compared to the six months ended June 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $6.5 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Current report
Third-party distribution, service and advisory expenses were $500.7 million for the three months ended June 30, 2025 as compared to $495.4 million for the three months ended June 30, 2024. The increase was primarily due to the impact of foreign exchange rate movements.
Current report
Employee compensation was $510.4 million for the three months ended June 30, 2025 as compared to $452.3 million for the three months ended June 30, 2024. The impact of foreign exchange rate movements increased Employee compensation by $6.6 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. After allowing for foreign exchange rate changes, there was an increase of $51.5 million in Employee compensation expenses which was primarily due to a $22.4 million increase in expense related to the mark-to-market on deferred compensation liabilities, $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams, and an increase in variable compensation and staff costs of $12.2 million.
Current report
Employee compensation was $975.0 million for the six months ended June 30, 2025 as compared to $925.0 million for the six months ended June 30, 2024. The increase was primarily due to $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams and an increase in variable compensation and staff costs of $33.1 million.
Current report
Marketing expenses were $23.1 million for the three months ended June 30, 2025 as compared to $20.6 million for the three months ended June 30, 2024.
Current report
Marketing expenses were $40.1 million for the six months ended June 30, 2025 as compared to $38.7 million for the six months ended June 30, 2024.
Current report
Property, office and technology expenses were $118.2 million for the three months ended June 30, 2025 as compared to $116.4 million for the three months ended June 30, 2024. The increase included an $8.0 million software impairment related to a strategic change to the company's fixed income investment platform, partially offset by a decrease in other technology costs.
Current report
General and administrative expenses were $139.2 million for the three months ended June 30, 2025 as compared to $180.4 million for the three months ended June 30, 2024. The decrease was primarily due to the expense related to the accrual of a $50 million liability related to the settlement of certain regulatory matters in the second quarter of 2024, partially offset by higher professional fees.
Current report
General and administrative expenses were $276.5 million for the six months ended June 30, 2025 as compared to $318.9 million for the six months ended June 30, 2024. The decrease was primarily due to the expense related to the accrual of a $50 million liability related to the settlement of certain regulatory matters in the second quarter of 2024.
Current report
Equity in earnings of unconsolidated affiliates increased to $44.6 million for the six months ended June 30, 2025 as compared to $20.8 million for the six months ended June 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Current report
Interest and dividend income was $10.5 million for the three months ended June 30, 2025 as compared to $11.0 million for the three months ended June 30, 2024.
Current report
Interest and dividend income was $21.8 million for the six months ended June 30, 2025 as compared to $23.4 million for the six months ended June 30, 2024.
Current report
Interest expense was $20.7 million for the three months ended June 30, 2025 as compared to $16.3 million for the three months ended June 30, 2024. The second quarter of 2025 includes interest expense related to the new bank term loans entered into on May 16, 2025.
Current report
Interest expense was $33.8 million for the six months ended June 30, 2025 as compared to $32.2 million for the six months ended June 30, 2024.
Current report
Other gain and losses, net was a gains of $35.4 million for the six months ended June 30, 2025 as compared to a net gain of $39.5 million for the six months ended June 30, 2024. The net gains for the six months ended June 30, 2025 included net market gains of $27.9 million on deferred compensation related investments and hedging instruments and $11.5 million on other investments.
Current report
For the three months ended June 30, 2025, Other income/(expense) of CIP, net was a net loss of $14.3 million (three months ended June 30, 2024: net income of $40.9 million). Interest and dividend income of CIP decreased $46.0 million to $124.2 million (three months ended June 30, 2024: $170.2 million). Interest expense of CIP decreased $14.8 million to $104.9 million
Current report
Our effective tax rate increased to 25.0% for the six months ended June 30, 2025 (six months ended June 30, 2024: 24.4%).
Current report
On July 4, 2025, the U.S. enacted H.R. 1, commonly referred to as the One Big Beautiful Bill Act of 2025, which includes changes to certain U.S. tax laws. The company is currently evaluating the effects of the legislation but does not expect it to have a material impact.
Current report
(6) Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. The company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar reorganization related charges.
Current report
(7) Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed the expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS as this will aid comparability of our results period to period.
Current report
(8) General and administrative: In 2024, the company removed the expense related to the settlement of regulatory matters. Due to the non-recurring nature of this item, the company removed this expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.
Current report
(12) Repurchase of preferred stock: In the second quarter of 2025, the company repurchased $1.0 billion of the company’s outstanding Series A Preferred Stock held by MassMutual. The company removed the costs associated with the repurchase from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar repurchase related charges.
Current report
(3) Amounts also include Cash and cash equivalents and Accounts receivable of CIP.
Current report
The Revolving credit agreement was amended and restated on May 16, 2025 increasing borrowing capacity from $2.0 billion to $2.5 billion and extending the expiration date from April 26, 2028 to May 16, 2030. As of June 30, 2025, the balance on the Revolving credit agreement was zero.
Current report
Preferred Stock Repurchase
Current report
During the three months ended June 30, 2025, the company repurchased $1.0 billion of the $4.0 billion outstanding Series A Preferred Stock held by MassMutual for $1.15 billion.
Removed paragraphs (19)
Previous report
We continue to be highly focused on our capital deployment priorities including investing in our growth initiatives, regular share repurchases, and modest dividend increases. To this end, the Board approved an increase in our quarterly dividend from $0.205 to $0.21 per share beginning with the dividend that will be paid to holders of common shares in the second quarter of 2025. Additionally, during the first quarter of 2025, the company repurchased 1.5 million common shares for $25 million in the open market.
Previous report
We are delivering on our commitment to improve our leverage profile and maintain a strong balance sheet. On April 21, 2025, we entered into an agreement with MassMutual to repurchase $1 billion of Invesco’s $4 billion of outstanding Series A Preferred Stock for cash, which is expected to be funded through $1 billion of floating rate 3-year and 5-year bank term loans. A premium of 15% will be paid to MassMutual on the repurchase of the preferred stock. The repurchase is expected to occur in May 2025. The repurchase of the preferred stock, which was otherwise noncallable until May 2040, will enable us to further enhance our leverage profile and increase balance sheet flexibility.
Previous report
One of our strategic priorities is expanding our private markets business. With that goal in mind, we recently announced a new strategic product and distribution partnership agreement for U.S. Wealth channels with Barings (MassMutual's global asset management subsidiary), bringing together our unique private market capabilities. MassMutual intends to support this initiative with a $650 million initial investment.
Previous report
Global markets have experienced significant volatility, largely driven by escalating trade tensions throughout April 2025. Overall, the global economic outlook remains uncertain and geopolitical risks are continuing to shape market dynamics. With the breadth and scale of our products delivered through a diverse and global footprint, we believe we are well-positioned to navigate these changing market conditions.
Previous report
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains four distinct sections, which follow the AUM discussion:
Previous report
•Results of Operations (three months ended March 31, 2025 compared tothree months ended March 31, 2024);
Previous report
•Balance Sheet Discussion; and
Previous report
For the three months ended March 31, 2025, Service and distribution fees were $370.9 million as compared to $377.0 million for the three months ended March 31, 2024. The decrease was primarily driven by lower administrative fees of $23.5 million resulting from lower fund-related service fees partially offset by higher distribution fees of $14.8 million resulting from higher average AUM to which the fees apply.
Previous report
For the three months ended March 31, 2025, Performance fees were $3.5 million as compared to $0.8 million for three months ended March 31, 2024.
Previous report
Management and Performance fees earned from CIP were $10.3 million for the three months ended March 31, 2025 (three months ended March 31, 2024: $7.2 million).
Previous report
Employee compensation was $464.6 million for the three months ended March 31, 2025 as compared to $472.7 million for the three months ended March 31, 2024. This decrease was primarily due to a decrease in expense related to common share-based awards and other long-term awards (collectively, Long-term awards).
Previous report
Marketing expenses were $17.0 million for the three months ended March 31, 2025 as compared to $18.1 million for the three months ended March 31, 2024.
Previous report
General and administrative expenses were $137.3 million for the three months ended March 31, 2025 as compared to $138.5 million for the three months ended March 31, 2024.
Previous report
Interest and dividend income was $11.3 million for the three months ended March 31, 2025 as compared to $12.4 million for the three months ended March 31, 2024.
Previous report
Interest expense was $13.1 million for the three months ended March 31, 2025 as compared to $15.9 million for the three months ended March 31, 2024.
Previous report
Schedule of Non-GAAP Information
Previous report
(3) Amounts include Cash and cash equivalents of CIP.
Previous report
Liquidity and Capital Resources
Previous report
(1) As of March 31, 2025, the balance on the$2.0 billion capacity Revolving credit agreement was $74.0 million.
Reworded paragraphs (46)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Previous wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2025 and 2024:
Current wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and six months ended June 30, 2025 and 2024:
Previous wording
Summary operating information for three months ended March 31, 2025 and 2024 is presented in the table below:
Current wording
Summary operating information for three and six months ended June 30, 2025 and 2024 is presented in the table below:
Previous wording
AUM measured in the one, three and five year quartile rankings represents 38%, 38% and 38% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 49%, 48%, and 46% of total Invesco AUM as of 3/31/2025. Peer group rankings are sourced from a widely-used third-party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.
Current wording
AUM measured in the one, three and five year quartile rankings represents 37%, 37% and 37% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 47%, 46%, and 45% of total Invesco AUM as of 6/30/2025. Peer group rankings are sourced from a widely-used third-party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.
Previous wording
(1)U.S. GAAP Gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding Invesco Great Wall Fund Management Company Limited (Invesco Great Wall or IGW) AUM. The average AUM for IGW in the three months ended March 31, 2025 was $96.5 billion (three months ended March 31, 2024: $83.7 billion). It is appropriate to exclude the average AUM of IGW as the revenues resulting from these AUM are not presented in our Operating revenues. The U.S. GAAP Gross revenue yield is not a good measure because the numerator excludes the management fees earned from CIP; however, the denominator of the measure includes the AUM of these investment products. Net revenue yield metrics include the Net revenues and Average AUM of IGW and CIP. See “Schedule of Non-GAAP Information” for a reconciliation of Operating revenues to Net revenues.
Current wording
(1)U.S. GAAP Gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding Invesco Great Wall Fund Management Company Limited (Invesco Great Wall or IGW) AUM. The average AUM for IGW in the three and six months ended June 30, 2025 was $99.7 billion and 98.1 billion (three and six months ended June 30, 2024: $87.4 billion and 85.6 billion). It is appropriate to exclude the average AUM of IGW as the revenues resulting from these AUM are not presented in our Operating revenues. The U.S. GAAP Gross revenue yield is not a good measure because the numerator excludes the management fees earned from CIP; however, the denominator of the measure includes the AUM of these investment products. Net revenue yield metrics include the Net revenues and Average AUM of IGW and CIP. See “Schedule of Non-GAAP Information” for a reconciliation of Operating revenues to Net revenues.
Previous wording
Market gains and losses include the net change in AUM resulting from changes in market values of the underlying securities from period to period. The table in the “Executive Overview” section of this Management’s Discussion and Analysis summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2025 and 2024.
Current wording
Market gains and losses include the net change in AUM resulting from changes in market values of the underlying securities from period to period. The table in the “Executive Overview” section of this Management’s Discussion and Analysis summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and six months ended June 30, 2025 and 2024.
Previous wording
During the three months ended March 31, 2025, we experienced an increase in AUM of $7.4 billion, due to changes in foreign exchange rates (three months ended March 31, 2024, AUM decreased by $8.2 billion).
Current wording
During the three and six months ended June 30, 2025, we experienced an increase in AUM of $14.0 billion and $21.4 billion, due to changes in foreign exchange rates (three and six months ended June 30, 2024, AUM decreased by $3.9 billion and 12.1 billion).
Previous wording
Results of Operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024
Current wording
Results of Operations for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
Previous wording
Our revenues are directly influenced by the level and composition of our AUM. Therefore, movements in global capital market levels, net inflows (or outflows), and changes in the mix of investment products between and within asset classes and geographies may materially affect our revenues from period to period. See the company’s disclosures regarding the changes in AUM during the three months ended March 31, 2025 and March 31, 2024 in the “Assets Under Management” section above for additional information.
Current wording
Our revenues are directly influenced by the level and composition of our AUM. Therefore, movements in global capital market levels, net inflows (or outflows), and changes in the mix of investment products between and within asset classes and geographies may materially affect our revenues from period to period. See the company’s disclosures regarding the changes in AUM during the three and six months ended June 30, 2025 and June 30, 2024 in the “Assets Under Management” section above for additional information. In addition, as fee rates differ across geographic locations, changes to the mix of AUM between geographies and exchange rates have an impact on revenues and net revenue yields.
Previous wording
Average AUM were $1,880.8 billion for the three months ended March 31, 2025 as compared to $1,613.0 billion for the three months ended March 31, 2024. As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields. Due to this change in the mix of AUM, net revenue yield excluding performance fees and Invesco QQQ Trust declined to 28.3 basis points (bps) for the three months ended March 31, 2025 from 30.7 bps for the three months ended March 31, 2024.
Current wording
Average AUM were $1,889.1 billion for the six months ended June 30, 2025 as compared to $1,641.2 billion for the six months ended June 30, 2024. As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields. In addition, the impact of market volatility in the beginning of the second quarter of 2025 also negatively impacted our AUM and net revenues. As a result, net revenue yield excluding performance fees and Invesco QQQ Trust declined to 28.1 basis points (bps) for the six months ended June 30, 2025 from 30.5 bps for the six months ended June 30, 2024.
Previous wording
Investment management fees were $1,100.3 million for the three months ended March 31, 2025 as compared to $1,048.7 million for the three months ended March 31, 2024. The impact of foreign exchange rate movements decreased investment management fees by $8.3 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. After allowing for foreign exchange movements, investment management fees increased by $59.9 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. See discussion above on how AUM changes impact our Investment management fees.
Current wording
Investment management fees were $1,100.9 million for the three months ended June 30, 2025 as compared to $1,065.8 million for the three months ended June 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $15.1 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $20.0 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. See discussion above on how AUM changes impact our Investment management fees.
Previous wording
For the three months ended March 31, 2025, Other revenues were $54.5 million as compared to $48.8 million for the three months ended March 31, 2024. The increase in Other revenues was primarily driven by higher transaction fees.
Current wording
For the six months ended June 30, 2025, Other revenues were $102.7 million as compared to $96.0 million for the six months ended June 30, 2024. The increase in Other revenues was primarily driven by higher transaction fees.
Previous wording
Net revenues from IGW were $78.2 million and average AUM was $96.5 billion for the three months ended March 31, 2025 (Net revenues were $74.7 million and average AUM was $83.7 billion for the three months ended March 31, 2024). The increase in IGW revenues was primarily driven by higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix.
Current wording
Net revenues from IGW were $79.2 million and average AUM was $99.7 billion for the three months ended June 30, 2025 (Net revenues were $86.1 million and average AUM was $87.4 billion for the three months ended June 30, 2024). The decrease in IGW revenues was primarily due to lower performance fees.
Previous wording
During the three months ended March 31, 2025, Operating expenses decreased $10.3 million compared to the three months ended March 31, 2024. The impact of foreign exchange rate movements decreased operating expenses by $8.9 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Current wording
During the three months ended June 30, 2025, Operating expenses increased $24.8 million compared to the three months ended June 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $15.5 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Previous wording
Third-party distribution, service and advisory expenses were $509.0 million for the three months ended March 31, 2025 as compared to $504.0 million for the three months ended March 31, 2024. The increase was due to higher average AUM partially offset by a decrease in pass-through Service and distribution fees resulting from lower fund costs.
Current wording
Third-party distribution, service and advisory expenses were $1,009.7 million for the six months ended June 30, 2025 as compared to $999.4 million for the six months ended June 30, 2024. The increase was primarily due to higher average AUM, partially offset by a decrease in pass-through Service and distribution fees resulting from lower fund costs.
Previous wording
Headcount at March 31, 2025 was 8,495 (March 31, 2024: 8,527).
Current wording
Headcount at June 30, 2025 was 8,407 (June 30, 2024: 8,536).
Previous wording
Property, office and technology expenses were $113.9 million for the three months ended March 31, 2025 as compared to $117.6 million for the three months ended March 31, 2024.
Current wording
Property, office and technology expenses were $232.1 million for the six months ended June 30, 2025 as compared to $234.0 million for the six months ended June 30, 2024.
Previous wording
Equity in earnings of unconsolidated affiliates increased to $19.6 million for the three months ended March 31, 2025 as compared to $6.9 million for the three months ended March 31, 2024. The increase was primarily due to higher earnings from our private markets investments.
Current wording
Equity in earnings of unconsolidated affiliates increased to $25.0 million for the three months ended June 30, 2025 as compared to $13.9 million for the three months ended June 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Previous wording
Other gain and losses, net was a loss of $24.3 million for the three months ended March 31, 2025 as compared to a net gain of $35.9 million for the three months ended March 31, 2024. The net loss for the three months ended March 31, 2025 included net market losses on deferred compensation related investments, other hedging instruments, and seed capital investments.
Current wording
Other gain and losses, net was a gain of $59.7 million for the three months ended June 30, 2025 as compared to a net gain of $3.6 million for the three months ended June 30, 2024. The net gain for the three months ended June 30, 2025 included net market gains of $48.2 million on deferred compensation related investments and hedging instruments and $11.5 million on other investments.
Previous wording
For the three months ended March 31, 2025, Other income/(expense) of CIP, net was net income of $74.1 million (three months ended March 31, 2024: net income of $30.5 million). Interest and dividend income of CIP increased $49.3 million to $129.4 million (three months ended March 31, 2024: $80.1 million). Interest expense of CIP increased $52.5 million to $99.7 million (three months ended March 31, 2024: $47.2 million). Unrealized gains/(losses) of CIP were a net gain of $44.4 million (three months ended March 31, 2024: net losses of $2.4 million).
Current wording
For the six months ended June 30, 2025, Other income/(expense) of CIP, net was net income of $59.8 million (six months ended June 30, 2024: net income of $71.4 million). Interest and dividend income of CIP increased $3.3 million to $253.6 million (six months ended June 30, 2024: $250.3 million). Interest expense of CIP increased $37.7 million to $204.6 million (six months ended June 30, 2024: $166.9 million). Unrealized gains/(losses) of CIP were a net gain of $10.8 million (six months ended June 30, 2024: net losses of $12.0 million).
Previous wording
The adjustment to Net income for the Net income/(loss) attributable to noncontrolling interests in consolidated entities removes the income/(expense) of CIP which is attributable to third-party investors. Therefore, the consolidation of investment products did not have an impact on Net income attributable to Invesco for the three months ended March 31, 2025 and 2024. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, a tax provision is not reflected in the net impact of CIP.
Current wording
The adjustment to Net income for the Net income/(loss) attributable to noncontrolling interests in consolidated entities removes the income/(expense) of CIP which is attributable to third-party investors. Therefore, the consolidation of investment products did not have an impact on Net income attributable to Invesco for the six months ended June 30, 2025 and 2024. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, a tax provision is not reflected in the net impact of CIP.
Previous wording
Our effective tax rate decreased to 22.5% for the three months ended March 31, 2025 (three months ended March 31, 2024: 24.3%). The decrease in the effective tax rate in the first quarter of 2025 was primarily due to the favorable impact of the increase in net income attributable to non-controlling interests in consolidated entities and the favorable resolution of certain tax matters which was partially offset by the unfavorable impact of the change in the mix of income across tax jurisdictions.
Current wording
Our effective tax rate increased to 28.1% for the three months ended June 30, 2025 (three months ended June 30, 2024: 24.6%). The increase in the effective tax rate in the second quarter of 2025 was primarily due to tax rate changes in the jurisdictions in which we operate and the unfavorable impact of the change in the mix of income across tax jurisdictions.
Previous wording
Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco:
Current wording
Reconciliation of Net income/(loss) attributable to Invesco to Adjusted net income attributable to Invesco:
Previous wording
Cash and cash equivalents decreased by $164.8 million from $986.5 million at December 31, 2024 to $821.7 million at March 31, 2025. See “Cash Flows Discussion” below within this Management’s Discussion and Analysis for additional discussion regarding the movements in cash flows during the period.
Current wording
Cash and cash equivalents decreased by $63.8 million from $986.5 million at December 31, 2024 to $922.7 million at June 30, 2025. See “Cash Flows Discussion” below within this Management’s Discussion and Analysis for additional discussion regarding the movements in cash flows during the period.
Previous wording
As of March 31, 2025, and December 31, 2024 the company had $1,063.8 million and $1,125.6 million in seed capital and co-investments, respectively, including direct investments in CIP. Total seed capital and co-investments is presented as a helpful measure for investors and represents our total net investment interest including our investment in CIP. The following table reconciles the investments balance to the total seed capital and co-investment balance.
Current wording
As of June 30, 2025 and December 31, 2024, the company had $1,035.9 million and $1,125.6 million in seed capital and co-investments, respectively, including direct investments in CIP. The following table reconciles the Investments balance to the total seed capital and co-investment balance.
Previous wording
(1) Included in the total seed capital and co-investments balance as of March 31, 2025 is $377.9 million of seed capital and $685.9 million of co-investments (December 31, 2024: $414.0 million of seed capital and $711.6 million of co-investments).
Current wording
(1) Included in the total seed capital and co-investments balance as of June 30, 2025 is $396.6 million of seed capital and $639.3 million of co-investments (December 31, 2024: $414.0 million of seed capital and $711.6 million of co-investments).
Previous wording
Goodwill and intangible assets, net increased from $14,067.4 million at December 31, 2024, to $14,119.6 million at March 31, 2025. The increase includes foreign exchange impacts of $62.3 million offset by amortization of $10.1 million. If our revenue and operating income are adversely impacted by unfavorable market conditions or if there is a significant decline in our stock price for an extended period of time, an impairment of goodwill and intangible assets may occur in future periods.
Current wording
Goodwill and intangible assets, net increased from $14,067.4 million at December 31, 2024 to $14,334.6 million at June 30, 2025. The increase includes foreign exchange impacts of $287.0 million, partially offset by amortization of $19.8 million. Unfavorable changes in market conditions could result in an impairment of our goodwill and/or intangible assets. A goodwill impairment may be triggered by a significant decline in our revenue and operating income or a sustained decrease in our stock price. An impairment of our intangible assets may occur if there is a significant decline in the revenue generated from the acquired management contracts associated with the intangible asset.
Previous wording
Our capital management priorities have evolved with the growth and success of our business and include, in no particular order of priority: reinvestment in the business, maintaining a strong balance sheet and returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the three months ended March 31, 2025, the company repurchased 1.5 million common shares for $25 million in the open market.
Current wording
Our capital management priorities have evolved with the growth and success of our business and include, in no particular order of priority: reinvestment in the business, maintaining a strong balance sheet and returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the six months ended June 30, 2025, the company repurchased 3.2 million common shares for $50 million in the open market. Additionally, on May 16, 2025, the company repurchased $1.0 billion of the $4.0 billion of outstanding Series A Preferred Stock held by MassMutual. The repurchase was funded through $1.0 billion of floating rate 3-year and 5-year bank term loans.
Previous wording
Our capital process is executed in a manner consistent with our desire to maintain strong, investment grade credit ratings. As of the date of our filing, Invesco held credit ratings of BBB+/Stable, A3/Stable and A/Stable from Standard & Poor’s (S&P) Ratings Service, Moody’s Investor Services and Fitch Ratings, respectively.
Current wording
Our capital management process is executed in a manner consistent with our desire to maintain strong, investment grade credit ratings. As of the date of our filing, Invesco held credit ratings of BBB+/Stable, A3/Stable and A/Stable from Standard & Poor’s (S&P) Ratings Service, Moody’s Investor Services and Fitch Ratings, respectively.
Previous wording
We are in compliance with all regulatory minimum net capital requirements. As of March 31, 2025, the company’s minimum regulatory capital requirement was $333.5 million (December 31, 2024: $324.9 million).
Current wording
We are in compliance with all regulatory minimum net capital requirements. As of June 30, 2025, the company’s minimum regulatory capital requirement was $360.8 million (December 31, 2024: $324.9 million).
Previous wording
The consolidation of $9,620.9 million of assets and $6,945.2 million of debt of CIP as of March 31, 2025, respectively, did not impact the company’s liquidity and capital resources. See Part I, Item 1, Financial Statements - Note 11, “Consolidated Investment Products,” for additional details.
Current wording
The consolidation of $9,673.9 million of assets and $6,784.6 million of debt of CIP as of June 30, 2025, respectively, did not impact the company’s liquidity and capital resources. See Part I, Item 1, Financial Statements - Note 11, “Consolidated Investment Products,” for additional details.
Previous wording
Cash outflows for the three months ended March 31, 2025, excluding the impact of the consolidation of CIP, was primarily driven by net outflows from changes in receivables and other assets and payables and other liabilities due to timing of receipts and payments, including annual compensation payments made in the first quarter of each year.
Current wording
Cash inflows for the six months ended June 30, 2025, excluding the impact of the consolidation of CIP, was partially offset by net outflows from changes in payables and receivables due to timing of payments and receipts.
Previous wording
Cash inflows for the three months ended March 31, 2025, excluding the impact of the consolidation of CIP, included proceeds of $89.9 million from Capital distributions from equity method investees (three months ended March 31, 2024: $6.9 million) which were partially offset by Purchase of investments of $28.7 million (three months ended March 31, 2024: $36.5 million purchases). In addition, the company had capital expenditures of $23.4 million for the three months ended March 31, 2025 which included facility costs related to our move to our new London office (three months ended March 31, 2024: $21.0 million).
Current wording
Cash inflows for the six months ended June 30, 2025, excluding the impact of the consolidation of CIP, included proceeds of $127.3 million from Capital distributions from equity method investees (six months ended June 30, 2024: $124.7 million) which were partially offset by Purchase of investments of $46.8 million (six months ended June 30, 2024: $46.0 million purchases). In addition, the company had capital expenditures of $40.9 million for the six months ended June 30, 2025 which included investment in technology projects and facility costs related to our move to our new London office (six months ended June 30, 2024: $47.7 million).
Previous wording
Financing cash outflows during the three months ended March 31, 2025, excluding the impact of the consolidation of CIP, included $92.5 million of common dividend payments for the dividends declared in January (three months ended March 31, 2024: common dividends paid of $90.2 million), $59.2 million of preferred dividend payments for dividends declared in January (three months ended March 31, 2024: $59.2 million) and the payment of $17.9 million to meet employees’ withholding tax obligations on common share vestings (three months ended March 31, 2024: $20.4 million). Financing cash outflows for the three months ended March 31, 2025 also included purchases of common shares through the open market of $25.2 million (three months ended March 31, 2024: none). In addition, the company had net borrowings on the Revolving credit agreement of $74.0 million for the three months ended March 31, 2025 (three months ended March 31, 2024: $367.6 million ). In addition, the three months ended March 31, 2024 also included a $600.0 million redemption of our senior notes.
Current wording
Financing cash outflows during the six months ended June 30, 2025, excluding the impact of the consolidation of CIP, included net cash inflows of $992.7 million related to the new bank term loans and cash outflows of $1.0 billion to repurchase the company’s Series A Preferred Stock. Financing cash outflows for the six months ended June 30, 2025 also included the $150.0 million premium paid on the repurchase of Series A Preferred Stock, $187.7 million of common dividend payments for the dividends declared in January and April (six months ended June 30, 2024: common dividends paid of $183.4 million), $115.8 million of preferred dividend payments for dividends declared in January and April (six months ended June 30, 2024: $118.4 million), the payment of $18.6 million to meet employees’ withholding tax obligations on common share vestings (six months ended June 30, 2024: $23.1 million) and purchases of common shares through the open market of $50.0 million (six months ended June 30, 2024: none). The six months ended June 30, 2024 also included a $600.0 million redemption of our senior notes.
Previous wording
On April 21, 2025, the company declared a first quarter 2025 cash dividend of $0.21 per common share to the holders of common shares. The dividend is payable on June 3, 2025, to common shareholders of record at the close of business on May 14, 2025, with an ex-dividend date of May 14, 2025.
Current wording
On July 21, 2025, the company declared a second quarter 2025 cash dividend of $0.21 per common share to the holders of common shares. The dividend is payable on September 2, 2025, to common shareholders of record at the close of business on August 14, 2025, with an ex-dividend date of August 14, 2025.
Previous wording
On April 21, 2025, the company declared a preferred dividend of $14.75 per preferred share, representing the period from March 1, 2025 through May 31, 2025. The preferred dividend is payable on June 2, 2025. The preferred dividend will be prorated for the period the $1 billion of repurchased preferred stock is outstanding.
Current wording
On July 21, 2025, the company declared a preferred dividend of $14.75 per preferred share, representing the period from June 1, 2025 through August 31, 2025. The preferred dividend is payable on September 1, 2025.
Previous wording
During the three months ended March 31, 2025 the company repurchased 1.5 million common shares for $25 million in the open market (three months ended March 31, 2024: none). At March 31, 2025, approximately $307.2 million remains available under the share repurchase authorizations approved by the Board on July 22, 2016.
Current wording
During the three months ended June 30, 2025, the company repurchased 1.7 million common shares for $25 million in the open market; during the six months ended June 30, 2025, the company repurchased 3.2 million common shares for $50 million in the open market (three and six months ended June 30, 2024: none). At June 30, 2025, approximately $282.2 million remains available under the share repurchase authorizations approved by the Board on July 22, 2016.
Previous wording
The carrying value of our debt at March 31, 2025 was $964.8 million (December 31, 2024: $890.6 million). See Part I, Item 1, Financial Statements - Note 4, "Debt," for additional disclosures.
Current wording
The carrying value of our debt at June 30, 2025 was $1,883.9 million (December 31, 2024: $890.6 million). See Part I, Item 1, Financial Statements - Note 4, "Debt," for additional disclosures.
Previous wording
For the three months ended March 31, 2025, the company’s weighted average cost of debt was 4.53% (three months ended March 31, 2024: 4.90%).
Current wording
For the six months ended June 30, 2025, the company’s weighted average cost of debt was 4.71% (six months ended June 30, 2024: 4.79%).
Previous wording
Financial covenants under the Revolving credit agreement include: (i) the quarterly maintenance of an Adjusted debt/Earnings before income tax, depreciation, amortization, interest expense, common share-based compensation expense, unrealized (gains)/losses from investments, net, and unusual or otherwise non-recurring gains and losses (Covenant Adjusted EBITDA) leverage ratio, as defined in the Revolving credit agreement, of not greater than 3.25:1.00, (ii) an interest coverage ratio (Covenant Adjusted EBITDA/interest expense for the four consecutive fiscal quarters ended before the date of determination) of not less than 4.00:1.00. As of March 31, 2025, we were in compliance with our financial covenants. At March 31, 2025, our leverage ratio was 0.30:1.00 (December 31, 2024: 0.25:1.00), and our interest coverage ratio was 29.39:1.00 (December 31, 2024: 26.84:1.00).
Current wording
Financial covenants under the Revolving credit agreement and Term loan agreement (collectively, Credit agreements) include: (i) the quarterly maintenance of an Adjusted debt/Earnings before income tax, depreciation, amortization, interest expense, common share-based compensation expense, unrealized (gains)/losses from investments, net, and unusual or otherwise non-recurring gains and losses (Covenant Adjusted EBITDA) leverage ratio, as defined in the Credit agreements, of not greater than 3.25:1.00, (ii) an interest coverage ratio (Covenant Adjusted EBITDA/interest expense for the four consecutive fiscal quarters ended before the date of determination) of not less than 4.00:1.00. As of June 30, 2025, we were in compliance with our financial covenants. At June 30, 2025, our leverage ratio was 0.83:1.00 (December 31, 2024: 0.25:1.00), and our interest coverage ratio was 26.69:1.00 (December 31, 2024: 26.84:1.00).
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Investment management fees were $2,201.2 million for the six months ended June 30, 2025 as compared to $2,114.5 million for the six months ended June 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $6.8 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $79.9 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. See discussion above on how AUM changes impact our Investment management fees.
Current report — wording carried from elsewhere
(three months ended June 30, 2024: $119.7 million). Unrealized gains/(losses) of CIP were a net loss of $33.6 million (three months ended June 30, 2024: net losses of $9.6 million).
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In addition, as fee rates differ across geographic locations, changes to the mix of AUM between geographies and exchange rates have an impact on revenues and net revenue yields.