Invesco Ltd.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 4, 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 2025-06-30; filed 2025-08-01.
0000914208-25-000262
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000914208-25-000366
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 221 previous paragraphs and 220 current paragraphs.
141 unchanged; 60 reworded; 18 added; 17 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 33 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 (18)
Current report
Financial markets ended the third quarter with strong momentum as key indices reached new highs. This favorable environment broadened investor demand across product lines, culminating in $2.1 trillion in AUM in the third quarter of 2025 with net long-term inflows of $28.9 billion - an annualized organic growth rate of 7.9%.
Current report
During the third quarter of 2025, we entered into an agreement to sell intelliflo, our cloud-based practice management software business. The sale is expected to close in the fourth quarter. Additionally, on October 31, 2025, we completed the sale of 60% of our interest in our wholly owned subsidiary, Invesco Asset Management (India) Private Limited, to IndusInd International Holdings Limited.
Current report
For the nine months ended September 30, 2025, Service and distribution fees were $1,135.4 million as compared to $1,098.9 million for the nine months ended September 30, 2024. The increase was primarily driven by higher distribution fees of $59.5 million resulting from higher average AUM, partially offset by lower administrative fees of $24.5 million resulting from lower fund-related service fees.
Current report
Management and Performance fees earned from CIP were $30.8 million for the nine months ended September 30, 2025 (nine months ended September 30, 2024: $30.6 million).
Current report
Third-party distribution, service and advisory expenses were $1,568.0 million for the nine months ended September 30, 2025 as compared to $1,499.0 million for the nine months ended September 30, 2024. The increase was due to an increase in Investment management fees and pass-through Service and distribution costs resulting from higher average AUM.
Current report
Employee compensation was $521.6 million for the three months ended September 30, 2025 as compared to $625.4 million for the three months ended September 30, 2024. The decrease was primarily due to a one-time acceleration of $147.6 million in expense during the third quarter of 2024 resulting from changes to the retirement criteria for vesting of outstanding common share-based awards and other long-term awards (collectively, Long-term awards), partially offset by higher benefits and other compensation costs of $13.9 million and higher variable compensation costs of $29.2 million primarily driven by improved operating results.
Current report
Marketing expenses were $20.1 million for the three months ended September 30, 2025 as compared to $18.9 million for the three months ended September 30, 2024.
Current report
Marketing expenses were $60.2 million for the nine months ended September 30, 2025 as compared to $57.6 million for the nine months ended September 30, 2024.
Current report
Property, office and technology expenses were $109.2 million for the three months ended September 30, 2025 as compared to $119.0 million for the three months ended September 30, 2024. The decrease was due to lower property and office costs of $5.2 million as well as lower technology costs of $4.6 million.
Current report
General and administrative expenses were $151.3 million for the three months ended September 30, 2025 as compared to $140.8 million for the three months ended September 30, 2024. The increase was primarily due to higher costs of $14.6 million related to newly launched CIP, partially offset by lower professional fees.
Current report
Interest and dividend income was $32.3 million for the nine months ended September 30, 2025 as compared to $34.3 million for the nine months ended September 30, 2024.
Current report
Interest expense was $59.5 million for the nine months ended September 30, 2025 as compared to $45.6 million for the nine months ended September 30, 2024. The nine months ended September 30, 2025 includes interest expense related to the new bank term loans entered into on May 16, 2025.
Current report
Other gain and losses, net was a loss of $0.8 million for the three months ended September 30, 2025 as compared to a net gain of $28.3 million for the three months ended September 30, 2024. The net loss for the three months ended September 30, 2025 was primarily driven by a $35.9 million non-cash impairment charge due to the reclassification of our intelliflo business to held for sale related to the previously announced agreement to sell the business which is expected to close in the fourth quarter. This was partially offset by net market gains of $32.6 million on deferred compensation related investments, hedging instruments, and seed capital investments.
Current report
Our effective tax rate decreased to (2.8)% for the three months ended September 30, 2025 (three months ended September 30, 2024: 28.6%). The decrease in the effective tax rate for the three months ended September 30, 2025 was primarily due to the favorable resolution of a tax matter, including the impact of a decrease in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Current report
Our effective tax rate decreased to 15.0% for the nine months ended September 30, 2025 (nine months ended September 30, 2024: 25.3%). The decrease in the effective tax rate for the nine months ended September 30, 2025 was primarily due to the favorable resolution of a tax matter, including the impact of a decrease in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Current report
(6) One-time acceleration of compensation expense for outstanding Long-term awards: In the third quarter of 2024, the company recorded a one-time acceleration of Compensation expense of $147.6 million resulting from changes to the retirement criteria for vesting of outstanding Long-term awards. Due to the non-recurring nature of this item, 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.
Current report
(12) Impact of deferred income tax rate change: In the third quarter of 2025, the company removed a non-cash income tax benefit of $39.0 million related to the revaluation of the deferred tax liabilities for indefinite-lived intangible assets as a result of a decrease in the tax rate. The company removed this discrete tax benefit in arriving at Adjusted net income and Adjusted diluted EPS as it does not have a cash flow impact and will aid comparability of our results period to period.
Current report
During the three months ended September 30, 2025, the company repaid $260.0 million of the outstanding balance on the three-year bank term loan due on May 16, 2028. As of September 30, 2025, the balance on the Revolving credit agreement was zero.
Removed paragraphs (17)
Previous 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.
Previous 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.
Previous 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.
Previous report
Non-management fee earning AUM includes non-management fee earning ETFs, UITs and product leverage. The net flows in non-management fee earning AUM can be relatively short-term in nature and, due to the relatively low revenue yield, these net flows can have a significant impact on overall net revenue yield.
Previous 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.
Previous 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).
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
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 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%).
Previous 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.
Previous 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.
Reworded paragraphs (60)
Previous 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:
Current wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and nine months ended September 30, 2025 and 2024:
Previous wording
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 wording
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 third quarter of 2025, the company repurchased 1.2 million common shares for $25 million in the open market. Additionally, in the third quarter, we repaid $260 million of the $500 million three-year bank term loan due on May 16, 2028 and repaid the remaining balance of $240 million in October 2025. We ended the quarter with a zero balance on our Revolving credit agreement.
Previous wording
Summary operating information for three and six months ended June 30, 2025 and 2024 is presented in the table below:
Current wording
Summary operating information for three and nine months ended September 30, 2025 and 2024 is presented in the table below:
Previous wording
Invesco's first strategic objective is a commitment to deliver the excellence our clients expect, which includes strong investment performance over the long-term for our clients. The table below presents investment performance of our actively managed investment products measured by the percentage of our AUM in the first and second quartile compared to our peers and above benchmark for the investment capabilities for which peer and benchmark data are available.(1)
Current wording
Among Invesco's strategic objectives is a commitment to deliver the excellence our clients expect, which includes strong investment performance over the long-term for our clients. The table below presents investment performance of our actively managed investment products measured by the percentage of our AUM in the first and second quartile compared to our peers and above benchmark for the investment capabilities for which peer and benchmark data are available.(1)
Previous 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.
Current wording
AUM measured in the one, three and five year quartile rankings represents 35%, 35% and 35% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 45%, 45%, and 44% of total Invesco AUM as of 9/30/2025. 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
The following presentation and discussion of AUM includes Passive and Active AUM. Passive AUM includes index-based exchange-traded funds (ETFs), UITs, non-management fee earning AUM and other passive mandates. Active AUM is total AUM less Passive AUM.
Current wording
The following presentation and discussion of AUM includes Passive and Active AUM. Passive AUM includes index-based exchange-traded funds (ETFs), UITs, non-management fee earning AUM and other passive mandates. Active AUM is total AUM less Passive AUM. Non-management fee earning AUM includes non-management fee earning ETFs, UITs and product leverage.
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 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.
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 nine months ended September 30, 2025 was $113.7 billion and $103.3 billion (three and nine months ended September 30, 2024: $90.0 billion and $87.0 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024.
Previous 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).
Current wording
During the three and nine months ended September 30, 2025, we experienced a decrease in AUM of $2.7 billion and an increase in AUM of $18.7 billion, respectively, due to changes in foreign exchange rates (three and nine months ended September 30, 2024, AUM increased by $16.3 billion and $4.2 billion, respectively).
Previous 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
Current wording
Results of Operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 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.
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 nine months ended September 30, 2025 and September 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 $1,889.1 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.
Current wording
Average AUM was $1,946.2 billion for the nine months ended September 30, 2025 as compared to $1,674.8 billion for the nine months ended September 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. As a result, net revenue yield excluding performance fees and Invesco QQQ Trust declined to 27.9 basis points (bps) for the nine months ended September 30, 2025 from 30.4 bps for the nine months ended September 30, 2024.
Previous 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.
Current wording
Investment management fees were $1,184.7 million for the three months ended September 30, 2025 as compared to $1,100.5 million for the three months ended September 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $13.0 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $71.2 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
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 wording
Investment management fees were $3,385.9 million for the nine months ended September 30, 2025 as compared to $3,215.0 million for the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $19.8 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $151.1 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 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 wording
For the three months ended September 30, 2025, Service and distribution fees were $400.7 million as compared to $360.3 million for the three months ended September 30, 2024. The increase was primarily due to higher distribution fees of $39.8 million resulting from higher AUM.
Previous wording
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 wording
Performance fees were $6.5 million and $12.6 million for the three and nine months ended September 30, 2025, respectively, and were primarily generated from private markets products.
Previous wording
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 wording
Performance fees were $2.8 million and $12.3 million for the three and nine months ended September 30, 2024, respectively, and were primarily generated from private markets products.
Previous wording
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 wording
For the three months ended September 30, 2025, Other revenues were $48.5 million as compared to $51.8 million for the three months ended September 30, 2024.
Previous 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.
Current wording
For the nine months ended September 30, 2025, Other revenues were $151.2 million as compared to $147.8 million for the nine months ended September 30, 2024.
Previous 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.
Current wording
Net revenues from IGW were $94.3 million and average AUM was $113.7 billion for the three months ended September 30, 2025 (Net revenues were $76.9 million and average AUM was $90.0 billion for the three months ended September 30, 2024). The increase in IGW revenues was primarily due to higher average AUM.
Previous wording
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 wording
Net revenues from IGW were $251.7 million and average AUM was $103.3 billion for the nine months ended September 30, 2025 (Net revenues were $237.7 million and average AUM was $87.0 billion for the nine months ended September 30, 2024). The increase in IGW revenue was primarily due to higher average AUM.
Previous wording
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 wording
Management and Performance fees earned from CIP were $9.9 million for the three months ended September 30, 2025 (three months ended September 30, 2024: $11.6 million).
Previous 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.
Current wording
During the three months ended September 30, 2025, Operating expenses decreased $45.4 million compared to the three months ended September 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $13.3 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.
Previous wording
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 wording
During the nine months ended September 30, 2025, Operating expenses decreased $30.9 million compared to the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $19.7 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Third-party distribution, service and advisory expenses were $558.3 million for the three months ended September 30, 2025 as compared to $499.6 million for the three months ended September 30, 2024. The increase was due to an increase in Investment management fees and pass-through Service and distribution costs resulting from higher average AUM.
Previous wording
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 wording
Employee compensation was $1,496.6 million for the nine months ended September 30, 2025 as compared to $1,550.4 million for the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased Employee compensation by $8.1 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. After allowing for foreign exchange rate changes, there was a decrease in Employee compensation of $61.9 million. The decrease was primarily due to the above noted acceleration of expense for outstanding Long-term awards of $147.6 million during 2024, partially offset by $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams, an increase of $12.5 million in benefits and other compensation costs, and an increase of $55.4 million in variable compensation costs primarily driven by improved operating results.
Previous wording
Headcount at June 30, 2025 was 8,407 (June 30, 2024: 8,536).
Current wording
Headcount at September 30, 2025 was 8,368 (September 30, 2024: 8,524).
Previous 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.
Current wording
Property, office and technology expenses were $341.3 million for the nine months ended September 30, 2025 as compared to $353.0 million for the nine months ended September 30, 2024. The decrease was primarily due to lower property and office costs.
Previous wording
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 wording
General and administrative expenses were $427.8 million for the nine months ended September 30, 2025 as compared to $459.7 million for the nine months ended September 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 costs of $27.9 million related to newly launched CIP. The decrease was also driven by lower professional fees.
Previous 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.
Current wording
Equity in earnings of unconsolidated affiliates increased to $34.8 million for the three months ended September 30, 2025 as compared to $2.1 million for the three months ended September 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Previous wording
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 wording
Equity in earnings of unconsolidated affiliates increased to $79.4 million for the nine months ended September 30, 2025 as compared to $22.9 million for the nine months ended September 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Previous wording
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 wording
Interest and dividend income was $10.5 million for the three months ended September 30, 2025 as compared to $10.9 million for the three months ended September 30, 2024.
Previous wording
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 wording
Interest expense was $25.7 million for the three months ended September 30, 2025 as compared to $13.4 million for the three months ended September 30, 2024. The three months ended September 30, 2025 includes interest expense related to the new bank term loans entered into on May 16, 2025.
Previous 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.
Current wording
Other gain and losses, net was a gain of $34.6 million for the nine months ended September 30, 2025 as compared to a net gain of $67.8 million for the nine months ended September 30, 2024. The net gains for the nine months ended September 30, 2025 included net market gains of $57.0 million on deferred compensation related investments and hedging instruments and $11.5 million on other investments, partially offset by the above noted non-cash impairment charge of $35.9 million related to the planned sale of the intelliflo business.
Previous wording
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 wording
For the three months ended September 30, 2025, Other income/(expense) of CIP, net was a net gain of $57.0 million (three months ended September 30, 2024: net income of $16.7 million). Interest and dividend income of CIP decreased $10.3 million to $134.6 million (three months ended September 30, 2024: $144.9 million). Interest expense of CIP decreased $23.5 million to $94.5 million (three months ended September 30, 2024: $118.0 million). Unrealized gains/(losses) of CIP were a net gain of $16.9 million (three months ended September 30, 2024: net losses of $10.2 million).
Previous 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).
Current wording
For the nine months ended September 30, 2025, Other income/(expense) of CIP, net was net income of $116.8 million (nine months ended September 30, 2024: net income of $88.1 million). Interest and dividend income of CIP decreased $7.0 million to $388.2 million (nine months ended September 30, 2024: $395.2 million). Interest expense of CIP increased $14.2 million to $299.1 million (nine months ended September 30, 2024: $284.9 million). Unrealized gains/(losses) of CIP were a net gain of $27.7 million (nine months ended September 30, 2024: net losses of $22.2 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 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.
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 nine months ended September 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
Reconciliation of Net income/(loss) attributable to Invesco to Adjusted net income attributable to Invesco:
Current wording
Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco:
Previous wording
(3) CIP: See note 11, “Consolidated Investment Products,” for a detailed analysis of the impact to the company’s Condensed Consolidated Financial Statements from the consolidation of CIP. The company believes that the CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
Current wording
(3) CIP: See note 11, “Consolidated Investment Products,” for a detailed analysis of the impact to the company’s Condensed Consolidated Financial Statements from the consolidation of CIP. The company believes that CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
Previous 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.
Current wording
Cash and cash equivalents decreased by $13.4 million from $986.5 million at December 31, 2024 to $973.1 million at September 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.
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried 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).