Invesco Ltd. (IVZ) SEC Filings & Earnings Calls

Persistent net outflows and market-driven AUM decline signal potential revenue pressure and reduced fee income.

“Net long-term outflows of $1.1B and money market outflows of $5.7B; AUM down 0.9% MoM.”

Transition risk in Asia Pacific region; potential loss of key relationships

“Lo played a pivotal role in building Invesco's Asia Pacific business; will remain as Chairman Emeritus”

Market volatility can negatively impact AUM and fee revenue.

“AUM was negatively impacted by unfavorable market returns which decreased AUM by $59 billion.” · word for word

Institutional net long-term outflows of $2.2B in Q2 2026, though offset by strong retail inflows.

“Institutional net long-term outflows were $2.2 billion.” · word for word

Fundamental Equities saw net long-term outflows of $7.7B, indicating potential product mix shift.

“net long-term outflows from Fundamental Equities of $7.7 billion” · word for word

FX movements reduced AUM by $6.4B, indicating currency risk.

“FX movements in the month reduced AUM by $6.4 billion” · word for word

Market volatility could reverse AUM gains; fee revenue sensitive to market levels.

“AUM increase partly due to favorable market returns ($151B); market downturn could reduce AUM and fees.”

Net revenue yield compression

“Net revenue yield excluding performance fees declined to 22.9 bps for the three months ended March 31, 2026 from 23.5 bps for the three months ended March 31, 2025.” · word for word

Market sensitivity

“Market gains and losses decreased AUM by $42.5 billion in Q1 2026, reflecting vulnerability to equity market declines.”

Net market losses of $42.5B and FX losses of $2.1B reduced AUM, indicating market sensitivity.

“Net market losses and foreign exchange rate movements decreased AUM in the first quarter by $42.5 billion and $2.1 billion, respectively” · word for word

QQQ outflows of $10.8B partially offset strong inflows, showing product-specific risk.

“net long-term outflows from QQQ of $10.8 billion” · word for word

AUM decline due to market conditions and FX; money market outflows.

“AUM decreased 4.4% month-over-month; unfavorable market returns -$91B; FX -$7.0B.”

Revenue yield pressure from mix shift

“This increase was tempered by the continuation of an industry-wide client-driven mix shift toward products that have lower net revenue yields.” · word for word

Preferred stock repurchase debt

“We repurchased $1.5 billion of Invesco’s outstanding Series A Preferred Stock using a combination of cash and floating rate, prepayable financing.” · word for word

Goodwill and Intangible Asset Impairment

“We recorded a non-cash impairment of $1,794.9 million related to our indefinite-lived intangible assets related to acquired management contracts of U.S. retail mutual funds during the year ended December 31, 2025.” · word for word

Perpetual Preferred Stock Burden

“We issued approximately $4 billion of 5.9% fixed rate perpetual preferred stock ... leaving approximately $2.5 billion remaining outstanding.” · word for word

Regulatory Compliance Costs

“We operate in an industry that is highly regulated in most countries, and any enforcement action or proceeding against us or significant changes in the laws or regulations governing our business or industry could damage our reputation or decrease our AUM, revenues, net income or liquidity.” · word for word

AI Regulatory and Operational Risk

“The legal and regulatory environment relating to AI is rapidly evolving, in the U.S., E.U., and internationally, and includes regulation targeted specifically at AI technology.” · word for word

No expiration date on repurchase plan may lead to opportunistic buybacks that could reduce liquidity if market conditions deteriorate.

“The 2025 Share Repurchase Plan has no time limit or expiration date.” · word for word

Non-cash intangible impairment of $1.8B significantly impacted GAAP results, though adjusted metrics unaffected.

“A non-cash intangible impairment of $1.8 billion negatively impacted Fourth Quarter Diluted EPS by $3.01” · word for word

Fundamental Equities experienced net outflows of $5.5B, indicating potential competitive pressure in active equity strategies.

“net long-term outflows from Fundamental Equities of $5.5 billion” · word for word

Negative market returns reduced AUM by $23B, indicating market sensitivity

“AUM was negatively impacted by unfavorable market returns which decreased AUM by $23 billion” · word for word

Money market net outflows of $0.7B suggest some client cash redeployment

“Money market net outflows were $0.7 billion” · word for word

Repurchase at 18% premium may signal limited alternative uses of capital or desire to reduce preferred dividend burden, but also reduces financial flexibility.

“repurchase at a 18% premium to their liquidation preference per share”

Money market outflows may indicate client shift or competitive pressure.

“money market net outflows were $10.6 billion” · word for word

Revenue Yield Compression

“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.” · word for word

Active Equity Outflows

“Fundamental Equities: Net long-term flows ($5.0B) in Q3 2025.”

Non-cash impairment charge of $35.9M related to intelliflo divestiture

“Third quarter Diluted and Adjusted diluted EPS was negatively impacted by $0.08 due to the non-cash impairment charge of $35.9 million related to the previously announced divestiture of intelliflo” · word for word

Fundamental Equities outflows of $5.0B

“net long-term outflows from Fundamental Equities of $5.0 billion” · word for word