Washington, D.C. 20549

Form 10-Q
(Mark One)
For the quarterly period ended March 31, 2024
For the transition period from                      to                     
Commission file number 001-13908
Invesco Ltd.
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
1331 Spring Street,Suite 2500,Atlanta,GA30309
(Address of Principal Executive Offices)(Zip Code)
(404) 892-0896
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.20 par valueIVZNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
As of March 31, 2024, the most recent practicable date, the number of Common Shares outstanding was 449,831,075.

We include cross references to captions elsewhere in this Quarterly Report on Form 10-Q, which we refer to as this “Report,” where you can find related additional information. The following table of contents tells you where to find these captions.
Glossary of Defined Terms


APAC— Asia-Pacific
AUM— Assets under management
bps — Basis points
CIP— Consolidated investment products
CLOs— Collateralized loan obligations
Covenant Adjusted EBITDA— A financial measure set forth in covenants in our credit agreement, which is defined to be 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
EMEA— Europe, Middle East and Africa
EPS— Earnings per common share
ETFs— Exchange-traded funds
IGW or Invesco Great Wall— Invesco Great Wall Fund Management Company Limited
MassMutual— Massachusetts Mutual Life Insurance Company
NAV— Net asset value
Report— this Form 10-Q
S&P— Standard & Poor's
SEC— U.S. Securities and Exchange Commission
the company— Invesco Ltd. and its consolidated entities
the Parent— Invesco Ltd.
TRS— Total return swap
Unit Investment Trusts
U.K.— United Kingdom
U.S.— United States
U.S. GAAP— Accounting principles generally accepted in the United States
VIEs— Variable interest entities


Item 1. Financial Statements
Invesco Ltd.
Condensed Consolidated Balance Sheets

As of
(in millions, except per share data)March 31, 2024December 31, 2023
Cash and cash equivalents$895.7 $1,469.2 
Accounts receivable708.3 701.5 
Investments963.5 919.1 
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP529.8 462.4 
Accounts receivable and other assets of CIP217.3 250.1 
Investments of CIP8,902.2 8,765.9 
Assets held for policyholders 393.9 
Other assets823.4 832.6 
Property, equipment and software, net583.6 599.5 
Intangible assets, net5,832.4 5,848.1 
Goodwill8,621.0 8,691.5 
Total assets$28,077.2 $28,933.8 
Accrued compensation and benefits$452.5 $900.4 
Accounts payable and accrued expenses1,321.2 1,294.4 
Liabilities of CIP:
Debt of CIP7,370.4 7,121.8 
Other liabilities of CIP459.1 492.1 
Policyholder payables 393.9 
Debt1,257.5 1,489.5 
Deferred tax liabilities, net1,363.7 1,325.7 
Total liabilities12,224.4 13,017.8 
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interests in consolidated entities667.8 745.7 
Equity attributable to Invesco Ltd.:
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of March 31, 2024 and December 31, 2023)
4,010.5 4,010.5 
 Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of March 31, 2024 and December 31, 2023)
113.2 113.2 
Additional paid-in-capital7,314.6 7,451.6 
Treasury shares(2,864.4)(3,002.6)
Retained earnings6,878.0 6,826.7 
Accumulated other comprehensive income/(loss), net of tax(897.1)(801.8)
Total equity attributable to Invesco Ltd.14,554.8 14,597.6 
Equity attributable to nonredeemable noncontrolling interests in consolidated entities630.2 572.7 
Total permanent equity15,185.0 15,170.3 
Total liabilities, temporary and permanent equity$28,077.2 $28,933.8 

See accompanying notes.

Invesco Ltd.
Condensed Consolidated Statements of Income

Three months ended March 31,
 (in millions, except per common share data)20242023
Operating revenues:
Investment management fees$1,048.7 $1,027.9 
Service and distribution fees377.0 334.2 
Performance fees0.8 5.6 
Other48.8 50.5 
Total operating revenues1,475.3 1,418.2 
Operating expenses:
Third-party distribution, service and advisory504.0 455.1 
Employee compensation472.7 462.8 
Marketing18.1 19.6 
Property, office and technology117.6 110.5 
General and administrative138.5 105.0 
Transaction, integration and restructuring 41.6 
Amortization of intangible assets11.3 14.1 
Total operating expenses1,262.2 1,208.7 
Operating income213.1 209.5 
Other income/(expense):
Equity in earnings of unconsolidated affiliates6.9 26.1 
Interest and dividend income12.4 8.6 
Interest expense(15.9)(18.0)
Other gains/(losses), net35.9 27.4 
Other income/(expense) of CIP, net30.5 (17.9)
Income before income taxes282.9 235.7 
Income tax provision(68.7)(69.9)
Net income214.2 165.8 
Net (income)/loss attributable to noncontrolling interests in consolidated entities(13.5)38.4 
Dividends declared on preferred shares(59.2)(59.2)
Net income attributable to Invesco Ltd.$141.5 $145.0 
Earnings per common share:
-basic$0.31 $0.32 
-diluted$0.31 $0.32 

See accompanying notes.


Invesco Ltd.
Condensed Consolidated Statements of Comprehensive Income

Three months ended March 31,
  (in millions)20242023
Net income$214.2 $165.8 
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries(96.3)55.1 
 Other comprehensive income/(loss), net of tax1.0 4.4 
Other comprehensive income/(loss)(95.3)59.5 
Total comprehensive income/(loss)118.9 225.3 
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities(13.5)38.4 
Dividends declared on preferred shares(59.2)(59.2)
Comprehensive income/(loss) attributable to Invesco Ltd.$46.2 $204.5 

See accompanying notes.


Invesco Ltd.
Condensed Consolidated Statements of Cash Flows

Three months ended March 31,
 (in millions)20242023
Operating activities:
Net income
$214.2 $165.8 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Amortization and depreciation45.1 46.8 
Common share-based compensation expense21.1 37.8 
Other (gains)/losses, net(35.3)(27.4)
Other (gains)/losses of CIP, net2.4 63.2 
Equity in earnings of unconsolidated affiliates(6.9)(26.1)
Distributions from equity method investees15.9 2.7 
Changes in operating assets and liabilities:
(Purchase)/sale of investments by CIP, net(3.4)32.7 
(Purchase)/sale of investments, net16.8 2.9 
(Increase)/decrease in receivables365.1 (70.7)
Increase/(decrease) in payables(689.4)(326.6)
Net cash provided by/(used in) operating activities(54.4)(98.9)
Investing activities:
Purchase of property, equipment and software(21.0)(38.1)
Purchase of investments by CIP(472.8)(562.6)
Sale of investments by CIP237.7 669.5 
Purchase of investments(36.5)(40.7)
Sale of investments0.1 21.0 
Capital distribution from equity method investees6.9 7.0 
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP(1.7)(10.6)
Net cash provided by/(used in) investing activities(287.3)45.5 
Financing activities:
Purchases of treasury shares(20.4)(27.7)
Dividends paid - preferred(59.2)(59.2)
Dividends paid - common(90.2)(85.7)
Third-party capital invested into CIP98.3 27.5 
Third-party capital distributed by CIP(42.6)(67.9)
Borrowings of debt of CIP274.3 39.7 
Repayments of debt of CIP(76.1)(5.2)
Borrowings of credit agreement1,030.4  
Repayments of credit agreement(662.8) 
Repayment of senior notes(600.0) 
Net cash provided by/(used in) financing activities(148.3)(178.5)
Increase/(decrease) in cash and cash equivalents(490.0)(231.9)
Foreign exchange movement on cash and cash equivalents(14.1)11.7
Foreign exchange movement on cash and cash equivalents of CIP(2.0)1.0
Cash and cash equivalents, beginning of period1,931.61,434.1
Cash and cash equivalents, end of period$1,425.5 $1,214.9 
Cash and cash equivalents$895.7 $889.0 
Cash and cash equivalents of CIP529.8325.9
Total cash and cash equivalents per condensed consolidated statement of cash flows$1,425.5 $1,214.9 

See accompanying notes.

Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
Three months ended March 31, 2024
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred SharesCommon SharesAdditional Paid-in-CapitalTreasury SharesRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Equity Attributable to Invesco Ltd.Nonredeemable Noncontrolling Interests in Consolidated EntitiesTotal Permanent EquityRedeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity
January 1, 2024$4,010.5 $113.2 $7,451.6 $(3,002.6)$6,826.7 $(801.8)$14,597.6 $572.7 $15,170.3 $745.7 
Net income— — — — 200.7 — 200.7 37.9 238.6 (24.4)
Other comprehensive income/(loss)— — — — — (95.3)(95.3)— (95.3)— 
Change in noncontrolling interests in consolidated entities, net— — — — — — — 19.6 19.6 (53.5)
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.20 per share)
— — — — (90.2)— (90.2)— (90.2)— 
Employee common share plans:
Common share-based compensation— — 21.1 — — — 21.1 — 21.1 — 
Vested common shares— — (158.4)158.4 — —  —  — 
Other common share awards— — 0.3 0.2 — — 0.5 — 0.5 — 
Purchase of common shares— — — (20.4)— — (20.4)— (20.4)— 
March 31, 2024$4,010.5 $113.2 $7,314.6 $(2,864.4)$6,878.0 $(897.1)$14,554.8 $630.2 $15,185.0 $667.8 
Three months ended March 31, 2023
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred SharesCommon SharesAdditional Paid-in-CapitalTreasury SharesRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Equity Attributable to Invesco Ltd.Nonredeemable Noncontrolling Interests in Consolidated EntitiesTotal Permanent EquityRedeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity
January 1, 2023$4,010.5 $113.2 $7,554.9 $(3,040.9)$7,518.3 $(942.4)$15,213.6 $629.9 $15,843.5 $998.7 
Net income— — — — 204.2 — 204.2 (24.8)179.4 (13.6)
Other comprehensive income/(loss)— — — — — 59.5 59.5 — 59.5 — 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (17.9)(17.9)(105.5)
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.1875 per share)
— — — — (85.7)— (85.7)— (85.7)— 
Employee common share plans:
Common share-based compensation— — 37.8 — — — 37.8 — 37.8 — 
Vested common shares— — (180.6)180.6 — —  —  — 
Other common share awards— — 0.5  — — 0.5 — 0.5 — 
Purchase of common shares— — — (27.7)— — (27.7)— (27.7)— 
March 31, 2023$4,010.5 $113.2 $7,412.6 $(2,888.0)$7,577.6 $(882.9)$15,343.0 $587.2 $15,930.2 $879.6 
See accompanying notes.

Invesco Ltd.
Notes to the Condensed Consolidated Financial Statements

Corporate Information

Invesco Ltd. (the Parent) and its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of investment management capabilities. The company operates globally and its sole business is investment management.

Certain disclosures included in the company’s annual report on Form 10-K for the year ended December 31, 2023 (annual report or Form 10-K) are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q (Report). The company has condensed or omitted these disclosures. Therefore, this Report should be read in conjunction with the company’s annual report.

Basis of Accounting and Consolidation

The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.


In the quarter ended March 31, 2024, expenses for client-related travel and entertainment and outsourced services were reclassified to General and administrative expenses. The impact of this reclassification on the Consolidated Statements of Income is as follows:

• For the three months ended March 31, 2024: decreased Marketing and Property, office and technology expenses by $6.7 million and $23.6 million, respectively, and increased General and administrative by $30.3 million.

• For the three months ended March 31, 2023: decreased Marketing and Property, office and technology expenses by $5.4 million and $23.9 million, respectively, and increased General and administrative by $29.3 million.

The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated.

Accounting Pronouncements Recently Adopted


Pending Accounting Pronouncements

Refer to the most recent Form 10-K filed with the SEC.



The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

March 31, 2024December 31, 2023
 (in millions)Fair ValueFair Value
Cash and cash equivalents$895.7 $1,469.2 
Equity investments297.2 272.4 
Assets held for policyholders  393.9 
Policyholder payables (1)
Total return swap related to deferred compensation plans8.1 4.9 
(1)    These financial instruments are not measured at fair value on a recurring basis. Policyholder payables were indexed to the value of the assets held for policyholders and changes in fair value were recorded and offset to zero in other operating revenues. In January 2024, all funds were distributed to customers.

The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively:

As of March 31, 2024
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Cash equivalents:
Money market funds (1)
$434.7 $434.7 $ $ 
Investments: (2)
Equity investments:
Seed capital86.0 86.0   
Investments related to deferred compensation plans211.2 211.2   
Total return swap related to deferred compensation plans8.1  8.1  
Total$740.0 $731.9 $8.1 $ 
Contingent consideration liability$(1.3)$ $ $(1.3)
Total$(1.3)$ $ $(1.3)

As of December 31, 2023
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Cash equivalents:
Money market funds (1)
$927.8 $927.8 $ $ 
Investments (2):
Equity investments:
Seed capital75.7 75.7   
Investments related to deferred compensation plans196.7 196.7   
Assets held for policyholders (3)
393.9 393.9   
Total return swap related to deferred compensation plans4.9  4.9  
Total$1,599.0 $1,594.1 $4.9 $ 
Contingent consideration liability$(1.3)$ $ $(1.3)
Total$(1.3)$ $ $(1.3)
(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Equity method and other investments of $651.4 million and $14.9 million, respectively, are excluded from this table (December 31, 2023: $631.8 million and $14.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.
(3)    The majority of Assets held for policyholders were held in affiliated funds.

Total Return Swap (TRS)

In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at March 31, 2024 was $424.4 million, and the fair value of the TRS was an asset of $8.1 million (December 31, 2023 notional value was $393.0 million and the fair value was an asset of $4.9 million). During the three months ended March 31, 2024, market valuation gains related to the TRS were $18.0 million (three months ended March 31, 2023: $13.1 million net gain).

The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated for hedge accounting.


The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 11, "Consolidated Investment Products."

(in millions)March 31, 2024December 31, 2023
Equity investments:
Seed capital$86.0 $75.7 
Investments related to deferred compensation plans211.2 196.7 
Equity method investments651.4 631.8 
Other14.9 14.9 
Total investments (1)
$963.5 $919.1 
(1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees.

Equity investments

The unrealized gains and losses for the three months ended March 31, 2024 that relate to equity investments still held at March 31, 2024 were a $16.2 million net gain (three months ended March 31, 2023: $6.7 million net gain).

4.  DEBT

The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 11, "Consolidated Investment Products."

March 31, 2024December 31, 2023
(in millions)
Carrying Value (3)
Fair Value
Carrying Value (3)
Fair Value
$2.0 billion floating rate credit agreement expiring April 26, 2028
$367.6 $367.6 $ $ 
Unsecured Senior Notes: (1)
$600 million 4.000% - due January 30, 2024 (2)
  599.9 599.1 
$500 million 3.750% - due January 15, 2026
498.7 488.0 498.6 489.1 
$400 million 5.375% - due November 30, 2043
391.2 391.7 391.0 409.6 
Debt$1,257.5 $1,247.3 $1,489.5 $1,497.8 
(1)    The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures.
(2)     On January 30, 2024, the outstanding balance of the $600.0 million senior notes was paid in full.
(3)    The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.


The number of preferred shares issued and outstanding is represented in the table below:

As of
(in millions)March 31, 2024December 31, 2023
Preferred shares issued (1)
Preferred shares outstanding (1)
(1)    Substantially all the preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual) and are subject to a lock-up period of five years, which prohibits the sale of the preferred shares by MassMutual until May 24, 2024.

The number of common shares and common share equivalents issued are represented in the table below:

As of
(in millions)March 31, 2024December 31, 2023
Common shares issued566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
Common shares outstanding449.8 449.5 



The components of accumulated other comprehensive income/(loss) were as follows:

Three months ended March 31, 2024Three months ended March 31, 2023
(in millions)Foreign currency translationEmployee benefit plansTotalForeign currency translationEmployee benefit plansTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
$(96.3)$ $(96.3)$55.1 $ $55.1 
Other comprehensive income/(loss), net 1.0 1.0  4.4 4.4 
Other comprehensive income/(loss), net of tax(96.3)1.0 (95.3)55.1 4.4 59.5 
Beginning balance(670.1)(131.7)(801.8)(815.0)(127.4)(942.4)
Other comprehensive income/(loss), net of tax(96.3)1.0 (95.3)55.1 4.4 59.5 
Ending balance$(766.4)$(130.7)$(897.1)$(759.9)$(123.0)$(882.9)


The geographic disaggregation of revenue for the three months ended March 31, 2024 and 2023 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.

Three months ended March 31,
(in millions)20242023
Americas$1,140.6 $1,083.4 
Asia-Pacific (APAC)68.769.9
Europe, Middle East and Africa (EMEA)266.0264.9
Total operating revenues$1,475.3 $1,418.2 


The company recognized total compensation expense of $21.1 million and $37.8 million related to equity-settled common share-based compensation in the three months ended March 31, 2024 and 2023, respectively.

Movements on employee common share awards during the periods ended March 31 are detailed below:

Three months ended March 31, 2024 Three months ended March 31, 2023
(in millions of common shares, except fair values)Time- VestedPerformance- VestedWeighted Average Grant Date Fair ValueTime- VestedPerformance- Vested
Unvested at the beginning of period
10.4 1.6 $18.84 10.3 2.1 
Granted during the period4.9 0.9 15.13 4.3 0.7 
Forfeited during the period(0.2)(0.1)18.21  (0.2)
Vested and distributed during the period
(4.4)(0.3)18.29 (4.5)(0.5)
Unvested at the end of the period
10.7 2.1 $17.41 10.1 2.1 

The total fair value of common shares that vested during the three months ended March 31, 2024 was $67.0 million (three months ended March 31, 2023: $87.3 million). The weighted average grant date fair value of the United States (U.S.) dollar share awards that were granted during the three months ended March 31, 2024 was $15.13 (three months ended March 31, 2023: $17.74).

At March 31, 2024, there was $182.5 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average period of 2.94 years.



The calculation of earnings per common share (EPS) is as follows:

Three months ended March 31,
(in millions, except per share data)20242023
Net income attributable to Invesco Ltd.$141.5 $145.0 
Invesco Ltd:
Weighted average common shares outstanding - basic453.2 458.1 
Dilutive effect of non-participating common share-based awards0.3 0.8 
Weighted average common shares outstanding - diluted453.5 458.9 
Earnings per common share:
-basic$0.31 $0.32 
-diluted$0.31 $0.32 

See Note 8, "Common Share-Based Compensation," for a summary of common share awards outstanding under the company’s common share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted EPS.


Commitments and contingencies may arise in the ordinary course of business.

The company has committed to co-invest in certain investment products, which may be called in future periods. At March 31, 2024, the company’s undrawn co-invest capital commitments were $664.6 million (December 31, 2023: $623.3 million).

Certain of our managed investment products have entered into revolving credit facilities with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these revolving credit facilities that are temporary in nature. The revolving credit facilities look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $274.6 million and under the guarantees is $30.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements.

The company and some of its subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Legal Contingencies

The company is from time to time involved in pending or threatened litigation relating to claims arising in the ordinary course of its business. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit or claim will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages (or merely threatened); the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability.


The company and certain related entities have in recent years been subject to various regulatory inquiries, reviews and investigations and legal proceedings, including civil litigation, governmental investigations and enforcement actions. These actions can arise from normal business operations and/or matters that have been the subject of previous regulatory reviews. As a global company with investment products registered in numerous countries and subject to the jurisdiction of one or more regulators in each country, at any given time, our business operations may be subject to review, investigation, or disciplinary action.

In assessing the impact that a legal or regulatory matter will have on the company, management evaluates the need for an accrual on a case-by-case basis. If the likelihood of a loss is deemed probable and is reasonably estimable, the estimated loss is accrued. If the likelihood of a loss is assessed as less than probable, a loss is not accrued. If a loss is deemed probable but an amount or range of loss cannot be reasonably estimated, a loss is not accrued but the matter is disclosed.

In management’s opinion, adequate accrual has been made as of March 31, 2024 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. Management believes that the ultimate resolution of claims will not materially affect the company’s business, revenue, net income or liquidity.

The company is cooperating with requests from the SEC in connection with their investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic business communications. At this time a range of loss related to this matter cannot be reasonably estimated.

Further, the investment management industry also is generally subject to extensive levels of ongoing regulatory oversight and examination. In the U.S., United Kingdom (U.K.) and other jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to the company’s compliance with applicable laws and regulations. Additional lawsuits or regulatory enforcement actions arising out of these inquiries may in the future be filed against the company, related entities and individuals in the U.S., U.K. and other jurisdictions in which the company and its affiliates operate. Any material loss of investor and/or client confidence as a result of such inquiries and/or litigation could result in a significant decline in assets under management (AUM), which would have an adverse effect on the company’s future financial results and its ability to grow its business.



The balances related to CIP are identified on the Consolidated Balance Sheets. At March 31, 2024, the company’s net investment in and net receivables from CIP were $521.9 million (December 31, 2023: $546.2 million). The consolidation of CIP had no impact on net income attributable to the company during the three months ended March 31, 2024.

The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of March 31, 2024 and December 31, 2023:

As of March 31, 2024
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Investments Measured at NAV as a practical expedient
Bank loans$7,133.8 $ $6,143.3 $990.5 $ 
Bonds624.5 11.9 612.3 0.3  
Equity securities172.9 30.1 19.4 123.4  
Equity and fixed income mutual funds112.9 0.2 112.7   
Investments in other private equity funds412.6    412.6 
Real estate investments445.5    445.5 
Total assets at fair value$8,902.2 $42.2 $6,887.7 $1,114.2 $858.1 

As of December 31, 2023
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Investments Measured at NAV as a practical expedient
Bank loans$6,837.2 $ $6,140.1 $697.1 $ 
Bonds669.8 13.3 656.2 0.3  
Equity securities231.9 85.2 18.3 128.4  
Equity and fixed income mutual funds137.9 8.0 129.9   
Investments in other private equity funds425.5    425.5 
Real estate investments463.6    463.6 
Total assets at fair value$8,765.9 $106.5 $6,944.5 $825.8 $889.1 

At March 31, 2024, CIP borrowings with a fair value of $565.0 million (December 31, 2023: $353.7 million) are classified as level 3 in the valuation hierarchy.

The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:
Three months ended March 31,
(in millions)Level 3 AssetsLevel 3 Assets
Beginning Balance as of January 1$825.8 $368.6 
CIP Purchases275.0 0.1 
CIP Sales(2.3)(13.4)
Deconsolidation of CIP (0.6)
Gains and losses included in the Consolidated Statements of Income(1.9)(7.6)
Transfers from Level 3 into Levels 1 or 2(16.2)(130.2)
Transfers into Level 3 from Levels 1 or 234.0 132.2 
Foreign exchange(0.2)2.2 
Ending Balance as of March 31$1,114.2 $351.3 

Non-consolidated Variable interest entities (VIEs)

At March 31, 2024, the company's risk of loss with respect to VIEs in which the company is not the primary beneficiary included our investment carrying value of $141.4 million (December 31, 2023: $122.9 million) and unfunded capital commitments of $153.2 million (December 31, 2023: $142.5 million).

See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.


MassMutual owns approximately 18.1% in common stock of the company and owns substantially all of the outstanding $4.0 billion in perpetual, non-cumulative preferred shares as of March 31, 2024. Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s Board of Directors, the company considers MassMutual a related party.

Additionally, certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” The majority of the company's Operating revenues and receivables are from Invesco's managed funds. Related parties also include those defined in the company’s proxy statement.

Refer to Note 2, "Fair Value of Assets and Liabilities" and Note 3, "Investments" for more information on balances invested in Invesco affiliated funds.


On April 23, 2024, the company declared a first quarter 2024 dividend of $0.205 per common share, payable on June 4, 2024, to common shareholders of record at the close of business on May 14, 2024 with an ex-dividend date of May 13, 2024.

On April 23, 2024, the company declared a preferred dividend of $14.75 per preferred share to the holders of preferred shares representing the period from March 1, 2024 through May 31, 2024. The preferred dividend is payable on June 3, 2024.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements

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 securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM which 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 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.

Forward-looking statements are not guarantees, and involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge them to carefully consider the risks described in this Report and our most recent Form 10-K and Forms 10-Q filed with the SEC.

You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.


In this Report, unless otherwise specified, the terms “we,” “our,” “us,” “company,” “firm,” and “Invesco” refer to Invesco Ltd., a company incorporated in Bermuda, and its consolidated entities.

Executive Overview

The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management’s discussion and analysis and supplements should be read in conjunction with the Condensed Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Report.

The company is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. One of Invesco's core strengths, and a key differentiator for the company within the industry, is our diversification across investment capabilities, distribution channels and geographies. This broad diversification helps to mitigate some of the impact of different market cycles on Invesco and enables the company to take advantage of growth opportunities in various markets and channels.

Economic conditions remained relatively resilient in the first quarter, and even though this diminished expectations for central bank interest rate cuts this year, equity markets continued to rise. More modest growth was recorded in developed markets outside of the U.S. In China, markets continued to lag, but economic indicators are showing signs of bottoming and some improvement. Fixed income markets were generally weak during the quarter. While this sentiment drove organic inflows at Invesco, our asset mix profile remained constrained as did revenue growth due to investors shifting their investments into lower fee offerings. However, we are strongly positioned to capture flows with scale, performance and competitive strength in capabilities that will drive the asset management industry forward.


The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2024 and 2023:
Index expressed in currencyThree months ended March 31,
Equity Index20242023
S&P 500U.S. Dollar10.2 %7.0 %
FTSE 100British Pound2.8 %2.4 %
FTSE 100U.S. Dollar1.7 %4.5 %
S&P/TSX 60 IndexCanadian Dollar5.5 %3.2 %
S&P/TSX 60 IndexU.S. Dollar2.9 %3.3 %
MSCI Emerging MarketsU.S. Dollar1.9 %3.5 %
Bond Index
Barclays U.S. Aggregate BondU.S. Dollar(0.8)%3.0 %

We had $6.3 billion of net long-term inflows for the quarter, primarily driven by Exchange-traded funds (ETFs) and Index, Fundamental Fixed Income and Private Markets, and our ending AUM grew 12% year-over-year.

We remain highly focused on our capital priorities, investing in our key capabilities, efficiently allocating resources, and simplifying and streamlining the organization to better position the company for greater scale, performance and improved profitability. During the quarter, we redeemed our $600 million senior notes which were due on January 30, 2024 and continued to maintain our debt at lower levels consistent with our commitment to improve our leverage profile. We believe the progress we have made to build financial flexibility has Invesco well-positioned to navigate various market conditions and deliver long-term growth. We remain committed to returning capital to shareholders longer term through a combination of modestly increasing dividends and share repurchases. To this end, the Board approved an increase in our quarterly dividend from $0.20 to $0.205 per share beginning with the dividend that will be paid to holders of common shares in the second quarter of 2024.

Presentation of Management’s Discussion and Analysis of Financial Condition and Results of Operations - Impact of Consolidated Investment Products

The company provides investment management services to, and has transactions with, retail mutual funds and other investment products sponsored by the company for the investment of client assets in the normal course of business. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of the products. Investment products that are consolidated are referred to in this Report as CIP. The company’s economic risk with respect to each investment in CIP is limited to its equity ownership, unfunded equity commitments and any uncollected management and performance fees. See also Note 11, "Consolidated Investment Products," for additional information regarding the impact of the consolidation of managed funds.

The majority of the company’s CIP balances are CLO-related. The collateral assets of the collateralized loan obligations (CLOs) are held solely to satisfy the obligations of the CLOs. The company has no right to the benefits from, nor does it bear the risks associated with, the collateral assets held by the CLOs, beyond the company’s direct investments in, and management and performance fees generated from, the CLOs. If the company were to liquidate, the collateral assets would not be available to the general creditors of the company, and as a result, the company does not consider them to be company assets. Likewise, the investors in the CLOs have no recourse to the general credit of the company for the notes issued by the CLOs. The company therefore does not consider this debt to be a company liability.

Due to the significant impact that CIP has on the presentation of the company’s Consolidated Financial Statements, the company has elected to deconsolidate these products in its non-GAAP disclosures (among other adjustments). See "Schedule of Non-GAAP Information" for additional information regarding these adjustments. The following discussion therefore combines the results presented under U.S. GAAP with the company’s non-GAAP presentation.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains four distinct sections, which follow the AUM discussion:

Results of Operations (three months ended March 31, 2024 compared to three months ended March 31, 2023);
Schedule of Non-GAAP Information;
Balance Sheet Discussion; and
Liquidity and Capital Resources.

Summary Operating Information

Wherever a non-GAAP measure is referenced, a disclosure will follow in the narrative or in the note referring the reader to the Schedule of Non-GAAP Information, where additional details regarding the use of the non-GAAP measure by the company are disclosed, along with reconciliations of the most directly comparable U.S. GAAP measures to the non-GAAP measures. To further enhance the readability of the Results of Operations section, separate tables for each of the revenue, expense and other income and expenses (non-operating income/expense) sections of the income statement introduce the narrative that follows, providing a section-by-section review of the company’s income statements for the periods presented.

Summary operating information is presented in the table below:

(in millions, other than per common share amounts, operating margins and AUM)Three months ended March 31,
U.S. GAAP Financial Measures Summary20242023
Operating revenues$1,475.3 $1,418.2 
Operating income$213.1 $209.5 
Operating margin14.4 %14.8 %
Net income attributable to Invesco Ltd.$141.5 $145.0 
Diluted EPS$0.31 $0.32 
Non-GAAP Financial Measures Summary(1)
Net revenues $1,053.2 $1,075.9 
Adjusted operating income $296.5 $326.9 
Adjusted operating margin 28.2 %30.4 %
Adjusted net income attributable to Invesco Ltd.$148.4 $173.4 
Adjusted diluted EPS$0.33 $0.38 
Assets Under Management
Ending AUM (billions)$1,662.7 $1,483.0 
Average AUM (billions)$1,613.0 $1,463.0 
(1)Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS) are non-GAAP financial measures, based on methodologies other than U.S. GAAP. See “Schedule of Non-GAAP Information” for a reconciliation of the most directly comparable U.S. GAAP measures to the non-GAAP measures.


Investment Capabilities Performance Overview

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)
1st Quartile
2nd Quartile
Above Benchmark
Overall49 %39 %46 %20 %27 %23 %66 %64 %75 %
Fundamental Equities36 %28 %24 %22 %28 %28 %53 %46 %40 %
Fundamental Fixed Income55 %24 %68 %22 %44 %20 %57 %55 %92 %
Multi-Asset38 %27 %10 %10 %%38 %77 %44 %71 %
(1)    Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts (UITs), fund of funds with component funds managed by Invesco, stable value building block funds and collateralized debt obligations. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision.
AUM measured in the one, three and five year quartile rankings represents 41%, 41% and 40% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 52%, 52%, and 48% of total Invesco AUM as of 3/31/2024. Peer group ranking 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.


Assets Under Management

The following presentation and discussion of AUM includes Passive and Active AUM. Passive AUM includes index-based 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. The net flows in non-management fee earning AUM can be relatively short-term in nature and, due to the relatively low revenue yield, can have a significant impact on overall net revenue yield.

The AUM tables and the discussion below refer to certain AUM as long-term. Long-term inflows and the underlying reasons for the movements in this line item include investments from new clients, existing clients adding new accounts/funds or contributions/subscriptions into existing accounts/funds. Long-term outflows reflect client redemptions from accounts/funds and include the return of invested capital upon maturity. We present net flows into money market funds separately because shareholders of those funds typically use them as short-term funding vehicles and the flows are particularly sensitive to short-term interest rate movements.

Changes in AUM by investment approach were as follows:

Three months ended March 31,
 (in billions)Total AUMActivePassiveTotal AUMActivePassive
Beginning Assets (January 1)$1,585.3 $985.3 $600.0 $1,409.2 $976.2 $433.0 
Long-term inflows 80.3 42.4 37.9 79.4 46.9 32.5 
Long-term outflows(74.0)(49.5)(24.5)(76.5)(49.4)(27.1)
Net long-term flows6.3 (7.1)13.4 2.9 (2.5)5.4 
Net flows in non-management fee earning AUM9.5 — 9.5 (1.6)— (1.6)
Net flows in money market funds0.7 0.7 — 7.7 7.7 — 
Total net flows16.5 (6.4)22.9 9.0 5.2 3.8 
Reinvested distributions1.1 1.1 — 1.0 1.0 — 
Market gains and losses68.0 22.5 45.5 61.9 20.9 41.0 
Foreign currency translation(8.2)(6.8)(1.4)1.9 1.9 — 
Ending Assets (March 31)$1,662.7 $995.7 $667.0 $1,483.0 $1,005.2 $477.8 
Average AUM
Average long-term AUM$1,164.1 $787.8 $376.3 $1,083.2 $788.5 $294.7 
Average AUM$1,613.0 $980.9 $632.1 $1,463.0 $1,002.0 $461.0 
Average QQQ AUM$246.2 N/A$246.2 $156.1 N/A$156.1 

Three months ended March 31,
Revenue yield (bps) (1)
U.S. GAAP Gross revenue yield38.641.3
Net revenue yield ex performance fees ex QQQ (2)
Active net revenue yield ex performance fees36.837.6
Passive net revenue yield ex QQQ (2)
(1)    U.S. GAAP Gross revenue yield is not considered a meaningful effective fee rate measure. 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, 2024 was $83.7 billion (three months ended March 31, 2023: $91.0 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. This ratio is not a good measure because the numerator of the U.S. GAAP Gross revenue yield 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.
(2)    Performance fees are earned when certain performance metrics are achieved and QQQ ETFs do not earn net revenues. Therefore, net revenue yield is calculated excluding performance fees and QQQ AUM. Passive net revenue yield is calculated excluding QQQ AUM.


There are numerous drivers of AUM inflows and outflows, including individual investor decisions to change investments, fiduciaries and other gatekeepers making broad asset allocation decisions on behalf of their clients, and reallocation of investments within portfolios. We are not a party to these asset allocation decisions, as the company does not generally have access to the underlying investor’s decision-making process, including their risk appetite or liquidity needs. Therefore, the company is not in a position to provide meaningful information regarding the drivers of inflows and outflows.

Market Returns

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, 2024 and 2023.

Foreign Exchange Rates

During the three months ended March 31, 2024, we experienced a decrease in AUM of $8.2 billion, due to changes in foreign exchange rates. In the three months ended March 31, 2023, AUM increased by $1.9 billion, due to foreign exchange rate changes.


Total AUM by Channel (1)

Three months ended March 31,
(in billions)TotalRetailInstitutionalTotalRetailInstitutional
Beginning Assets (January 1)$1,585.3 $1,042.0 $543.3 $1,409.2 $872.3 $536.9 
Long-term inflows80.3 60.0 20.3 79.4 54.8 24.6 
Long-term outflows(74.0)(53.4)(20.6)(76.5)(58.5)(18.0)
Net long-term flows6.3 6.6 (0.3)2.9 (3.7)6.6 
Net flows in non-management fee earning AUM9.5 9.0 0.5 (1.6)(2.7)1.1 
Net flows in money market funds0.7 1.2 (0.5)7.7 1.2 6.5 
Total net flows16.5 16.8 (0.3)9.0 (5.2)14.2 
Reinvested distributions1.1 1.1