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Invesco Ltd IVZ

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Asset Manager Industry Consolidation Gathering Steam in a What's Likely to be a Decadeslong Process

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

For much of the past five years, we've believed that industry consolidation was inevitable for the traditional U.S.-based asset managers as they faced a new world order where organic growth and fees would be pressured, participants were expected to spend more on their investment operations and distribution capabilities, and profit margins were pressured. As we move forward, we expect to see a combination of capability-based transactions (aimed at filling product holes or diversifying a firm's operations by asset class/product, distribution channel or geography), transformative-scale acquisitions (which would be a hybrid of capability-based and pure-consolidation transaction) and deals that are purely aimed at the consolidation of existing fund infrastructure.

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Company Profile

Business Description

Invesco provides investment management services to retail (69% of managed assets) and institutional (31%) clients. At the end of September 2021, the firm had $1.529 trillion in assets under management spread out among its equity (51% of AUM), balanced (6%), fixed-income (21%), alternative investment (13%), and money market (9%) operations. Passive products account for 31% of Invesco's total AUM, including 50% of the company's equity operations and 13% of its fixed-income platform. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside the U.S., with close to one third of its AUM sourced from Canada (2%), the U.K. (4%), continental Europe (11%), and Asia (15%).

1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe
Atlanta, GA, 30309
T +1 404 892-0896
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 8,507