Business Strategy and Outlook
| Greggory Warren |Invesco had for a long time been a top pick for us among the traditional U.S.-based asset managers we cover, having generated solid organic AUM growth (of 1.7% annually on average during 2008-17) and having a broadly diversified platform (including a niche ETF product portfolio with PowerShares ETF operations, which were rebranded as Invesco ETFs in 2018), despite generating below-average levels of operating profitability (primarily because of the costs associated with its more retail-centric distribution platform).