Improved Equity Markets and Flows Should Continue to Lift Invesco's AUM but Profit Headwinds Remain

For a long time, Invesco was a top pick for us among the traditional US-based asset managers we cover, having generated solid organic growth in its long-term assets under management (1.7% annually on average during 2008-17) with a broadly diversified platform (including a niche ETF product platform), despite generating below-average levels of operating profitability (primarily because of the costs associated with its more retail-centric distribution platform).