☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Bermuda | 98-0557567 | ||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
1555 Peachtree Street, N.E., | Suite 1800, | Atlanta, | GA | 30309 | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $.20 par value | IVZ | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||||||||||
Emerging growth company | ☐ |
Page | |||||
TABLE OF CONTENTS | |||||
As of | |||||||||||
$ in millions, except per share data | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | 1,333.0 | 1,408.4 | |||||||||
Unsettled fund receivables | 287.6 | 109.4 | |||||||||
Accounts receivable | 736.0 | 741.1 | |||||||||
Investments | 965.2 | 826.8 | |||||||||
Assets of consolidated investment products (CIP): | |||||||||||
Cash and cash equivalents of CIP | 404.1 | 301.7 | |||||||||
Accounts receivable and other assets of CIP | 488.3 | 175.5 | |||||||||
Investments of CIP | 8,304.8 | 7,910.0 | |||||||||
Assets held for policyholders | 3,415.2 | 7,582.1 | |||||||||
Prepaid assets | 139.6 | 149.2 | |||||||||
Other assets | 420.8 | 514.2 | |||||||||
Property, equipment and software, net | 524.8 | 563.8 | |||||||||
Intangible assets, net | 7,267.3 | 7,305.6 | |||||||||
Goodwill | 8,961.7 | 8,916.3 | |||||||||
Total assets | 33,248.4 | 36,504.1 | |||||||||
LIABILITIES | |||||||||||
Accrued compensation and benefits | 742.4 | 973.7 | |||||||||
Accounts payable and accrued expenses | 1,485.0 | 1,920.4 | |||||||||
Liabilities of CIP: | |||||||||||
Debt of CIP | 6,750.7 | 6,714.1 | |||||||||
Other liabilities of CIP | 1,118.6 | 588.6 | |||||||||
Policyholder payables | 3,415.2 | 7,582.1 | |||||||||
Unsettled fund payables | 286.9 | 98.4 | |||||||||
Long-term debt | 2,083.8 | 2,082.6 | |||||||||
Deferred tax liabilities, net | 1,575.3 | 1,523.5 | |||||||||
Total liabilities | 17,457.9 | 21,483.4 | |||||||||
Commitments and contingencies (See Note 11) | 0 | 0 | |||||||||
TEMPORARY EQUITY | |||||||||||
Redeemable noncontrolling interests in consolidated entities | 363.9 | 211.8 | |||||||||
PERMANENT EQUITY | |||||||||||
Equity attributable to Invesco Ltd.: | |||||||||||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of June 30, 2021 and December 31, 2020) | 4,010.5 | 4,010.5 | |||||||||
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of June 30, 2021 and December 31, 2020) | 113.2 | 113.2 | |||||||||
Additional paid-in-capital | 7,664.3 | 7,811.4 | |||||||||
Treasury shares | (3,080.3) | (3,253.8) | |||||||||
Retained earnings | 6,570.1 | 6,085.0 | |||||||||
Accumulated other comprehensive income/(loss), net of tax | (369.8) | (404.5) | |||||||||
Total equity attributable to Invesco Ltd. | 14,908.0 | 14,361.8 | |||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 518.6 | 447.1 | |||||||||
Total permanent equity | 15,426.6 | 14,808.9 | |||||||||
Total liabilities, temporary and permanent equity | 33,248.4 | 36,504.1 |
As of | |||||
$ in millions, except per share data | June 30, 2020 | December 31, 2019 | |||
ASSETS | |||||
Cash and cash equivalents | 987.1 | 1,049.0 | |||
Unsettled fund receivables | 129.2 | 162.7 | |||
Accounts receivable | 701.0 | 855.6 | |||
Investments | 709.1 | 829.5 | |||
Assets of consolidated investment products (CIP): | |||||
Cash and cash equivalents of CIP | 284.1 | 652.2 | |||
Accounts receivable and other assets of CIP | 243.7 | 172.9 | |||
Investments of CIP | 7,398.5 | 7,808.0 | |||
Assets held for policyholders | 8,020.9 | 10,835.6 | |||
Prepaid assets | 128.6 | 144.0 | |||
Other assets | 490.4 | 459.6 | |||
Property, equipment and software, net | 555.1 | 583.5 | |||
Intangible assets, net | 7,313.1 | 7,358.3 | |||
Goodwill | 8,618.3 | 8,509.4 | |||
Total assets | 35,579.1 | 39,420.3 | |||
LIABILITIES | |||||
Accrued compensation and benefits | 575.5 | 1,030.7 | |||
Accounts payable and accrued expenses | 1,878.9 | 1,904.0 | |||
Liabilities of CIP: | |||||
Debt of CIP | 6,247.6 | 6,234.6 | |||
Other liabilities of CIP | 653.2 | 949.6 | |||
Policyholder payables | 8,020.9 | 10,835.6 | |||
Unsettled fund payables | 118.1 | 154.2 | |||
Long-term debt | 2,407.0 | 2,080.3 | |||
Deferred tax liabilities, net | 1,507.4 | 1,529.5 | |||
Total liabilities | 21,408.6 | 24,718.5 | |||
Commitments and contingencies (See Note 13) | |||||
TEMPORARY EQUITY | |||||
Redeemable noncontrolling interests in consolidated entities | 202.8 | 383.5 | |||
PERMANENT EQUITY | |||||
Equity attributable to Invesco Ltd.: | |||||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of June 30, 2020 and December 31, 2019) | 4,010.5 | 4,010.5 | |||
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of June 30, 2020 and December 31, 2019) | 113.2 | 113.2 | |||
Additional paid-in-capital | 7,788.4 | 7,860.8 | |||
Treasury shares | (3,319.1 | ) | (3,452.5 | ) | |
Retained earnings | 5,825.0 | 5,917.8 | |||
Accumulated other comprehensive income/(loss), net of tax | (816.0 | ) | (587.3 | ) | |
Total equity attributable to Invesco Ltd. | 13,602.0 | 13,862.5 | |||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 365.7 | 455.8 | |||
Total permanent equity | 13,967.7 | 14,318.3 | |||
Total liabilities, temporary and permanent equity | 35,579.1 | 39,420.3 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
$ in millions, except per share data | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Investment management fees | 1,247.4 | 1,037.1 | 2,454.0 | 2,205.4 | |||||||||||||||||||
Service and distribution fees | 401.0 | 332.7 | 782.1 | 698.5 | |||||||||||||||||||
Performance fees | 10.5 | 3.5 | 17.2 | 8.3 | |||||||||||||||||||
Other | 62.5 | 45.7 | 127.8 | 105.7 | |||||||||||||||||||
Total operating revenues | 1,721.4 | 1,419.0 | 3,381.1 | 3,017.9 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Third-party distribution, service and advisory | 539.6 | 444.0 | 1,062.4 | 959.1 | |||||||||||||||||||
Employee compensation | 487.0 | 454.6 | 976.2 | 876.5 | |||||||||||||||||||
Marketing | 24.5 | 14.4 | 40.3 | 47.1 | |||||||||||||||||||
Property, office and technology | 127.2 | 128.3 | 256.5 | 258.7 | |||||||||||||||||||
General and administrative | 103.3 | 188.9 | 199.9 | 295.2 | |||||||||||||||||||
Transaction, integration and restructuring | (47.1) | 56.5 | (1.3) | 116.1 | |||||||||||||||||||
Amortization of intangibles | 16.0 | 15.2 | 31.9 | 31.1 | |||||||||||||||||||
Total operating expenses | 1,250.5 | 1,301.9 | 2,565.9 | 2,583.8 | |||||||||||||||||||
Operating income | 470.9 | 117.1 | 815.2 | 434.1 | |||||||||||||||||||
Other income/(expense): | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 37.2 | 11.2 | 64.7 | 28.1 | |||||||||||||||||||
Interest and dividend income | 0.4 | 2.4 | 1.7 | 8.8 | |||||||||||||||||||
Interest expense | (24.6) | (34.8) | (48.4) | (71.1) | |||||||||||||||||||
Other gains and losses, net | 43.4 | 60.0 | 77.5 | (46.5) | |||||||||||||||||||
Other income/(expense) of CIP, net | 122.0 | (50.5) | 216.7 | (70.6) | |||||||||||||||||||
Income before income taxes | 649.3 | 105.4 | 1,127.4 | 282.8 | |||||||||||||||||||
Income tax provision | (154.2) | (43.4) | (260.7) | (100.8) | |||||||||||||||||||
Net income | 495.1 | 62.0 | 866.7 | 182.0 | |||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 | |||||||||||||||||||
Dividends declared on preferred shares | (59.2) | (59.2) | (118.4) | (118.4) | |||||||||||||||||||
Net income attributable to Invesco Ltd. | 368.3 | 40.5 | 636.1 | 122.0 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
-basic | $0.80 | $0.09 | $1.38 | $0.27 | |||||||||||||||||||
-diluted | $0.79 | $0.09 | $1.37 | $0.26 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
$ in millions, except per share data | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating revenues: | |||||||||||||||
Investment management fees | 1,037.1 | 1,071.3 | 2,205.4 | 1,995.0 | |||||||||||
Service and distribution fees | 332.7 | 294.1 | 698.5 | 513.4 | |||||||||||
Performance fees | 3.5 | 15.7 | 8.3 | 37.5 | |||||||||||
Other | 45.7 | 58.3 | 105.7 | 108.1 | |||||||||||
Total operating revenues | 1,419.0 | 1,439.4 | 3,017.9 | 2,654.0 | |||||||||||
Operating expenses: | |||||||||||||||
Third-party distribution, service and advisory | 444.0 | 451.8 | 959.1 | 819.8 | |||||||||||
Employee compensation | 454.6 | 421.9 | 876.5 | 803.2 | |||||||||||
Marketing | 14.4 | 33.4 | 47.1 | 61.4 | |||||||||||
Property, office and technology | 128.3 | 114.9 | 258.7 | 222.1 | |||||||||||
General and administrative | 188.9 | 94.2 | 295.2 | 178.0 | |||||||||||
Transaction, integration, and restructuring | 71.7 | 304.9 | 147.2 | 351.0 | |||||||||||
Total operating expenses | 1,301.9 | 1,421.1 | 2,583.8 | 2,435.5 | |||||||||||
Operating income | 117.1 | 18.3 | 434.1 | 218.5 | |||||||||||
Other income/(expense): | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 11.2 | 12.1 | 28.1 | 27.1 | |||||||||||
Interest and dividend income | 2.4 | 3.9 | 8.8 | 8.6 | |||||||||||
Interest expense | (34.8 | ) | (33.0 | ) | (71.1 | ) | (66.1 | ) | |||||||
Other gains and losses, net | 60.0 | 24.1 | (46.5 | ) | 55.2 | ||||||||||
Other income/(expense) of CIP, net | (50.5 | ) | 51.1 | (70.6 | ) | 90.0 | |||||||||
Income before income taxes | 105.4 | 76.5 | 282.8 | 333.3 | |||||||||||
Income tax provision | (43.4 | ) | (14.5 | ) | (100.8 | ) | (80.7 | ) | |||||||
Net income | 62.0 | 62.0 | 182.0 | 252.6 | |||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 37.7 | (21.9 | ) | 58.4 | (34.8 | ) | |||||||||
Dividends declared on preferred shares | (59.2 | ) | — | (118.4 | ) | — | |||||||||
Net income attributable to Invesco Ltd. | 40.5 | 40.1 | 122.0 | 217.8 | |||||||||||
Earnings per common share: | |||||||||||||||
-basic | $0.09 | $0.09 | $0.27 | $0.52 | |||||||||||
-diluted | $0.09 | $0.09 | $0.26 | $0.52 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | 495.1 | 62.0 | 866.7 | 182.0 | |||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 34.9 | 86.2 | 35.7 | (228.8) | |||||||||||||||||||
Other comprehensive income/(loss), net | 3.0 | 3.3 | (1.0) | 0.1 | |||||||||||||||||||
Other comprehensive income/(loss) | 37.9 | 89.5 | 34.7 | (228.7) | |||||||||||||||||||
Total comprehensive income/(loss) | 533.0 | 151.5 | 901.4 | (46.7) | |||||||||||||||||||
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 | |||||||||||||||||||
Dividends on preferred shares | (59.2) | (59.2) | (118.4) | (118.4) | |||||||||||||||||||
Comprehensive income/(loss) attributable to Invesco Ltd. | 406.2 | 130.0 | 670.8 | (106.7) |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Net income | 62.0 | 62.0 | 182.0 | 252.6 | |||||||
Other comprehensive income/(loss), net of tax: | |||||||||||
Currency translation differences on investments in foreign subsidiaries | 86.2 | 1.5 | (228.8 | ) | 62.4 | ||||||
Other comprehensive income/(loss), net | 3.3 | 0.7 | 0.1 | 1.2 | |||||||
Other comprehensive income/(loss) | 89.5 | 2.2 | (228.7 | ) | 63.6 | ||||||
Total comprehensive income/(loss) | 151.5 | 64.2 | (46.7 | ) | 316.2 | ||||||
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | 37.7 | (21.9 | ) | 58.4 | (34.8 | ) | |||||
Dividends on preferred shares | (59.2 | ) | — | (118.4 | ) | — | |||||
Comprehensive income/(loss) attributable to Invesco Ltd. | 130.0 | 42.3 | (106.7 | ) | 281.4 |
Six months ended June 30, | |||||||||||
$ in millions | 2021 | 2020 | |||||||||
Operating activities: | |||||||||||
Net income | 866.7 | 182.0 | |||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Amortization and depreciation | 103.9 | 98.7 | |||||||||
Common share-based compensation expense | 72.8 | 95.2 | |||||||||
Other (gains)/losses, net | (77.5) | 46.5 | |||||||||
Other (gains)/losses of CIP, net | (160.8) | 126.1 | |||||||||
Equity in earnings of unconsolidated affiliates | (64.7) | (28.1) | |||||||||
Distributions from equity method investees | 43.0 | 29.3 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Purchase)/sale of investments by CIP, net | (135.4) | (24.4) | |||||||||
(Purchase)/sale of investments, net | (20.5) | 174.5 | |||||||||
(Increase)/decrease in receivables | 4,090.1 | 2,391.5 | |||||||||
Increase/(decrease) in payables | (4,236.8) | (2,830.4) | |||||||||
Net cash provided by/(used in) operating activities | 480.8 | 260.9 | |||||||||
Investing activities: | |||||||||||
Purchase of property, equipment and software | (47.2) | (47.0) | |||||||||
Disposal of property, equipment and software | 0 | (0.2) | |||||||||
Purchase of investments by CIP | (3,224.5) | (2,742.7) | |||||||||
Sale of investments by CIP | 3,076.1 | 2,041.4 | |||||||||
Purchase of investments | (100.6) | (73.0) | |||||||||
Sale of investments | 76.8 | 93.5 | |||||||||
Capital distributions from equity method investees | 4.4 | 13.7 | |||||||||
Collateral received/(posted), net | 0 | (28.7) | |||||||||
Net cash provided by/(used in) investing activities | (215.0) | (743.0) | |||||||||
Financing activities: | |||||||||||
Purchases of treasury shares | (47.6) | (34.9) | |||||||||
Dividends paid - preferred | (118.4) | (118.4) | |||||||||
Dividends paid - common | (150.1) | (214.5) | |||||||||
Third-party capital invested into CIP | 247.3 | 82.5 | |||||||||
Third-party capital distributed by CIP | (117.1) | (153.4) | |||||||||
Borrowings of debt by CIP | 2,138.6 | 1,075.1 | |||||||||
Repayments of debt by CIP | (1,872.3) | (686.1) | |||||||||
Settlement of forward contracts on treasury shares | (309.4) | (190.6) | |||||||||
Collateral received/(returned), net | (104.1) | 0 | |||||||||
Net borrowings/(repayments) under credit facility | 0 | 325.6 | |||||||||
Payment of contingent consideration | (11.8) | (14.0) | |||||||||
Net cash provided by/(used in) financing activities | (344.9) | 71.3 | |||||||||
Increase/(decrease) in cash and cash equivalents | (79.1) | (410.8) | |||||||||
Foreign exchange movement on cash and cash equivalents | (9.7) | (28.3) | |||||||||
Foreign exchange movement on cash and cash equivalents of CIP | (4.7) | (0.1) | |||||||||
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP | (8.7) | 9.2 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period (1) | 1,839.3 | 1,701.2 | |||||||||
Cash and cash equivalents, end of period | 1,737.1 | 1,271.2 | |||||||||
Cash and cash equivalents | 1,333.0 | 987.1 | |||||||||
Cash and cash equivalents of CIP | 404.1 | 284.1 | |||||||||
Total cash and cash equivalents per consolidated statement of cash flows | 1,737.1 | 1,271.2 |
Six months ended June 30, | |||||
$ in millions | 2020 | 2019 | |||
Operating activities: | |||||
Net income | 182.0 | 252.6 | |||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||
Amortization and depreciation | 98.7 | 76.6 | |||
Common share-based compensation expense | 95.2 | 109.4 | |||
Other (gains)/losses, net | 46.5 | (55.2 | ) | ||
Other (gains)/losses of CIP, net | 126.1 | (31.4 | ) | ||
Equity in earnings of unconsolidated affiliates | (28.1 | ) | (27.1 | ) | |
Distributions from equity method investees | 29.3 | 2.9 | |||
Changes in operating assets and liabilities, net of business acquisitions: | |||||
(Purchase)/sale of investments by CIP, net | (24.4 | ) | (84.5 | ) | |
(Purchase)/sale of investments, net | 174.5 | 73.2 | |||
(Increase)/decrease in receivables | 2,391.5 | (143.1 | ) | ||
Increase/(decrease) in payables | (2,830.4 | ) | 174.0 | ||
Net cash provided by/(used in) operating activities | 260.9 | 347.4 | |||
Investing activities: | |||||
Purchase of property, equipment and software | (47.0 | ) | (49.0 | ) | |
Disposal of property, equipment and software | (0.2 | ) | — | ||
Purchase of investments by CIP | (2,742.7 | ) | (2,080.9 | ) | |
Sale of investments by CIP | 2,041.4 | 1,213.5 | |||
Purchase of investments | (73.0 | ) | (134.5 | ) | |
Sale of investments | 93.5 | 60.8 | |||
Capital distributions from equity method investees | 13.7 | 60.7 | |||
Collateral received/(posted), net | (28.7 | ) | 55.2 | ||
Purchase of business, net of cash acquired | — | 339.9 | |||
Net cash provided by/(used in) investing activities | (743.0 | ) | (534.3 | ) | |
Financing activities: | |||||
Purchases of treasury shares | (34.9 | ) | (143.8 | ) | |
Dividends paid - preferred | (118.4 | ) | — | ||
Dividends paid - common | (214.5 | ) | (245.5 | ) | |
Third-party capital invested into CIP | 82.5 | 120.7 | |||
Third-party capital distributed by CIP | (153.4 | ) | (48.5 | ) | |
Borrowings of debt by CIP | 1,075.1 | 834.6 | |||
Repayments of debt by CIP | (686.1 | ) | (396.1 | ) | |
Payment on forward contracts | (190.6 | ) | — | ||
Net borrowings/(repayments) under credit facility | 325.6 | (289.4 | ) | ||
Payment of contingent consideration | (14.0 | ) | (8.0 | ) | |
Net cash provided by/(used in) financing activities | 71.3 | (176.0 | ) | ||
Increase/(decrease) in cash and cash equivalents | (410.8 | ) | (362.9 | ) | |
Foreign exchange movement on cash and cash equivalents | (28.3) | 4.5 | |||
Foreign exchange movement on cash and cash equivalents of CIP | (0.1) | (4.1) | |||
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP | 9.2 | (7.6) | |||
Cash and cash equivalents, beginning of period | 1,701.2 | 1,805.4 | |||
Cash and cash equivalents, end of period | 1,271.2 | 1,435.3 | |||
Cash and cash equivalents | 987.1 | 1,199.4 | |||
Cash and cash equivalents of CIP | 284.1 | 235.9 | |||
Total cash and cash equivalents per consolidated statement of cash flows | 1,271.2 | 1,435.3 |
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2021 | 4,010.5 | 113.2 | 7,639.6 | (3,087.7) | 6,279.9 | (407.7) | 14,547.8 | 481.7 | 15,029.5 | 338.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 427.5 | — | 427.5 | 51.8 | 479.3 | 15.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | 37.9 | 37.9 | — | 37.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (14.9) | (14.9) | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($14.75 per share) | — | — | — | — | (59.2) | — | (59.2) | — | (59.2) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($0.170 per share) | — | — | — | — | (78.1) | — | (78.1) | — | (78.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 34.2 | — | — | — | 34.2 | — | 34.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (9.5) | 9.5 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | 0 | 0.8 | — | — | 0.8 | — | 0.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (2.9) | — | — | (2.9) | — | (2.9) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 4,010.5 | 113.2 | 7,664.3 | (3,080.3) | 6,570.1 | (369.8) | 14,908.0 | 518.6 | 15,426.6 | 363.9 |
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2020 | 4,010.5 | 113.2 | 7,747.7 | (3,323.2) | 5,856.6 | (905.5) | 13,499.3 | 443.1 | 13,942.4 | 176.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 99.7 | — | 99.7 | (60.4) | 39.3 | 22.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | 89.5 | 89.5 | — | 89.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (17.0) | (17.0) | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($14.75 per share) | — | — | — | — | (59.2) | — | (59.2) | — | (59.2) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($0.155 per share) | — | — | — | — | (72.1) | — | (72.1) | — | (72.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 47.8 | — | — | — | 47.8 | — | 47.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (6.6) | 6.6 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | (0.5) | 0.9 | — | — | 0.4 | — | 0.4 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (3.4) | — | — | (3.4) | — | (3.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1) | 5,825.0 | (816.0) | 13,602.0 | 365.7 | 13,967.7 | 202.8 |
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||
April 1, 2020 | 4,010.5 | 113.2 | 7,747.7 | (3,323.2 | ) | 5,856.6 | (905.5 | ) | 13,499.3 | 443.1 | 13,942.4 | 176.5 | |||||||||||||||||
Net income | — | — | — | — | 99.7 | — | 99.7 | (60.4 | ) | 39.3 | 22.7 | ||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | 89.5 | 89.5 | — | 89.5 | — | |||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (17.0 | ) | (17.0 | ) | 3.6 | |||||||||||||||||
Dividends declared - preferred ($14.75 per share) | — | — | — | — | (59.2 | ) | — | (59.2 | ) | — | (59.2 | ) | — | ||||||||||||||||
Dividends declared - common ($0.155 per share) | — | — | — | — | (72.1 | ) | — | (72.1 | ) | — | (72.1 | ) | — | ||||||||||||||||
Common share-based compensation | — | — | 47.8 | — | — | — | 47.8 | — | 47.8 | — | |||||||||||||||||||
Vested common shares | — | — | (6.6 | ) | 6.6 | — | — | — | — | — | — | ||||||||||||||||||
Other common share awards | — | — | (0.5 | ) | 0.9 | — | — | 0.4 | — | 0.4 | — | ||||||||||||||||||
Purchase of common shares | — | — | — | (3.4 | ) | — | — | (3.4 | ) | — | (3.4 | ) | — | ||||||||||||||||
June 30, 2020 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1 | ) | 5,825.0 | (816.0 | ) | 13,602.0 | 365.7 | 13,967.7 | 202.8 |
Three months ended June 30, 2019 | |||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||
April 1, 2019 | 98.1 | 6,273.7 | (2,971.0 | ) | 5,942.1 | (673.6 | ) | 8,669.3 | 340.1 | 9,009.4 | 451.1 | ||||||||||||||||||
Net income | — | — | — | 40.1 | — | 40.1 | 16.3 | 56.4 | 5.6 | ||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | 2.2 | 2.2 | — | 2.2 | — | ||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | 8.6 | 8.6 | (60.3 | ) | |||||||||||||||||||
Issuance of shares | 4,010.5 | 15.1 | 1,438.2 | 5,463.8 | 5,463.8 | ||||||||||||||||||||||||
Dividends declared - common ($0.31 per share) | — | — | — | (125.4 | ) | — | (125.4 | ) | — | (125.4 | ) | — | |||||||||||||||||
Common share-based compensation | — | 59.6 | — | — | — | 59.6 | — | 59.6 | — | ||||||||||||||||||||
Vested common shares | — | 39.3 | 49.4 | — | — | 88.7 | — | 88.7 | — | ||||||||||||||||||||
Other common share awards | — | — | 0.3 | — | — | 0.3 | — | 0.3 | — | ||||||||||||||||||||
Purchase of common shares | — | — | (263.9 | ) | — | — | (263.9 | ) | — | (263.9 | ) | — | |||||||||||||||||
June 30, 2019 | 4,010.5 | 113.2 | 7,810.8 | (3,185.2 | ) | 5,856.8 | (671.4 | ) | 13,934.7 | 365.0 | 14,299.7 | 396.4 |
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 4,010.5 | 113.2 | 7,811.4 | (3,253.8) | 6,085.0 | (404.5) | 14,361.8 | 447.1 | 14,808.9 | 211.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 754.5 | — | 754.5 | 94.6 | 849.1 | 17.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | 34.7 | 34.7 | — | 34.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (23.1) | (23.1) | 134.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($29.50 per share) | — | — | — | — | (118.4) | — | (118.4) | — | (118.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($0.325 per share) | — | — | — | — | (151.0) | — | (151.0) | — | (151.0) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 72.8 | — | — | — | 72.8 | — | 72.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (219.9) | 219.9 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | 0 | 1.2 | — | — | 1.2 | — | 1.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (47.6) | — | — | (47.6) | — | (47.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 4,010.5 | 113.2 | 7,664.3 | (3,080.3) | 6,570.1 | (369.8) | 14,908.0 | 518.6 | 15,426.6 | 363.9 |
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||
January 1, 2020 | 4,010.5 | 113.2 | 7,860.8 | (3,452.5 | ) | 5,917.8 | (587.3 | ) | 13,862.5 | 455.8 | 14,318.3 | 383.5 | |||||||||||||||||
Net income | — | — | — | — | 240.4 | — | 240.4 | (36.0 | ) | 204.4 | (22.4 | ) | |||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | (228.7 | ) | (228.7 | ) | — | (228.7 | ) | — | ||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (54.1 | ) | (54.1 | ) | (158.3 | ) | ||||||||||||||||
Dividends - preferred ($29.50 per share) | — | — | — | — | (118.4 | ) | — | (118.4 | ) | — | (118.4 | ) | — | ||||||||||||||||
Dividends declared - common ($0.465 per share) | — | — | — | — | (214.8 | ) | — | (214.8 | ) | — | (214.8 | ) | — | ||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||
Common share-based compensation | — | — | 95.2 | — | — | — | 95.2 | — | 95.2 | — | |||||||||||||||||||
Vested common shares | — | — | (167.0 | ) | 167.0 | — | — | — | — | — | — | ||||||||||||||||||
Other common share awards | — | — | (0.6 | ) | 1.3 | — | — | 0.7 | — | 0.7 | — | ||||||||||||||||||
Purchase of common shares | — | — | — | (34.9 | ) | — | — | (34.9 | ) | — | (34.9 | ) | — | ||||||||||||||||
June 30, 2020 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1 | ) | 5,825.0 | (816.0 | ) | 13,602.0 | 365.7 | 13,967.7 | 202.8 |
Six months ended June 30, 2019 | |||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||
January 1, 2019 | — | 98.1 | 6,334.8 | (3,003.6 | ) | 5,884.5 | (735.0 | ) | 8,578.8 | 357.4 | 8,936.2 | 396.2 | |||||||||||||||||
Net income | — | — | — | — | 217.8 | — | 217.8 | 10.2 | 228.0 | 24.6 | |||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | 63.6 | 63.6 | — | 63.6 | — | |||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (2.6 | ) | (2.6 | ) | (24.4 | ) | ||||||||||||||||
Issuance of Shares | 4,010.5 | 15.1 | 1,438.2 | — | — | — | 5,463.8 | — | 5,463.8 | — | |||||||||||||||||||
Dividends declared - common ($0.61 per share) | — | — | — | — | (245.5 | ) | — | (245.5 | ) | — | (245.5 | ) | — | ||||||||||||||||
Common share-based compensation | — | — | 109.4 | — | — | — | 109.4 | — | 109.4 | — | |||||||||||||||||||
Vested common shares | — | — | (71.5 | ) | 160.2 | — | — | 88.7 | — | 88.7 | — | ||||||||||||||||||
Other common share awards | — | — | (0.1 | ) | 0.7 | — | — | 0.6 | — | 0.6 | — | ||||||||||||||||||
Purchase of common shares | — | — | — | (342.5 | ) | — | — | (342.5 | ) | — | (342.5 | ) | — | ||||||||||||||||
June 30, 2019 | 4,010.5 | 113.2 | 7,810.8 | (3,185.2 | ) | 5,856.8 | (671.4 | ) | 13,934.7 | 365.0 | 14,299.7 | 396.4 |
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 4,010.5 | 113.2 | 7,860.8 | (3,452.5) | 5,917.8 | (587.3) | 13,862.5 | 455.8 | 14,318.3 | 383.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 240.4 | — | 240.4 | (36.0) | 204.4 | (22.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | (228.7) | (228.7) | — | (228.7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (54.1) | (54.1) | (158.3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($29.50 per share) | — | — | — | — | (118.4) | — | (118.4) | — | (118.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($0.465 per share) | — | — | — | — | (214.8) | — | (214.8) | — | (214.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 95.2 | — | — | — | 95.2 | — | 95.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (167.0) | 167.0 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | (0.6) | 1.3 | — | — | 0.7 | — | 0.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (34.9) | — | — | (34.9) | — | (34.9) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1) | 5,825.0 | (816.0) | 13,602.0 | 365.7 | 13,967.7 | 202.8 |
Three months ended June 30, | Six months ended June 30, | ||||
$ in millions | 2019 | 2019 | |||
Operating revenues | 1,750.9 | 3,471.7 | |||
Net income | 89.7 | 305.8 |
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | ||||||||||||||||
$ in millions | Fair Value | Fair Value | $ in millions | Fair Value | Fair Value | ||||||||||||||
Cash and cash equivalents | 987.1 | 1,049.0 | Cash and cash equivalents | 1,333.0 | 1,408.4 | ||||||||||||||
Restricted cash (1) | Restricted cash (1) | 0 | 129.2 | ||||||||||||||||
Equity investments | 314.8 | 432.5 | Equity investments | 444.9 | 360.3 | ||||||||||||||
Foreign time deposits(1) | 27.3 | 32.0 | |||||||||||||||||
Assets held for policyholders | 8,020.9 | 10,835.6 | |||||||||||||||||
Policyholder payables(1) | (8,020.9 | ) | (10,835.6 | ) | |||||||||||||||
Foreign time deposits (2) | Foreign time deposits (2) | 28.3 | 29.9 | ||||||||||||||||
Assets held for policyholders (2) | Assets held for policyholders (2) | 3,415.2 | 7,582.1 | ||||||||||||||||
Policyholder payables | Policyholder payables | (3,415.2) | (7,582.1) | ||||||||||||||||
Contingent consideration liability | (29.3 | ) | (60.2 | ) | Contingent consideration liability | (3.4) | (18.6) |
As of June 30, 2020 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Assets: | |||||||||||
Cash equivalents: | |||||||||||
Money market funds | 575.3 | 575.3 | — | — | |||||||
Investments(1): | |||||||||||
Equity investments: | |||||||||||
Seed money | 142.4 | 142.4 | — | — | |||||||
Investments related to deferred compensation plans | 167.7 | 167.7 | — | — | |||||||
Other equity securities | 4.7 | 4.7 | — | — | |||||||
Assets held for policyholders | 8,020.9 | 8,020.9 | — | — | |||||||
Total | 8,911.0 | 8,911.0 | — | — | |||||||
Liabilities: | |||||||||||
Contingent consideration liability | (29.3 | ) | — | — | (29.3 | ) | |||||
Total | (29.3 | ) | — | — | (29.3 | ) |
As of June 30, 2021 | |||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds (1) | 831.9 | 831.9 | 0 | 0 | |||||||||||||||||||
Investments (2): | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed money | 219.7 | 219.7 | 0 | 0 | |||||||||||||||||||
Investments related to deferred compensation plans | 221.0 | 221.0 | 0 | 0 | |||||||||||||||||||
Other equity securities | 4.2 | 4.2 | 0 | 0 | |||||||||||||||||||
Assets held for policyholders (3) | 3,415.2 | 3,415.2 | 0 | 0 | |||||||||||||||||||
Total | 4,692.0 | 4,692.0 | 0 | 0 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | (3.4) | 0 | 0 | (3.4) | |||||||||||||||||||
Total | (3.4) | 0 | 0 | (3.4) |
As of December 31, 2019 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Assets: | |||||||||||
Cash equivalents: | |||||||||||
Money market funds | 620.9 | 620.9 | — | — | |||||||
Investments(1): | |||||||||||
Equity investments: | |||||||||||
Seed money | 235.5 | 235.5 | — | — | |||||||
Investments related to deferred compensation plans | 192.4 | 192.4 | — | — | |||||||
Other equity securities | 4.6 | 4.6 | — | — | |||||||
Assets held for policyholders | 10,835.6 | 10,835.6 | — | — | |||||||
Total | 11,889.0 | 11,889.0 | — | — | |||||||
Liabilities: | |||||||||||
Contingent consideration liability | (60.2 | ) | — | — | (60.2 | ) | |||||
Total | (60.2 | ) | — | — | (60.2 | ) |
As of December 31, 2020 | |||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds (1) | 947.3 | 947.3 | 0 | 0 | |||||||||||||||||||
Investments (2): | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed money | 153.5 | 153.5 | 0 | 0 | |||||||||||||||||||
Investments related to deferred compensation plans | 202.7 | 202.7 | 0 | 0 | |||||||||||||||||||
Other equity securities | 4.1 | 4.1 | 0 | 0 | |||||||||||||||||||
Assets held for policyholders (3) | 7,582.1 | 7,582.1 | 0 | 0 | |||||||||||||||||||
Total return swaps related to deferred compensation plans | 5.1 | 0 | 5.1 | 0 | |||||||||||||||||||
Total | 8,894.8 | 8,889.7 | 5.1 | 0 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | (18.6) | 0 | 0 | (18.6) | |||||||||||||||||||
Total | (18.6) | 0 | 0 | (18.6) |
Contingent Consideration Liability | Contingent Consideration Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Three months ended June 30, 2020 | Six months ended June 30, 2020 | $ in millions | Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | (33.6 | ) | (60.2 | ) | Beginning balance | (4.4) | (18.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revision to purchase price allocation | — | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses included in other gains and losses, net(1) | 3.2 | 11.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases/acquisitions | Purchases/acquisitions | (1.3) | (1.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses included in other gains and losses, net | Net unrealized gains and losses included in other gains and losses, net | (1.0) | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposition/settlements | 1.1 | 14.0 | Disposition/settlements | 3.3 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | (29.3 | ) | (29.3 | ) | Ending balance | (3.4) | (3.4) |
Contingent Consideration Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | (33.6) | (60.2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Revision to purchase price allocation | 0 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses included in other gains and losses, net | 3.2 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Disposition/settlements | 1.1 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | (29.3) | (29.3) |
Contingent Consideration Liability | |||||
$ in millions | Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||
Beginning balance | (38.4 | ) | (40.9 | ) | |
Purchases/acquisitions | (15.5 | ) | (15.5 | ) | |
Net unrealized gains and losses included in other gains and losses, net(1) | 0.5 | (1.0 | ) | ||
Disposition/settlements | 3.6 | 7.6 | |||
Ending balance | (49.8 | ) | (49.8 | ) |
$ in millions | June 30, 2021 | December 31, 2020 | |||||||||
Equity investments: | |||||||||||
Seed money | 219.7 | 153.5 | |||||||||
Investments related to deferred compensation plans | 221.0 | 202.7 | |||||||||
Other equity securities | 4.2 | 4.1 | |||||||||
Equity method investments | 481.9 | 426.1 | |||||||||
Foreign time deposits | 28.3 | 29.9 | |||||||||
Other | 10.1 | 10.5 | |||||||||
Total investments (1) | 965.2 | 826.8 |
$ in millions | June 30, 2020 | December 31, 2019 | |||
Equity investments: | |||||
Seed money | 142.4 | 235.5 | |||
Investments related to deferred compensation plans | 167.7 | 192.4 | |||
Other equity securities | 4.7 | 4.6 | |||
Equity method investments | 355.1 | 350.8 | |||
Foreign time deposits | 27.3 | 32.0 | |||
Other | 11.9 | 14.2 | |||
Total investments | 709.1 | 829.5 |
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
$ in millions | Carrying Value(2) | Fair Value | Carrying Value(2) | Fair Value | $ in millions | Carrying Value (3) | Fair Value | Carrying Value (3) | Fair Value | |||||||||||||||||||||||||
$1.5 billion floating rate credit facility expiring August 11, 2022 | 325.6 | 325.6 | — | — | ||||||||||||||||||||||||||||||
Unsecured Senior Notes(1): | ||||||||||||||||||||||||||||||||||
$1.5 billion floating rate credit facility expiring April 26, 2026 (1) | $1.5 billion floating rate credit facility expiring April 26, 2026 (1) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Unsecured Senior Notes (2): | Unsecured Senior Notes (2): | |||||||||||||||||||||||||||||||||
$600 million 3.125% - due November 30, 2022 | 598.4 | 636.2 | 598.1 | 617.5 | $600 million 3.125% - due November 30, 2022 | 599.1 | 623.2 | 598.7 | 632.9 | |||||||||||||||||||||||||
$600 million 4.000% - due January 30, 2024 | 596.3 | 654.4 | 595.8 | 639.2 | $600 million 4.000% - due January 30, 2024 | 597.3 | 649.9 | 596.8 | 660.2 | |||||||||||||||||||||||||
$500 million 3.750% - due January 15, 2026 | 496.4 | 548.4 | 496.1 | 533.0 | $500 million 3.750% - due January 15, 2026 | 497.0 | 553.9 | 496.7 | 564.8 | |||||||||||||||||||||||||
$400 million 5.375% - due November 30, 2043 | 390.3 | 463.6 | 390.3 | 491.8 | $400 million 5.375% - due November 30, 2043 | 390.4 | 524.5 | 390.4 | 517.8 | |||||||||||||||||||||||||
Long-term debt | 2,407.0 | 2,628.2 | 2,080.3 | 2,281.5 | Long-term debt | 2,083.8 | 2,351.5 | 2,082.6 | 2,375.7 |
As of | ||||
in millions | June 30, 2020 | December 31, 2019 | ||
Preferred shares issued(1) | 4.0 | 4.0 | ||
Preferred shares outstanding(1) | 4.0 | 4.0 |
As of | |||||||||||
in millions | June 30, 2021 | December 31, 2020 | |||||||||
Preferred shares issued (1) | 4.0 | 4.0 | |||||||||
Preferred shares outstanding (1) | 4.0 | 4.0 |
As of | As of | |||||||||||||||
in millions | June 30, 2020 | December 31, 2019 | in millions | June 30, 2021 | December 31, 2020 | |||||||||||
Common shares issued | 566.1 | 566.1 | Common shares issued | 566.1 | 566.1 | |||||||||||
Less: Treasury shares for which dividend and voting rights do not apply | (106.9 | ) | (112.8 | ) | Less: Treasury shares for which dividend and voting rights do not apply | (104.7) | (107.0) | |||||||||
Common shares outstanding | 459.2 | 453.3 | Common shares outstanding | 461.4 | 459.1 |
in millions, except strike and forward prices | June 30, 2020 | |||||||||||||||||||||
Common Shares Purchased | Initial Strike Price | Forward Price | Hedge Completion Date | Value of Total Treasury Shares Recorded | Settlement Date | Total Liability Recorded | ||||||||||||||||
$200 million - entered on May 13, 2019 | 9.8 | $ | 20.51 | $ | 12.00 | 05/30/2019 | $ | 198.7 | 01/04/2021 | $ | (116.8 | ) | ||||||||||
$200 million - entered on July 2, 2019 | 10.0 | $ | 20.00 | $ | 12.00 | 07/30/2019 | $ | 193.7 | 04/01/2021 | $ | (118.3 | ) | ||||||||||
$100 million - entered on August 27, 2019 | 6.0 | $ | 16.59 | $ | 12.00 | 09/27/2019 | $ | 102.6 | 04/01/2021 | $ | (73.2 | ) | ||||||||||
25.8 | $ | 495.0 | $ | (308.3 | ) |
in millions, except strike and forward prices | December 31, 2019 | |||||||||||||||||||||
Common Shares Purchased | Initial Strike Price | Forward Price | Hedge Completion Date | Value of Total Treasury Shares Recorded | Settlement Date | Total Liability Recorded | ||||||||||||||||
$200 million - entered on May 13, 2019 | 9.8 | $ | 20.51 | $ | 20.51 | 05/30/2019 | $ | 198.7 | 01/04/2021 | $ | (199.1 | ) | ||||||||||
$200 million - entered on July 2, 2019 | 10.0 | $ | 20.00 | $ | 20.00 | 07/30/2019 | $ | 193.7 | 04/01/2021 | $ | (195.3 | ) | ||||||||||
$100 million - entered on August 27, 2019 | 6.0 | $ | 16.59 | $ | 16.59 | 09/27/2019 | $ | 102.6 | 04/01/2021 | $ | (102.1 | ) | ||||||||||
25.8 | $ | 495.0 | $ | (496.5 | ) |
For the three months ended June 30, 2020 | ||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||
Other comprehensive income/(loss) net of tax: | ||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 86.2 | — | — | — | 86.2 | |||||||||
Other comprehensive income, net | — | 3.3 | — | — | 3.3 | |||||||||
Other comprehensive income/(loss), net of tax | 86.2 | 3.3 | — | — | 89.5 | |||||||||
Beginning balance | (777.0 | ) | (129.2 | ) | 0.1 | 0.6 | (905.5 | ) | ||||||
Other comprehensive income/(loss), net of tax | 86.2 | 3.3 | — | — | 89.5 | |||||||||
Ending balance | (690.8 | ) | (125.9 | ) | 0.1 | 0.6 | (816.0 | ) |
For the six months ended June 30, 2020 | For the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | $ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | (228.8 | ) | — | — | — | (228.8 | ) | Currency translation differences on investments in foreign subsidiaries | 34.9 | 0 | 0 | 0 | 34.9 | ||||||||||||||||||||||||||||||
Other comprehensive income, net | — | 0.2 | — | (0.1 | ) | 0.1 | Other comprehensive income, net | 0 | 3.1 | 0 | (0.1) | 3.0 | |||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (228.8 | ) | 0.2 | — | (0.1 | ) | (228.7 | ) | Other comprehensive income/(loss), net of tax | 34.9 | 3.1 | 0 | (0.1) | 37.9 | |||||||||||||||||||||||||||||
Beginning balance | (462.0 | ) | (126.1 | ) | 0.1 | 0.7 | (587.3 | ) | Beginning balance | (278.5) | (130.0) | 0.1 | 0.7 | (407.7) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (228.8 | ) | 0.2 | — | (0.1 | ) | (228.7 | ) | Other comprehensive income/(loss), net of tax | 34.9 | 3.1 | 0 | (0.1) | 37.9 | |||||||||||||||||||||||||||||
Ending balance | (690.8 | ) | (125.9 | ) | 0.1 | 0.6 | (816.0 | ) | Ending balance | (243.6) | (126.9) | 0.1 | 0.6 | (369.8) |
For the three months ended June 30, 2019 | For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | $ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 1.5 | — | — | — | 1.5 | Currency translation differences on investments in foreign subsidiaries | 35.7 | 0 | 0 | 0 | 35.7 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | 0.6 | 0.1 | — | 0.7 | Other comprehensive income, net | 0 | (0.9) | 0 | (0.1) | (1.0) | ||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 1.5 | 0.6 | 0.1 | — | 2.2 | Other comprehensive income/(loss), net of tax | 35.7 | (0.9) | 0 | (0.1) | 34.7 | ||||||||||||||||||||||||||||||||
Beginning balance | (556.7 | ) | (117.5 | ) | — | 0.6 | (673.6 | ) | Beginning balance | (279.3) | (126.0) | 0.1 | 0.7 | (404.5) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 1.5 | 0.6 | 0.1 | — | 2.2 | Other comprehensive income/(loss), net of tax | 35.7 | (0.9) | 0 | (0.1) | 34.7 | ||||||||||||||||||||||||||||||||
Ending balance | (555.2 | ) | (116.9 | ) | 0.1 | 0.6 | (671.4 | ) | Ending balance | (243.6) | (126.9) | 0.1 | 0.6 | (369.8) |
For the six months ended June 30, 2019 | ||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||
Other comprehensive income/(loss) net of tax: | ||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 62.4 | — | — | — | 62.4 | |||||||||
Other comprehensive income, net | — | 0.8 | 0.1 | 0.3 | 1.2 | |||||||||
Other comprehensive income/(loss), net of tax | 62.4 | 0.8 | 0.1 | 0.3 | 63.6 | |||||||||
Beginning balance | (617.6 | ) | (117.7 | ) | — | 0.3 | (735.0 | ) | ||||||
Other comprehensive income/(loss), net of tax | 62.4 | 0.8 | 0.1 | 0.3 | 63.6 | |||||||||
Ending balance | (555.2 | ) | (116.9 | ) | 0.1 | 0.6 | (671.4 | ) |
For the three months ended June 30, 2020 | |||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 86.2 | 0 | 0 | 0 | 86.2 | ||||||||||||||||||||||||
Other comprehensive income, net | 0 | 3.3 | 0 | 0 | 3.3 | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 86.2 | 3.3 | 0 | 0 | 89.5 | ||||||||||||||||||||||||
Beginning balance | (777.0) | (129.2) | 0.1 | 0.6 | (905.5) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 86.2 | 3.3 | 0 | 0 | 89.5 | ||||||||||||||||||||||||
Ending balance | (690.8) | (125.9) | 0.1 | 0.6 | (816.0) |
For the six months ended June 30, 2020 | |||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | (228.8) | 0 | 0 | 0 | (228.8) | ||||||||||||||||||||||||
Other comprehensive income, net | 0 | 0.2 | 0 | (0.1) | 0.1 | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (228.8) | 0.2 | 0 | (0.1) | (228.7) | ||||||||||||||||||||||||
Beginning balance | (462.0) | (126.1) | 0.1 | 0.7 | (587.3) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (228.8) | 0.2 | 0 | (0.1) | (228.7) | ||||||||||||||||||||||||
Ending balance | (690.8) | (125.9) | 0.1 | 0.6 | (816.0) |
For the three months ended June 30, | |||||||||||
$ in millions | 2021 | 2020 | |||||||||
Americas | 1,282.3 | 1,057.2 | |||||||||
UK | 164.7 | 146.0 | |||||||||
EMEA ex UK (Europe, Middle East and Africa) | 184.2 | 145.7 | |||||||||
Asia Pacific | 90.2 | 70.1 | |||||||||
Total operating revenues | 1,721.4 | 1,419.0 |
For the three months ended June 30, | |||
$ in millions | 2020 | 2019 | |
Americas | 1,057.2 | 992.3 | |
UK | 146.0 | 209.9 | |
EMEA ex UK (Europe, Middle East, and Africa) | 145.7 | 168.7 | |
Asia | 70.1 | 68.5 | |
Total operating revenues | 1,419.0 | 1,439.4 |
For the six months ended June 30, | For the six months ended June 30, | |||||||||||||
$ in millions | 2020 | 2019 | $ in millions | 2021 | 2020 | |||||||||
Americas | 2,237.9 | 1,752.3 | Americas | 2,513.0 | 2,237.9 | |||||||||
UK | 316.8 | 420.6 | UK | 328.3 | 316.8 | |||||||||
EMEA ex UK (Europe, Middle East, and Africa) | 310.1 | 338.3 | ||||||||||||
Asia | 153.1 | 142.8 | ||||||||||||
EMEA ex UK (Europe, Middle East and Africa) | EMEA ex UK (Europe, Middle East and Africa) | 360.5 | 310.1 | |||||||||||
Asia Pacific | Asia Pacific | 179.3 | 153.1 | |||||||||||
Total operating revenues | 3,017.9 | 2,654.0 | Total operating revenues | 3,381.1 | 3,017.9 |
For the six months ended June 30, 2020 | For the six months ended June 30, 2019 | |||||||||||||
millions of common shares, except fair values | Time- Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time- Vested | Performance- Vested | |||||||||
Unvested at the beginning of period | 18.7 | 1.1 | 21.94 | 12.5 | 0.9 | |||||||||
Granted during the period(1) | 8.1 | 0.9 | 14.09 | 15.0 | 0.6 | |||||||||
Forfeited during the period | (0.2 | ) | — | 21.93 | (0.4 | ) | — | |||||||
Vested and distributed during the period | (6.3 | ) | (0.2 | ) | 25.38 | (6.6 | ) | (0.1 | ) | |||||
Unvested at the end of the period | 20.3 | 1.8 | 19.51 | 20.5 | 1.4 |
For the six months ended June 30, 2021 | For the six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
millions of common shares, except fair values | Time- Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time- Vested | Performance- Vested | ||||||||||||||||||||||||||||||
Unvested at the beginning of period | 18.1 | 1.6 | 19.11 | 18.7 | 1.1 | ||||||||||||||||||||||||||||||
Granted during the period | 3.4 | 0.6 | 22.60 | 8.1 | 0.9 | ||||||||||||||||||||||||||||||
Forfeited during the period | (0.2) | 0 | 18.74 | (0.2) | 0 | ||||||||||||||||||||||||||||||
Vested and distributed during the period | (6.4) | (0.5) | 21.85 | (6.3) | (0.2) | ||||||||||||||||||||||||||||||
Unvested at the end of the period | 14.9 | 1.7 | 18.82 | 20.3 | 1.8 |
$ in millions | Three months ended June 30, 2020 | Six months ended June 30, 2020 | |||
Operating lease cost | 21.3 | 41.9 | |||
Variable lease cost | 5.9 | 11.2 | |||
Less: sublease income | (0.8 | ) | (1.0 | ) | |
Total lease expense | 26.4 | 52.1 |
$ in millions | Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||
Operating lease cost | 16.1 | 29.8 | |||
Variable lease cost | 6.9 | 12.8 | |||
Less: sublease income | (0.1 | ) | (0.3 | ) | |
Total lease expense | 22.9 | 42.3 |
$ in millions | Three months ended June 30, 2020 | Six months ended June 30, 2020 | |||
Operating cash flows from operating leases included in the measurement of lease liabilities | 26.2 | 44.9 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 18.1 | 27.6 |
$ in millions | Employee Compensation | Other Expenses | Total | ||||||||||||||
Balance as of July 1, 2020 | 0 | 0 | 0 | ||||||||||||||
Accrued charges | 85.0 | 9.1 | 94.1 | ||||||||||||||
Payments | (40.5) | (9.1) | (49.6) | ||||||||||||||
Balance as of December 31, 2020 | 44.5 | 0 | 44.5 | ||||||||||||||
Accrued charges | 19.8 | 4.1 | 23.9 | ||||||||||||||
Payments | (40.2) | (1.1) | (41.3) | ||||||||||||||
Balance as of March 31, 2021 | 24.1 | 3.0 | 27.1 | ||||||||||||||
Accrued charges | 12.8 | 3.1 | 15.9 | ||||||||||||||
Payments | (20.4) | (4.3) | (24.7) | ||||||||||||||
Balance as of June 30, 2021 | 16.5 | 1.8 | 18.3 | ||||||||||||||
Non-cash charges (1) | |||||||||||||||||
Six months ended December 31, 2020 | 19.5 | 5.4 | 24.9 | ||||||||||||||
Six months ended June 30, 2021 | 7.5 | 2.8 | 10.3 | ||||||||||||||
Total non-cash charges | 27.0 | 8.2 | 35.2 | ||||||||||||||
Cumulative charges incurred through June 30, 2021 | 144.6 | 24.5 | 169.1 | ||||||||||||||
$ in millions | Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||
Operating cash flows from operating leases included in the measurement of lease liabilities | 18.5 | 33.5 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 144.3 | 148.5 |
$ in millions | ||
Year Ending December 31, | Lease Liabilities | |
2020 (excluding the six months ended June 30, 2020) | 46.3 | |
2021 | 79.5 | |
2022 | 70.1 | |
2023 | 56.6 | |
2024 | 40.3 | |
Thereafter | 102.7 | |
Total lease payments | 395.5 | |
Less: interest | (38.6 | ) |
Present value of lease liabilities | 356.9 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||
in millions, except per share data | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net income attributable to Invesco Ltd. | 40.5 | 40.1 | 122.0 | 217.8 | |||||||||||
Invesco Ltd: | |||||||||||||||
Weighted average common shares outstanding - basic | 460.1 | 431.6 | 457.9 | 416.7 | |||||||||||
Dilutive effect of non-participating common share-based awards | 3.0 | 2.2 | 3.1 | 1.5 | |||||||||||
Weighted average common shares outstanding - diluted | 463.1 | 433.8 | 461.0 | 418.2 | |||||||||||
Earnings per common share: | |||||||||||||||
-basic | $0.09 | $0.09 | $0.27 | $0.52 | |||||||||||
-diluted | $0.09 | $0.09 | $0.26 | $0.52 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||
in millions, except per share data | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Net income attributable to Invesco Ltd. | 368.3 | 40.5 | 636.1 | 122.0 | |||||||||||||||||||||||||||||||
Invesco Ltd: | |||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 462.8 | 460.1 | 462.2 | 457.9 | |||||||||||||||||||||||||||||||
Dilutive effect of non-participating common share-based awards | 3.4 | 3.0 | 3.1 | 3.1 | |||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 466.2 | 463.1 | 465.3 | 461.0 | |||||||||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||||
-basic | $0.80 | $0.09 | $1.38 | $0.27 | |||||||||||||||||||||||||||||||
-diluted | $0.79 | $0.09 | $1.37 | $0.26 |
As of | |||||||||||
$ in millions | June 30, 2021 | December 31, 2020 | |||||||||
Cash and cash equivalents of CIP | 404.1 | 301.7 | |||||||||
Accounts receivable and other assets of CIP | 488.3 | 175.5 | |||||||||
Investments of CIP | 8,304.8 | 7,910.0 | |||||||||
Less: Debt of CIP | (6,750.7) | (6,714.1) | |||||||||
Less: Other liabilities of CIP | (1,118.6) | (588.6) | |||||||||
Less: Retained earnings | 0.1 | 0.1 | |||||||||
Less: Accumulated other comprehensive income, net of tax | 0 | 0 | |||||||||
Less: Equity attributable to redeemable noncontrolling interests | (363.9) | (211.8) | |||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (517.9) | (446.3) | |||||||||
Invesco’s net interests in CIP | 446.2 | 426.5 | |||||||||
As of | |||||
$ in millions | June 30, 2020 | December 31, 2019 | |||
Cash and cash equivalents of CIP | 284.1 | 652.2 | |||
Accounts receivable and other assets of CIP | 243.7 | 172.9 | |||
Investments of CIP | 7,398.5 | 7,808.0 | |||
Less: Debt of CIP | (6,247.6 | ) | (6,234.6 | ) | |
Less: Other liabilities of CIP | (653.2 | ) | (949.6 | ) | |
Less: Retained earnings | 9.7 | 9.5 | |||
Less: Accumulated other comprehensive income, net of tax | (9.6 | ) | (9.4 | ) | |
Less: Equity attributable to redeemable noncontrolling interests | (202.8 | ) | (383.5 | ) | |
Less: Equity attributable to nonredeemable noncontrolling interests | (364.8 | ) | (454.9 | ) | |
Invesco’s net interests in CIP | 458.0 | 610.6 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Total operating revenues | (10.5 | ) | (7.2 | ) | (19.4 | ) | (15.9 | ) | |||
Total operating expenses | 1.5 | 5.4 | 18.5 | 8.2 | |||||||
Operating income | (12.0 | ) | (12.6 | ) | (37.9 | ) | (24.1 | ) | |||
Equity in earnings of unconsolidated affiliates | 53.4 | (5.7 | ) | 36.8 | 0.9 | ||||||
Interest and dividend income | (0.1 | ) | (1.0 | ) | (0.3 | ) | (2.4 | ) | |||
Other gains and losses, net | (28.6 | ) | (8.3 | ) | 13.4 | (29.0 | ) | ||||
Interest and dividend income of CIP | 79.7 | 86.7 | 164.9 | 171.4 | |||||||
Interest expense of CIP | (52.5 | ) | (54.8 | ) | (109.4 | ) | (112.8 | ) | |||
Other gains/(losses) of CIP, net | (77.7 | ) | 19.2 | (126.1 | ) | 31.4 | |||||
Income before income taxes | (37.8 | ) | 23.5 | (58.6 | ) | 35.4 | |||||
Income tax provision | — | — | — | — | |||||||
Net income | (37.8 | ) | 23.5 | (58.6 | ) | 35.4 | |||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 37.7 | (21.9 | ) | 58.4 | (34.8 | ) | |||||
Net income attributable to Invesco Ltd. | (0.1 | ) | 1.6 | (0.2 | ) | 0.6 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Total operating revenues | (10.2) | (10.5) | (20.3) | (19.4) | |||||||||||||||||||
Total operating expenses | 9.0 | 1.5 | 15.9 | 18.5 | |||||||||||||||||||
Operating income | (19.2) | (12.0) | (36.2) | (37.9) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | (27.2) | 53.4 | (61.5) | 36.8 | |||||||||||||||||||
Interest and dividend income | 0 | (0.1) | 0 | (0.3) | |||||||||||||||||||
Other gains and losses, net | (8.0) | (28.6) | (6.8) | 13.4 | |||||||||||||||||||
Interest and dividend income of CIP | 66.5 | 79.7 | 135.2 | 164.9 | |||||||||||||||||||
Interest expense of CIP | (38.4) | (52.5) | (79.3) | (109.4) | |||||||||||||||||||
Other gains/(losses) of CIP, net | 93.9 | (77.7) | 160.8 | (126.1) | |||||||||||||||||||
Income before income taxes | 67.6 | (37.8) | 112.2 | (58.6) | |||||||||||||||||||
Income tax provision | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net income | 67.6 | (37.8) | 112.2 | (58.6) | |||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 | |||||||||||||||||||
Net income attributable to Invesco Ltd. | 0 | (0.1) | 0 | (0.2) |
For the six months ended June 30, 2021 | For the six months ended June 30, 2020 | ||||||||||||||||||||||
$ in millions | VIEs | VOEs | VIEs | VOEs | |||||||||||||||||||
Cash and cash equivalents of CIP | 7.7 | 0 | 9.1 | 0 | |||||||||||||||||||
Accounts receivable and other assets of CIP | 3.4 | 1.0 | 1.2 | 0 | |||||||||||||||||||
Investments of CIP | 242.9 | 131.4 | 114.2 | 0 | |||||||||||||||||||
Total assets | 254.0 | 132.4 | 124.5 | 0 | |||||||||||||||||||
Debt of CIP | 34.1 | 0 | 75.8 | 0 | |||||||||||||||||||
Other liabilities of CIP | 206.2 | 1.0 | 37.8 | 0 | |||||||||||||||||||
Total liabilities | 240.3 | 1.0 | 113.6 | 0 | |||||||||||||||||||
Total equity | 13.7 | 131.4 | 10.9 | 0 | |||||||||||||||||||
Total liabilities and equity | 254.0 | 132.4 | 124.5 | 0 |
For the six months ended June 30, 2020 | For the six months ended June 30, 2019 | ||||
$ in millions | VIEs | VIEs | |||
Cash and cash equivalents of CIP | 9.1 | 4.0 | |||
Accounts receivable and other assets of CIP | 1.2 | 3.0 | |||
Investments of CIP | 114.2 | 225.4 | |||
Total assets | 124.5 | 232.4 | |||
Debt of CIP | 75.8 | 177.9 | |||
Other liabilities of CIP | 37.8 | 54.5 | |||
Total liabilities | 113.6 | 232.4 | |||
Total equity | 10.9 | — | |||
Total liabilities and equity | 124.5 | 232.4 |
For the six months ended June 30, 2020 | For the six months ended June 30, 2019 | ||||||||||
$ in millions | VIEs | VOEs | VIEs | VOEs | |||||||
Cash and cash equivalents of CIP | 0.3 | 0.2 | 7.7 | (0.1 | ) | ||||||
Accounts receivable and other assets of CIP | 2.8 | 1.1 | 22.1 | 0.2 | |||||||
Investments of CIP | 216.8 | 134.1 | 613.4 | 26.7 | |||||||
Total assets | 219.9 | 135.4 | 643.2 | 26.8 | |||||||
Debt of CIP | — | — | 526.2 | — | |||||||
Other liabilities of CIP | 2.0 | — | 22.2 | — | |||||||
Total liabilities | 2.0 | — | 548.4 | — | |||||||
Total equity | 217.9 | 135.4 | 94.8 | 26.8 | |||||||
Total liabilities and equity | 219.9 | 135.4 | 643.2 | 26.8 |
For the six months ended June 30, 2021 | For the six months ended June 30, 2020 | ||||||||||||||||||||||
$ in millions | VIEs | VOEs | VIEs | VOEs | |||||||||||||||||||
Cash and cash equivalents of CIP | 6.1 | 0.1 | 0.3 | 0.2 | |||||||||||||||||||
Accounts receivable and other assets of CIP | 1.8 | 0.1 | 2.8 | 1.1 | |||||||||||||||||||
Investments of CIP | 284.4 | 27.6 | 216.8 | 134.1 | |||||||||||||||||||
Total assets | 292.3 | 27.8 | 219.9 | 135.4 | |||||||||||||||||||
Debt of CIP | 258.3 | 0 | 0 | 0 | |||||||||||||||||||
Other liabilities of CIP | 17.3 | 0 | 2.0 | 0 | |||||||||||||||||||
Total liabilities | 275.6 | 0 | 2.0 | 0 | |||||||||||||||||||
Total equity | 16.7 | 27.8 | 217.9 | 135.4 | |||||||||||||||||||
Total liabilities and equity | 292.3 | 27.8 | 219.9 | 135.4 |
As of June 30, 2021 | |||||||||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted 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 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | 7,053.8 | 0 | 7,053.8 | 0 | 0 | ||||||||||||||||||||||||
Bonds | 562.2 | 0 | 562.2 | 0 | 0 | ||||||||||||||||||||||||
Equity securities | 343.7 | 258.1 | 85.6 | 0 | 0 | ||||||||||||||||||||||||
Equity and fixed income mutual funds | 33.5 | 14.6 | 18.9 | 0 | 0 | ||||||||||||||||||||||||
Investments in other private equity funds | 311.6 | 0 | 8.1 | 0 | 303.5 | ||||||||||||||||||||||||
Total assets at fair value | 8,304.8 | 272.7 | 7,728.6 | 0 | 303.5 | ||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted 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 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | 6,864.5 | 0 | 6,864.5 | 0 | 0 | ||||||||||||||||||||||||
Bonds | 539.0 | 0.6 | 538.4 | 0 | 0 | ||||||||||||||||||||||||
Equity securities | 137.2 | 61.3 | 75.9 | 0 | 0 | ||||||||||||||||||||||||
Equity and fixed income mutual funds | 103.0 | 91.2 | 11.8 | 0 | 0 | ||||||||||||||||||||||||
Investments in other private equity funds | 266.3 | 0 | 8.1 | 0 | 258.2 | ||||||||||||||||||||||||
Total assets at fair value | 7,910.0 | 153.1 | 7,498.7 | 0 | 258.2 | ||||||||||||||||||||||||
As of June 30, 2020 | ||||||||||||||
$ in millions | Fair Value Measurements | Quoted 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 | |||||||||
Assets: | ||||||||||||||
Bank loans | 6,376.0 | — | 6,376.0 | — | — | |||||||||
Bonds | 533.3 | — | 533.3 | — | — | |||||||||
Equity securities | 238.0 | 176.3 | 61.7 | — | — | |||||||||
Equity and fixed income mutual funds | 23.8 | 14.8 | 9.0 | — | — | |||||||||
Investments in other private equity funds | 227.4 | — | 7.6 | — | 219.8 | |||||||||
Total assets at fair value | 7,398.5 | 191.1 | 6,987.6 | — | 219.8 |
As of December 31, 2019 | ||||||||||||||
$ in millions | Fair Value Measurements | Quoted 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 | |||||||||
Assets: | ||||||||||||||
Bank loans | 6,504.4 | — | 6,504.4 | — | — | |||||||||
Bonds | 705.9 | 0.5 | 705.4 | — | — | |||||||||
Equity securities | 275.9 | 204.4 | 71.5 | — | — | |||||||||
Equity and fixed income mutual funds | 29.8 | 20.3 | 9.5 | — | — | |||||||||
Investments in other private equity funds | 213.4 | — | — | — | 213.4 | |||||||||
Real estate investments | 78.6 | — | — | 78.6 | — | |||||||||
Total assets at fair value | 7,808.0 | 225.2 | 7,290.8 | 78.6 | 213.4 |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||
$ in millions | Level 3 Asset | Level 3 Assets | |||||||||||||||
Beginning balance | 89.4 | 78.6 | |||||||||||||||
Deconsolidation of CIP | (89.4) | (89.4) | |||||||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | 10.8 | |||||||||||||||
Ending balance | 0 | — |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||
$ in millions | Level 3 Assets | Level 3 Assets | |||
Beginning balance | 89.4 | 78.6 | |||
Purchases | — | — | |||
Sales | — | — | |||
Issuances | — | — | |||
Settlements | — | — | |||
Deconsolidation of CIP | (89.4 | ) | (89.4 | ) | |
Gains and losses included in the Condensed Consolidated Statements of Income | — | 10.8 | |||
Ending balance | — | — |
Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||
$ in millions | Level 3 Assets | Level 3 Assets | |||
Beginning balance | 12.2 | 11.8 | |||
Gains and losses included in the Condensed Consolidated Statements of Income | 2.3 | 2.7 | |||
Ending balance | 14.5 | 14.5 |
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term(2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | ||||||||||||||||||||||||||||||||||||||
Private equity funds(1) | $219.8 | $130.6 | 6.8 years | $213.4 | $78.3 | 6.7 years | Private equity funds (1) | $303.5 | $87.4 | 6.6 years | $258.2 | $110.1 | 6.7 years |
(1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. (2) These investments are expected to be returned through distributions because of liquidations of the funds’ underlying assets over the weighted average periods indicated. |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Affiliated operating revenues: | |||||||||||
Investment management fees | 932.1 | 955.5 | 1,988.0 | 1,771.8 | |||||||
Service and distribution fees | 316.7 | 278.6 | 665.9 | 488.5 | |||||||
Performance fees | 2.4 | 12.9 | 3.4 | 23.4 | |||||||
Other | 43.6 | 54.1 | 103.0 | 100.9 | |||||||
Total affiliated operating revenues | 1,294.8 | 1,301.1 | 2,760.3 | 2,384.6 |
$ in millions | June 30, 2020 | December 31, 2019 | |||
Affiliated asset balances: | |||||
Cash and cash equivalents | 575.3 | 620.9 | |||
Unsettled fund receivables | 89.6 | 113.6 | |||
Accounts receivable | 459.6 | 599.8 | |||
Investments | 554.2 | 633.5 | |||
Assets held for policyholders | 8,020.7 | 10,835.3 | |||
Other assets | 22.2 | 24.5 | |||
Total affiliated asset balances | 9,721.6 | 12,827.6 | |||
Affiliated liability balances: | |||||
Accrued compensation and benefits | 21.2 | 65.7 | |||
Accounts payable and accrued expenses | 85.9 | 53.8 | |||
Unsettled fund payables | 91.0 | 116.6 | |||
Total affiliated liability balances | 198.1 | 236.1 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Affiliated operating revenues: | |||||||||||||||||||||||
Investment management fees | 1,128.3 | 932.1 | 2,218.3 | 1,988.0 | |||||||||||||||||||
Service and distribution fees | 379.6 | 316.7 | 745.9 | 665.9 | |||||||||||||||||||
Performance fees | 4.2 | 2.4 | 5.8 | 3.4 | |||||||||||||||||||
Other | 60.2 | 43.6 | 122.1 | 103.0 | |||||||||||||||||||
Total affiliated operating revenues | 1,572.3 | 1,294.8 | 3,092.1 | 2,760.3 |
Index expressed in currency | Three months ended June 30, | Six months ended June 30, | Index expressed in currency | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Equity Index | 2020 | 2019 | 2020 | 2019 | Equity Index | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
S&P 500 | U.S. Dollar | 20.0 | % | 3.8 | % | (4.0 | )% | 17.4 | % | S&P 500 | U.S. Dollar | 8.2 | % | 20.0 | % | 14.4 | % | (4.0) | % | |||||||||||||||||||||||||||
FTSE 100 | British Pound | 8.8 | % | 2.0 | % | (18.2 | )% | 10.4 | % | FTSE 100 | British Pound | 4.8 | % | 8.8 | % | 8.9 | % | (18.2) | % | |||||||||||||||||||||||||||
FTSE 100 | U.S. Dollar | 8.6 | % | (0.3 | )% | (23.7 | )% | 9.9 | % | FTSE 100 | U.S. Dollar | 4.8 | % | 8.6 | % | 10.1 | % | (23.7) | % | |||||||||||||||||||||||||||
Nikkei 225 | Japanese Yen | 17.8 | % | 0.3 | % | (5.8 | )% | 6.3 | % | Nikkei 225 | Japanese Yen | (1.3) | % | 17.8 | % | 4.9 | % | (5.8) | % | |||||||||||||||||||||||||||
Nikkei 225 | U.S. Dollar | 17.8 | % | 3.0 | % | (4.9 | )% | 8.8 | % | Nikkei 225 | U.S. Dollar | (1.8) | % | 17.8 | % | (2.5) | % | (4.9) | % | |||||||||||||||||||||||||||
MSCI Emerging Markets | U.S. Dollar | 17.3 | % | (0.3 | )% | (10.7 | )% | 9.2 | % | MSCI Emerging Markets | U.S. Dollar | 4.4 | % | 17.3 | % | 6.5 | % | (10.7) | % | |||||||||||||||||||||||||||
Bond Index | Bond Index | |||||||||||||||||||||||||||||||||||||||||||||
Barclays U.S. Aggregate Bond | U.S. Dollar | 2.9 | % | 3.1 | % | 6.1 | % | 6.1 | % | Barclays U.S. Aggregate Bond | U.S. Dollar | 1.8 | % | 2.9 | % | (1.6) | % | 6.1 | % |
$ in millions, other than per common share amounts, operating margins and AUM | Three months ended June 30, | Six months ended June 30, | $ in millions, other than per common share amounts, operating margins and AUM | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
U.S. GAAP Financial Measures Summary | 2020 | 2019 | 2020 | 2019 | U.S. GAAP Financial Measures Summary | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Operating revenues | 1,419.0 | 1,439.4 | 3,017.9 | 2,654.0 | Operating revenues | 1,721.4 | 1,419.0 | 3,381.1 | 3,017.9 | |||||||||||||||||||||||||
Operating income | 117.1 | 18.3 | 434.1 | 218.5 | Operating income | 470.9 | 117.1 | 815.2 | 434.1 | |||||||||||||||||||||||||
Operating margin | 8.3 | % | 1.3 | % | 14.4 | % | 8.2 | % | Operating margin | 27.4 | % | 8.3 | % | 24.1 | % | 14.4 | % | |||||||||||||||||
Net income attributable to Invesco Ltd. | 40.5 | 40.1 | 122.0 | 217.8 | Net income attributable to Invesco Ltd. | 368.3 | 40.5 | 636.1 | 122.0 | |||||||||||||||||||||||||
Diluted EPS | 0.09 | 0.09 | 0.26 | 0.52 | Diluted EPS | 0.79 | 0.09 | 1.37 | 0.26 | |||||||||||||||||||||||||
Non-GAAP Financial Measures Summary | Non-GAAP Financial Measures Summary | |||||||||||||||||||||||||||||||||
Net revenues(1) | 1,034.3 | 1,031.5 | 2,180.1 | 1,918.6 | Net revenues (1) | 1,302.9 | 1,034.3 | 2,553.9 | 2,180.1 | |||||||||||||||||||||||||
Adjusted operating income(2) | 359.7 | 363.4 | 772.4 | 647.7 | Adjusted operating income (2) | 540.5 | 359.7 | 1,043.5 | 772.4 | |||||||||||||||||||||||||
Adjusted operating margin(2) | 34.8 | % | 35.2 | % | 35.4 | % | 33.8 | % | Adjusted operating margin (2) | 41.5 | % | 34.8 | % | 40.9 | % | 35.4 | % | |||||||||||||||||
Adjusted net income attributable to Invesco Ltd.(3) | 159.7 | 280.4 | 315.0 | 505.2 | Adjusted net income attributable to Invesco Ltd. (3) | 364.7 | 159.7 | 681.3 | 315.0 | |||||||||||||||||||||||||
Adjusted diluted EPS(3) | 0.35 | 0.65 | 0.68 | 1.21 | Adjusted diluted EPS (3) | 0.78 | 0.35 | 1.46 | 0.68 | |||||||||||||||||||||||||
Assets Under Management | Assets Under Management | |||||||||||||||||||||||||||||||||
Ending AUM (billions) | 1,145.2 | 1,197.8 | 1,145.2 | 1,197.8 | Ending AUM (billions) | 1,525.0 | 1,145.2 | 1,525.0 | 1,145.2 | |||||||||||||||||||||||||
Average AUM (billions) | 1,118.7 | 1,055.9 | 1,147.5 | 994.4 | Average AUM (billions) | 1,480.2 | 1,118.7 | 1,437.7 | 1,147.5 |
Benchmark Comparison | Peer Group Comparison | |||||||||||||||||||||||||
% of AUM In Top Half of Benchmark | % of AUM in Top Half of Peer Group | |||||||||||||||||||||||||
1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | |||||||||||||||||||
Equities (2) | ||||||||||||||||||||||||||
U.S. Core (5%) | 55 | % | 17 | % | 13 | % | 9 | % | 8 | % | 21 | % | 17 | % | 4 | % | ||||||||||
U.S. Growth (7%) | 61 | % | 52 | % | 88 | % | 52 | % | 73 | % | 100 | % | 87 | % | 51 | % | ||||||||||
U.S. Value (7%) | 51 | % | 7 | % | 51 | % | 48 | % | 51 | % | 6 | % | 50 | % | 33 | % | ||||||||||
Sector (2%) | 69 | % | 97 | % | 97 | % | 96 | % | 67 | % | 66 | % | 67 | % | 67 | % | ||||||||||
UK (1%) | 22 | % | 28 | % | 34 | % | 41 | % | 12 | % | 10 | % | 22 | % | 27 | % | ||||||||||
Canadian (<1%) | 100 | % | 41 | % | 41 | % | 34 | % | 75 | % | 41 | % | 41 | % | 12 | % | ||||||||||
Asian (3%) | 67 | % | 83 | % | 81 | % | 93 | % | 62 | % | 54 | % | 64 | % | 72 | % | ||||||||||
Continental European (2%) | 70 | % | 12 | % | 17 | % | 90 | % | 70 | % | 10 | % | 26 | % | 55 | % | ||||||||||
Global (7%) | 84 | % | 74 | % | 74 | % | 87 | % | 67 | % | 29 | % | 79 | % | 44 | % | ||||||||||
Global Ex U.S. and Emerging Markets (13%) | 17 | % | 90 | % | 87 | % | 99 | % | 17 | % | 64 | % | 70 | % | 75 | % | ||||||||||
Fixed Income (2) | ||||||||||||||||||||||||||
Money Market (17%) | 89 | % | 99 | % | 100 | % | 100 | % | 78 | % | 76 | % | 77 | % | 99 | % | ||||||||||
U.S. Fixed Income (12%) | 96 | % | 77 | % | 95 | % | 95 | % | 90 | % | 86 | % | 90 | % | 90 | % | ||||||||||
Global Fixed Income (5%) | 93 | % | 85 | % | 96 | % | 97 | % | 59 | % | 63 | % | 69 | % | 71 | % | ||||||||||
Stable Value (5%) | 100 | % | 100 | % | 100 | % | 100 | % | 97 | % | 97 | % | 100 | % | 100 | % | ||||||||||
Other (2) | ||||||||||||||||||||||||||
Alternatives (6%) | 48 | % | 41 | % | 52 | % | 40 | % | 46 | % | 50 | % | 43 | % | 56 | % | ||||||||||
Balanced (8%) | 72 | % | 60 | % | 65 | % | 66 | % | 93 | % | 61 | % | 90 | % | 93 | % |
Benchmark Comparison | Peer Group Comparison | ||||||||||||||||
% of AUM Ahead of Benchmark | % of AUM In Top Half of Peer Group | ||||||||||||||||
1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | ||||||||||
Equities(2) | |||||||||||||||||
U.S. Core (4%) | 16 | % | 12 | % | 10 | % | 14 | % | 25 | % | 21 | % | 21 | % | 67 | % | |
U.S. Growth (6%) | 86 | % | 51 | % | 51 | % | 43 | % | 100 | % | 51 | % | 33 | % | 51 | % | |
U.S. Value (7%) | 47 | % | 47 | % | 47 | % | 11 | % | — | % | — | % | — | % | — | % | |
Sector (1%) | 46 | % | 95 | % | 71 | % | 94 | % | 52 | % | 52 | % | 51 | % | 52 | % | |
UK (1%) | 26 | % | 14 | % | 15 | % | 41 | % | 16 | % | 18 | % | 18 | % | 22 | % | |
Canadian (0%) | — | % | — | % | — | % | 11 | % | — | % | — | % | — | % | 10 | % | |
Asian (3%) | 60 | % | 70 | % | 97 | % | 97 | % | 49 | % | 59 | % | 88 | % | 86 | % | |
Continental European (2%) | 6 | % | 5 | % | 40 | % | 73 | % | 4 | % | 2 | % | 5 | % | 51 | % | |
Global (7%) | 73 | % | 66 | % | 73 | % | 84 | % | 29 | % | 36 | % | 37 | % | 44 | % | |
Global Ex U.S. and Emerging Markets (13%) | 88 | % | 88 | % | 89 | % | 99 | % | 88 | % | 70 | % | 68 | % | 87 | % | |
Fixed Income(2) | |||||||||||||||||
Money Market (18%) | 83 | % | 98 | % | 99 | % | 99 | % | 81 | % | 81 | % | 82 | % | 97 | % | |
U.S. Fixed Income (11%) | 42 | % | 69 | % | 78 | % | 95 | % | 44 | % | 41 | % | 79 | % | 94 | % | |
Global Fixed Income (6%) | 61 | % | 55 | % | 61 | % | 82 | % | 43 | % | 33 | % | 60 | % | 61 | % | |
Stable Value (6%) | 100 | % | 100 | % | 100 | % | 100 | % | 97 | % | 100 | % | 100 | % | 100 | % | |
Other(2) | |||||||||||||||||
Alternatives (8%) | 34 | % | 32 | % | 52 | % | 37 | % | 19 | % | 37 | % | 49 | % | 50 | % | |
Balanced (7%) | 72 | % | 73 | % | 74 | % | 51 | % | 30 | % | 42 | % | 45 | % | 52 | % |
Spot Foreign Exchange Rates | June 30, 2020 | March 31, 2020 | December 31, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | |||||
Pound Sterling ($ per £) | 1.236 | 1.241 | 1.324 | 1.273 | 1.306 | 1.274 | |||||
Japan (¥ per $) | 107.885 | 107.995 | 108.650 | 107.745 | 110.575 | 109.735 | |||||
Euro ($ per Euro) | 1.123 | 1.097 | 1.122 | 1.139 | 1.122 | 1.143 |
Three months ended June 30, | Six months ended June 30, | ||||||
Average Foreign Exchange Rates | 2020 | 2019 | 2020 | 2019 | |||
Pound Sterling ($ per £) | 1.241 | 1.286 | 1.261 | 1.294 | |||
Japan (¥ per $) | 107.575 | 109.930 | 108.281 | 110.026 | |||
Euro ($ per Euro) | 1.101 | 1.124 | 1.102 | 1.130 |
For the three months ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||
March 31 | 1,053.4 | 807.3 | 246.1 | 954.8 | 704.3 | 250.5 | |||||||||||
Long-term inflows | 62.7 | 42.3 | 20.4 | 54.4 | 34.3 | 20.1 | |||||||||||
Long-term outflows | (76.9 | ) | (55.7 | ) | (21.2 | ) | (58.3 | ) | (42.8 | ) | (15.5 | ) | |||||
Long-term net flows | (14.2 | ) | (13.4 | ) | (0.8 | ) | (3.9 | ) | (8.5 | ) | 4.6 | ||||||
Net flows in non-management fee earning AUM | (8.7 | ) | — | (8.7 | ) | 3.7 | — | 3.7 | |||||||||
Net flows in institutional money market funds | (6.6 | ) | (6.6 | ) | — | (4.3 | ) | (4.3 | ) | — | |||||||
Total net flows | (29.5 | ) | (20.0 | ) | (9.5 | ) | (4.5 | ) | (12.8 | ) | 8.3 | ||||||
Reinvested distributions | 1.8 | 1.8 | — | 2.0 | 2.0 | — | |||||||||||
Market gains and losses | 117.7 | 72.8 | 44.9 | 21.5 | 14.7 | 6.8 | |||||||||||
Acquisitions (1) | — | — | — | 224.4 | 219.9 | 4.5 | |||||||||||
Foreign currency translation | 1.8 | 1.6 | 0.2 | (0.4 | ) | (0.5 | ) | 0.1 | |||||||||
June 30 | 1,145.2 | 863.5 | 281.7 | 1,197.8 | 927.6 | 270.2 | |||||||||||
Average AUM | |||||||||||||||||
Average long-term AUM | 879.3 | 728.7 | 150.6 | 849.0 | 700.1 | 148.9 | |||||||||||
Average AUM | 1,118.7 | 848.8 | 269.9 | 1,055.9 | 795.9 | 260.0 | |||||||||||
Revenue yield | |||||||||||||||||
Gross revenue yield on AUM (2) | 52.9 | 63.6 | 20.9 | 56.4 | 67.6 | 23.6 | |||||||||||
Gross revenue yield on AUM before performance fees (2) | 52.7 | 63.4 | 20.9 | 55.8 | 66.8 | 23.6 | |||||||||||
Net revenue yield on AUM (3) | 37.0 | 44.9 | 12.1 | 39.1 | 47.3 | 13.9 | |||||||||||
Net revenue yield on AUM before performance fees (3) | 36.8 | 44.6 | 12.1 | 38.5 | 46.5 | 13.9 |
For the three months ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||||||||||||||||||||
March 31 | 1,404.1 | 1,006.3 | 397.8 | 1,053.4 | 807.3 | 246.1 | |||||||||||||||||||||||||||||
Long-term inflows | 114.4 | 61.1 | 53.3 | 62.7 | 42.3 | 20.4 | |||||||||||||||||||||||||||||
Long-term outflows | (83.3) | (59.0) | (24.3) | (76.9) | (55.7) | (21.2) | |||||||||||||||||||||||||||||
Net long-term flows | 31.1 | 2.1 | 29.0 | (14.2) | (13.4) | (0.8) | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | — | 2.5 | (8.7) | — | (8.7) | |||||||||||||||||||||||||||||
Net flows in money market funds | 19.8 | 19.8 | — | (6.6) | (6.6) | — | |||||||||||||||||||||||||||||
Total net flows | 53.4 | 21.9 | 31.5 | (29.5) | (20.0) | (9.5) | |||||||||||||||||||||||||||||
Reinvested distributions | 0.9 | 0.9 | — | 1.8 | 1.8 | — | |||||||||||||||||||||||||||||
Market gains and losses | 65.6 | 35.3 | 30.3 | 117.7 | 72.8 | 44.9 | |||||||||||||||||||||||||||||
Foreign currency translation | 1.0 | 1.6 | (0.6) | 1.8 | 1.6 | 0.2 | |||||||||||||||||||||||||||||
June 30 | 1,525.0 | 1,066.0 | 459.0 | 1,145.2 | 863.5 | 281.7 | |||||||||||||||||||||||||||||
Average AUM | |||||||||||||||||||||||||||||||||||
Average long-term AUM | 1,173.9 | 921.4 | 252.5 | 879.3 | 728.7 | 150.6 | |||||||||||||||||||||||||||||
Average AUM | 1,480.2 | 1,049.1 | 431.1 | 1,118.7 | 848.8 | 269.9 | |||||||||||||||||||||||||||||
Revenue yield | |||||||||||||||||||||||||||||||||||
Gross revenue yield on AUM (1) | 49.2 | 61.7 | 21.2 | 52.9 | 63.6 | 20.9 | |||||||||||||||||||||||||||||
Gross revenue yield on AUM before performance fees (1) | 48.9 | 61.2 | 21.2 | 52.7 | 63.4 | 20.9 | |||||||||||||||||||||||||||||
Net revenue yield on AUM (2) | 35.2 | 44.3 | 13.1 | 37.0 | 44.9 | 12.1 | |||||||||||||||||||||||||||||
Net revenue yield on AUM before performance fees (2) | 34.8 | 43.7 | 13.1 | 36.8 | 44.6 | 12.1 |
For the six months ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||||||||||||||||||||
December 31 | 1,349.9 | 979.3 | 370.6 | 1,226.2 | 929.2 | 297.0 | |||||||||||||||||||||||||||||
Long-term inflows | 234.6 | 137.4 | 97.2 | 147.4 | 97.0 | 50.4 | |||||||||||||||||||||||||||||
Long-term outflows | (179.0) | (127.8) | (51.2) | (180.7) | (131.0) | (49.7) | |||||||||||||||||||||||||||||
Net long-term flows | 55.6 | 9.6 | 46.0 | (33.3) | (34.0) | 0.7 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | — | 2.6 | (18.0) | — | (18.0) | |||||||||||||||||||||||||||||
Net flows in money market funds | 27.1 | 27.1 | — | 19.7 | 19.7 | — | |||||||||||||||||||||||||||||
Total net flows | 85.3 | 36.7 | 48.6 | (31.6) | (14.3) | (17.3) | |||||||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.8 | — | 2.9 | 2.9 | — | |||||||||||||||||||||||||||||
Market gains and losses | 90.2 | 49.5 | 40.7 | (45.0) | (47.2) | 2.2 | |||||||||||||||||||||||||||||
Foreign currency translation | (2.2) | (1.3) | (0.9) | (7.3) | (7.1) | (0.2) | |||||||||||||||||||||||||||||
June 30 | 1,525.0 | 1,066.0 | 459.0 | 1,145.2 | 863.5 | 281.7 | |||||||||||||||||||||||||||||
Average AUM | |||||||||||||||||||||||||||||||||||
Average long-term AUM | 1,142.1 | 907.1 | 235.0 | 917.2 | 760.7 | 156.5 | |||||||||||||||||||||||||||||
Average AUM | 1,437.7 | 1,028.8 | 408.9 | 1,147.5 | 869.0 | 278.5 | |||||||||||||||||||||||||||||
Revenue yield | |||||||||||||||||||||||||||||||||||
Gross revenue yield on AUM (1) | 49.8 | 62.1 | 21.1 | 54.7 | 65.8 | 21.9 | |||||||||||||||||||||||||||||
Gross revenue yield on AUM before performance fees (1) | 49.5 | 61.7 | 21.1 | 54.6 | 65.6 | 21.9 | |||||||||||||||||||||||||||||
Net revenue yield on AUM (2) | 35.5 | 44.5 | 12.9 | 38.0 | 46.1 | 12.7 | |||||||||||||||||||||||||||||
Net revenue yield on AUM before performance fees (2) | 35.2 | 44.1 | 12.9 | 37.7 | 45.7 | 12.7 |
For the six months ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||
December 31 | 1,226.2 | 929.2 | 297.0 | 888.2 | 667.2 | 221.0 | |||||||||||
Long-term inflows | 147.4 | 97.0 | 50.4 | 108.2 | 68.0 | 40.2 | |||||||||||
Long-term outflows | (180.7 | ) | (131.0 | ) | (49.7 | ) | (117.5 | ) | (85.8 | ) | (31.7 | ) | |||||
Long-term net flows | (33.3 | ) | (34.0 | ) | 0.7 | (9.3 | ) | (17.8 | ) | 8.5 | |||||||
Net flows in non-management fee earning AUM | (18.0 | ) | — | (18.0 | ) | 5.8 | — | 5.8 | |||||||||
Net flows in institutional money market funds | 19.7 | 19.7 | — | 2.5 | 2.5 | — | |||||||||||
Total net flows | (31.6 | ) | (14.3 | ) | (17.3 | ) | (1.0 | ) | (15.3 | ) | 14.3 | ||||||
Reinvested distributions | 2.9 | 2.9 | — | 2.7 | 2.7 | — | |||||||||||
Market gains and losses | (45.0 | ) | (47.2 | ) | 2.2 | 82.4 | 52.0 | 30.4 | |||||||||
Acquisitions (1) | — | — | — | 224.4 | 219.9 | 4.5 | |||||||||||
Foreign currency translation | (7.3 | ) | (7.1 | ) | (0.2 | ) | 1.1 | 1.1 | — | ||||||||
June 30 | 1,145.2 | 863.5 | 281.7 | 1,197.8 | 927.6 | 270.2 | |||||||||||
Average AUM | |||||||||||||||||
Average long-term AUM | 917.2 | 760.7 | 156.5 | 792.8 | 650.0 | 142.8 | |||||||||||
Average AUM | 1,147.5 | 869.0 | 278.5 | 994.4 | 745.4 | 249.0 | |||||||||||
Revenue yield | |||||||||||||||||
Gross revenue yield on AUM (2) | 54.7 | 65.8 | 21.9 | 55.2 | 66.1 | 24.2 | |||||||||||
Gross revenue yield on AUM before performance fees (2) | 54.6 | 65.6 | 21.9 | 54.5 | 65.0 | 24.2 | |||||||||||
Net revenue yield on AUM (3) | 38.0 | 46.1 | 12.7 | 38.6 | 46.7 | 14.2 | |||||||||||
Net revenue yield on AUM before performance fees (3) | 37.7 | 45.7 | 12.7 | 37.8 | 45.7 | 14.2 |
$ in billions | Total | Retail | Institutional | ||||||||||||||
March 31, 2021 | 1,404.1 | 989.7 | 414.4 | ||||||||||||||
Long-term inflows | 114.4 | 74.7 | 39.7 | ||||||||||||||
Long-term outflows | (83.3) | (65.2) | (18.1) | ||||||||||||||
Net long-term flows | 31.1 | 9.5 | 21.6 | ||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | 3.2 | (0.7) | ||||||||||||||
Net flows in money market funds | 19.8 | (1.0) | 20.8 | ||||||||||||||
Total net flows | 53.4 | 11.7 | 41.7 | ||||||||||||||
Reinvested distributions | 0.9 | 0.8 | 0.1 | ||||||||||||||
Market gains and losses | 65.6 | 57.3 | 8.3 | ||||||||||||||
Foreign currency translation | 1.0 | 1.2 | (0.2) | ||||||||||||||
June 30, 2021 | 1,525.0 | 1,060.7 | 464.3 | ||||||||||||||
March 31, 2020 | 1,053.4 | 702.5 | 350.9 | ||||||||||||||
Long-term inflows | 62.7 | 47.4 | 15.3 | ||||||||||||||
Long-term outflows | (76.9) | (62.0) | (14.9) | ||||||||||||||
Net long-term flows | (14.2) | (14.6) | 0.4 | ||||||||||||||
Net flows in non-management fee earning AUM | (8.7) | (2.9) | (5.8) | ||||||||||||||
Net flows in money market funds | (6.6) | (2.3) | (4.3) | ||||||||||||||
Total net flows | (29.5) | (19.8) | (9.7) | ||||||||||||||
Reinvested distributions | 1.8 | 1.7 | 0.1 | ||||||||||||||
Market gains and losses | 117.7 | 103.0 | 14.7 | ||||||||||||||
Foreign currency translation | 1.8 | 1.0 | 0.8 | ||||||||||||||
June 30, 2020 | 1,145.2 | 788.4 | 356.8 |
$ in billions | Total | Retail | Institutional | |||||
March 31, 2020 | 1,053.4 | 702.5 | 350.9 | |||||
Long-term inflows | 62.7 | 47.4 | 15.3 | |||||
Long-term outflows | (76.9 | ) | (62.0 | ) | (14.9 | ) | ||
Long-term net flows | (14.2 | ) | (14.6 | ) | 0.4 | |||
Net flows in non-management fee earning AUM | (8.7 | ) | (2.9 | ) | (5.8 | ) | ||
Net flows in institutional money market funds | (6.6 | ) | (2.3 | ) | (4.3 | ) | ||
Total net flows | (29.5 | ) | (19.8 | ) | (9.7 | ) | ||
Reinvested distributions | 1.8 | 1.7 | 0.1 | |||||
Market gains and losses | 117.7 | 103.0 | 14.7 | |||||
Foreign currency translation | 1.8 | 1.0 | 0.8 | |||||
June 30, 2020 | 1,145.2 | 788.4 | 356.8 | |||||
March 31, 2019 | 954.8 | 619.5 | 335.3 | |||||
Long-term inflows | 54.4 | 42.6 | 11.8 | |||||
Long-term outflows | (58.3 | ) | (48.6 | ) | (9.7 | ) | ||
Long-term net flows | (3.9 | ) | (6.0 | ) | 2.1 | |||
Net flows in non-management fee earning AUM | 3.7 | 1.8 | 1.9 | |||||
Net flows in institutional money market funds | (4.3 | ) | 0.3 | (4.6 | ) | |||
Total net flows | (4.5 | ) | (3.9 | ) | (0.6 | ) | ||
Reinvested distributions | 2.0 | 1.9 | 0.1 | |||||
Market gains and losses | 21.5 | 19.1 | 2.4 | |||||
Acquisitions (4) | 224.4 | 215.8 | 8.6 | |||||
Foreign currency translation | (0.4 | ) | (0.4 | ) | — | |||
June 30, 2019 | 1,197.8 | 852.0 | 345.8 |
$ in billions | Total | Retail | Institutional | |||||
December 31, 2019 | 1,226.2 | 878.2 | 348.0 | |||||
Long-term inflows | 147.4 | 105.2 | 42.2 | |||||
Long-term outflows | (180.7 | ) | (150.1 | ) | (30.6 | ) | ||
Long-term net flows | (33.3 | ) | (44.9 | ) | 11.6 | |||
Net flows in non-management fee earning AUM | (18.0 | ) | 0.8 | (18.8 | ) | |||
Net flows in institutional money market funds | 19.7 | 2.6 | 17.1 | |||||
Total net flows | (31.6 | ) | (41.5 | ) | 9.9 | |||
Reinvested distributions | 2.9 | 2.8 | 0.1 | |||||
Market gains and losses | (45.0 | ) | (46.3 | ) | 1.3 | |||
Foreign currency translation | (7.3 | ) | (4.8 | ) | (2.5 | ) | ||
June 30, 2020 | 1,145.2 | 788.4 | 356.8 | |||||
December 31, 2018 | 888.2 | 566.7 | 321.5 | |||||
Long-term inflows | 108.2 | 82.9 | 25.3 | |||||
Long-term outflows | (117.5 | ) | (93.4 | ) | (24.1 | ) | ||
Long-term net flows | (9.3 | ) | (10.5 | ) | 1.2 | |||
Net flows in non-management fee earning AUM | 5.8 | 1.1 | 4.7 | |||||
Net flows in institutional money market funds | 2.5 | 3.6 | (1.1 | ) | ||||
Total net flows | (1.0 | ) | (5.8 | ) | 4.8 | |||
Reinvested distributions | 2.7 | 2.5 | 0.2 | |||||
Market gains and losses | 82.4 | 72.1 | 10.3 | |||||
Acquisitions (4) | 224.4 | 215.8 | 8.6 | |||||
Foreign currency translation | 1.1 | 0.7 | 0.4 | |||||
June 30, 2019 | 1,197.8 | 852.0 | 345.8 |
$ in billions | Total | Retail | Institutional | |||||
March 31, 2020 | 246.1 | 230.8 | 15.3 | |||||
Long-term inflows | 20.4 | 20.0 | 0.4 | |||||
Long-term outflows | (21.2 | ) | (20.9 | ) | (0.3 | ) | ||
Long-term net flows | (0.8 | ) | (0.9 | ) | 0.1 | |||
Net flows in non-management fee earning AUM | (8.7 | ) | (2.9 | ) | (5.8 | ) | ||
Net flows in institutional money market funds | — | — | — | |||||
Total net flows | (9.5 | ) | (3.8 | ) | (5.7 | ) | ||
Market gains and losses | 44.9 | 43.2 | 1.7 | |||||
Foreign currency translation | 0.2 | 0.2 | — | |||||
June 30, 2020 | 281.7 | 270.4 | 11.3 | |||||
March 31, 2019 | 250.5 | 231.3 | 19.2 | |||||
Long-term inflows | 20.1 | 20.0 | 0.1 | |||||
Long-term outflows | (15.5 | ) | (15.5 | ) | — | |||
Long-term net flows | 4.6 | 4.5 | 0.1 | |||||
Net flows in non-management fee earning AUM | 3.7 | 1.8 | 1.9 | |||||
Net flows in institutional money market funds | — | — | — | |||||
Total net flows | 8.3 | 6.3 | 2.0 | |||||
Reinvested distributions | — | — | — | |||||
Market gains and losses | 6.8 | 6.8 | — | |||||
Acquisitions (4) | 4.5 | 4.5 | — | |||||
Foreign currency translation | 0.1 | 0.1 | — | |||||
June 30, 2019 | 270.2 | 249.0 | 21.2 |
$ in billions | Total | Retail | Institutional | ||||||||||||||
December 31, 2020 | 1,349.9 | 947.1 | 402.8 | ||||||||||||||
Long-term inflows | 234.6 | 169.7 | 64.9 | ||||||||||||||
Long-term outflows | (179.0) | (139.0) | (40.0) | ||||||||||||||
Net long-term flows | 55.6 | 30.7 | 24.9 | ||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | 1.8 | 0.8 | ||||||||||||||
Net flows in money market funds | 27.1 | 4.0 | 23.1 | ||||||||||||||
Total net flows | 85.3 | 36.5 | 48.8 | ||||||||||||||
Reinvested distributions | 1.8 | 1.6 | 0.2 | ||||||||||||||
Market gains and losses | 90.2 | 74.5 | 15.7 | ||||||||||||||
Foreign currency translation | (2.2) | 1.0 | (3.2) | ||||||||||||||
June 30, 2021 | 1,525.0 | 1,060.7 | 464.3 | ||||||||||||||
December 31, 2019 | 1,226.2 | 878.2 | 348.0 | ||||||||||||||
Long-term inflows | 147.4 | 105.2 | 42.2 | ||||||||||||||
Long-term outflows | (180.7) | (150.1) | (30.6) | ||||||||||||||
Net long-term flows | (33.3) | (44.9) | 11.6 | ||||||||||||||
Net flows in non-management fee earning AUM | (18.0) | 0.8 | (18.8) | ||||||||||||||
Net flows in money market funds | 19.7 | 2.6 | 17.1 | ||||||||||||||
Total net flows | (31.6) | (41.5) | 9.9 | ||||||||||||||
Reinvested distributions | 2.9 | 2.8 | 0.1 | ||||||||||||||
Market gains and losses | (45.0) | (46.3) | 1.3 | ||||||||||||||
Foreign currency translation | (7.3) | (4.8) | (2.5) | ||||||||||||||
June 30, 2020 | 1,145.2 | 788.4 | 356.8 |
$ in billions | Total | Retail | Institutional | |||||
December 31, 2019 | 297.0 | 275.8 | 21.2 | |||||
Long-term inflows | 50.4 | 42.9 | 7.5 | |||||
Long-term outflows | (49.7 | ) | (49.3 | ) | (0.4 | ) | ||
Long-term net flows | 0.7 | (6.4 | ) | 7.1 | ||||
Net flows in non-management fee earning AUM | (18.0 | ) | 0.8 | (18.8 | ) | |||
Net flows in institutional money market funds | — | — | — | |||||
Total net flows | (17.3 | ) | (5.6 | ) | (11.7 | ) | ||
Reinvested distributions | — | — | — | |||||
Market gains and losses | 2.2 | 0.4 | 1.8 | |||||
Foreign currency translation | (0.2 | ) | (0.2 | ) | — | |||
June 30, 2020 | 281.7 | 270.4 | 11.3 | |||||
December 31, 2018 | 221.0 | 204.6 | 16.4 | |||||
Long-term inflows | 40.2 | 40.1 | 0.1 | |||||
Long-term outflows | (31.7 | ) | (31.7 | ) | — | |||
Long-term net flows | 8.5 | 8.4 | 0.1 | |||||
Net flows in non-management fee earning AUM | 5.8 | 1.2 | 4.6 | |||||
Net flows in institutional money market funds | — | — | — | |||||
Total net flows | 14.3 | 9.6 | 4.7 | |||||
Market gains and losses | 30.4 | 30.3 | 0.1 | |||||
Acquisitions (4) | 4.5 | 4.5 | — | |||||
Foreign currency translation | — | — | — | |||||
June 30, 2019 | 270.2 | 249.0 | 21.2 |
$ in billions | Total | Retail | Institutional | ||||||||||||||
March 31, 2021 | 397.8 | 369.3 | 28.5 | ||||||||||||||
Long-term inflows | 53.3 | 34.7 | 18.6 | ||||||||||||||
Long-term outflows | (24.3) | (23.7) | (0.6) | ||||||||||||||
Net long-term flows | 29.0 | 11.0 | 18.0 | ||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | 3.2 | (0.7) | ||||||||||||||
Total net flows | 31.5 | 14.2 | 17.3 | ||||||||||||||
Market gains and losses | 30.3 | 27.9 | 2.4 | ||||||||||||||
Foreign currency translation | (0.6) | — | (0.6) | ||||||||||||||
June 30, 2021 | 459.0 | 411.4 | 47.6 | ||||||||||||||
March 31, 2020 | 246.1 | 230.8 | 15.3 | ||||||||||||||
Long-term inflows | 20.4 | 20.0 | 0.4 | ||||||||||||||
Long-term outflows | (21.2) | (20.9) | (0.3) | ||||||||||||||
Net long-term flows | (0.8) | (0.9) | 0.1 | ||||||||||||||
Net flows in non-management fee earning AUM | (8.7) | (2.9) | (5.8) | ||||||||||||||
Total net flows | (9.5) | (3.8) | (5.7) | ||||||||||||||
Market gains and losses | 44.9 | 43.2 | 1.7 | ||||||||||||||
Foreign currency translation | 0.2 | 0.2 | — | ||||||||||||||
June 30, 2020 | 281.7 | 270.4 | 11.3 |
$ in billions | Total | Retail | Institutional | ||||||||||||||
December 31, 2020 | 370.6 | 346.0 | 24.6 | ||||||||||||||
Long-term inflows | 97.2 | 75.9 | 21.3 | ||||||||||||||
Long-term outflows | (51.2) | (49.1) | (2.1) | ||||||||||||||
Net long-term flows | 46.0 | 26.8 | 19.2 | ||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | 1.8 | 0.8 | ||||||||||||||
Total net flows | 48.6 | 28.6 | 20.0 | ||||||||||||||
Market gains and losses | 40.7 | 37.0 | 3.7 | ||||||||||||||
Foreign currency translation | (0.9) | (0.2) | (0.7) | ||||||||||||||
June 30, 2021 | 459.0 | 411.4 | 47.6 | ||||||||||||||
December 31, 2019 | 297.0 | 275.8 | 21.2 | ||||||||||||||
Long-term inflows | 50.4 | 42.9 | 7.5 | ||||||||||||||
Long-term outflows | (49.7) | (49.3) | (0.4) | ||||||||||||||
Net long-term flows | 0.7 | (6.4) | 7.1 | ||||||||||||||
Net flows in non-management fee earning AUM | (18.0) | 0.8 | (18.8) | ||||||||||||||
Total net flows | (17.3) | (5.6) | (11.7) | ||||||||||||||
Market gains and losses | 2.2 | 0.4 | 1.8 | ||||||||||||||
Foreign currency translation | (0.2) | (0.2) | — | ||||||||||||||
June 30, 2020 | 281.7 | 270.4 | 11.3 |
$ in billions | $ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | 1,404.1 | 725.0 | 301.6 | 85.2 | 115.7 | 176.6 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 114.4 | 58.8 | 30.9 | 10.2 | — | 14.5 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (83.3) | (43.8) | (17.3) | (12.0) | — | (10.2) | |||||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | Net long-term flows | 31.1 | 15.0 | 13.6 | (1.8) | — | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | Net flows in non-management fee earning AUM | 2.5 | 3.3 | (0.8) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 19.8 | — | — | — | 19.8 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | 53.4 | 18.3 | 12.8 | (1.8) | 19.8 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 0.9 | 0.2 | 0.4 | 0.1 | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 65.6 | 52.1 | 2.8 | 4.4 | (0.2) | 6.5 | |||||||||||||||||||||||||||||||||||||||||||||
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | 1.0 | (0.1) | — | 0.6 | 0.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | 1,525.0 | 795.5 | 317.6 | 88.5 | 135.7 | 187.7 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | Average AUM | 1,480.2 | 767.3 | 311.3 | 88.0 | 127.7 | 185.9 | |||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | % of total average AUM | 100.0 | % | 51.8 | % | 21.0 | % | 6.0 | % | 8.6 | % | 12.6 | % | |||||||||||||||||||||||||||||||||||||||
March 31, 2020 | 1,053.4 | 459.4 | 259.8 | 54.5 | 117.5 | 162.2 | March 31, 2020 | 1,053.4 | 459.4 | 259.8 | 54.5 | 117.5 | 162.2 | |||||||||||||||||||||||||||||||||||||||
Long-term inflows | 62.7 | 25.1 | 23.0 | 4.6 | — | 10.0 | Long-term inflows | 62.7 | 25.1 | 23.0 | 4.6 | — | 10.0 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (76.9 | ) | (42.5 | ) | (17.0 | ) | (5.4 | ) | — | (12.0 | ) | Long-term outflows | (76.9) | (42.5) | (17.0) | (5.4) | — | (12.0) | ||||||||||||||||||||||||||||||||||
Long-term net flows | (14.2 | ) | (17.4 | ) | 6.0 | (0.8 | ) | — | (2.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | Net long-term flows | (14.2) | (17.4) | 6.0 | (0.8) | — | (2.0) | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (8.7 | ) | 5.9 | (14.6 | ) | — | — | — | Net flows in non-management fee earning AUM | (8.7) | 5.9 | (14.6) | — | — | — | |||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (6.6 | ) | — | — | — | (6.6 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | (6.6) | — | — | — | (6.6) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | (29.5 | ) | (11.5 | ) | (8.6 | ) | (0.8 | ) | (6.6 | ) | (2.0 | ) | Total net flows | (29.5) | (11.5) | (8.6) | (0.8) | (6.6) | (2.0) | |||||||||||||||||||||||||||||||||
Reinvested distributions | 1.8 | 0.7 | 0.5 | 0.2 | — | 0.4 | Reinvested distributions | 1.8 | 0.7 | 0.5 | 0.2 | — | 0.4 | |||||||||||||||||||||||||||||||||||||||
Market gains and losses | 117.7 | 95.5 | 8.7 | 6.7 | 0.6 | 6.2 | Market gains and losses | 117.7 | 95.5 | 8.7 | 6.7 | 0.6 | 6.2 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 1.8 | 0.8 | 0.3 | 0.3 | — | 0.4 | Foreign currency translation | 1.8 | 0.8 | 0.3 | 0.3 | — | 0.4 | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 1,145.2 | 544.9 | 260.7 | 60.9 | 111.5 | 167.2 | June 30, 2020 | 1,145.2 | 544.9 | 260.7 | 60.9 | 111.5 | 167.2 | |||||||||||||||||||||||||||||||||||||||
Average AUM | 1,118.7 | 514.3 | 259.2 | 58.4 | 120.2 | 166.6 | Average AUM | 1,118.7 | 514.3 | 259.2 | 58.4 | 120.2 | 166.6 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 46.0 | % | 23.2 | % | 5.2 | % | 10.7 | % | 14.9 | % | % of total average AUM | 100.0 | % | 46.0 | % | 23.2 | % | 5.2 | % | 10.7 | % | 14.9 | % | |||||||||||||||||||||||||||
March 31, 2019 | 954.8 | 412.5 | 220.3 | 58.2 | 97.0 | 166.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 54.4 | 24.2 | 16.5 | 5.5 | — | 8.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (58.3 | ) | (30.2 | ) | (11.4 | ) | (5.0 | ) | — | (11.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Long-term net flows | (3.9 | ) | (6.0 | ) | 5.1 | 0.5 | — | (3.5 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.7 | 1.1 | 2.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (4.3 | ) | — | — | — | (4.3 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Total net flows | (4.5 | ) | (4.9 | ) | 7.7 | 0.5 | (4.3 | ) | (3.5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 2.0 | 1.2 | 0.5 | 0.1 | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | 21.5 | 16.4 | 2.6 | 1.5 | (0.4 | ) | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | 224.4 | 149.7 | 42.5 | 3.7 | 3.7 | 24.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (0.4 | ) | (0.3 | ) | — | 0.1 | (0.3 | ) | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | 1,197.8 | 574.6 | 273.6 | 64.1 | 95.7 | 189.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 1,055.9 | 478.5 | 243.4 | 61.1 | 95.7 | 177.2 | ||||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 45.3 | % | 23.1 | % | 5.8 | % | 9.1 | % | 16.8 | % |
$ in billions | $ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 1,349.9 | 689.6 | 296.4 | 78.9 | 108.5 | 176.5 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 234.6 | 116.8 | 59.2 | 31.4 | — | 27.2 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (179.0) | (92.0) | (38.0) | (25.9) | — | (23.1) | |||||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | Net long-term flows | 55.6 | 24.8 | 21.2 | 5.5 | — | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | Net flows in non-management fee earning AUM | 2.6 | 2.0 | 0.6 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 27.1 | — | — | — | 27.1 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | 85.3 | 26.8 | 21.8 | 5.5 | 27.1 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 1.8 | 0.4 | 0.8 | 0.2 | — | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 90.2 | 79.4 | 0.1 | 3.5 | (0.2) | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (2.2) | (0.7) | (1.5) | 0.4 | 0.3 | (0.7) | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | 1,525.0 | 795.5 | 317.6 | 88.5 | 135.7 | 187.7 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | Average AUM | 1,437.7 | 740.8 | 305.9 | 86.8 | 121.8 | 182.4 | |||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | % of total average AUM | 100.0 | % | 51.5 | % | 21.3 | % | 6.0 | % | 8.5 | % | 12.7 | % | |||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 1,226.2 | 598.8 | 283.5 | 67.3 | 91.4 | 185.2 | December 31, 2019 | 1,226.2 | 598.8 | 283.5 | 67.3 | 91.4 | 185.2 | |||||||||||||||||||||||||||||||||||||||
Long-term inflows | 147.4 | 61.0 | 51.8 | 11.2 | — | 23.4 | Long-term inflows | 147.4 | 61.0 | 51.8 | 11.2 | — | 23.4 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (180.7 | ) | (94.8 | ) | (42.7 | ) | (13.7 | ) | — | (29.5 | ) | Long-term outflows | (180.7) | (94.8) | (42.7) | (13.7) | — | (29.5) | ||||||||||||||||||||||||||||||||||
Long-term net flows | (33.3 | ) | (33.8 | ) | 9.1 | (2.5 | ) | — | (6.1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net long-term flows | Net long-term flows | (33.3) | (33.8) | 9.1 | (2.5) | — | (6.1) | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (18.0 | ) | 10.6 | (28.6 | ) | — | — | — | Net flows in non-management fee earning AUM | (18.0) | 10.6 | (28.6) | — | — | — | |||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 19.7 | — | — | — | 19.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 19.7 | — | — | — | 19.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | (31.6 | ) | (23.2 | ) | (19.5 | ) | (2.5 | ) | 19.7 | (6.1 | ) | Total net flows | (31.6) | (23.2) | (19.5) | (2.5) | 19.7 | (6.1) | ||||||||||||||||||||||||||||||||||
Reinvested distributions | 2.9 | 1.0 | 0.9 | 0.3 | — | 0.7 | Reinvested distributions | 2.9 | 1.0 | 0.9 | 0.3 | — | 0.7 | |||||||||||||||||||||||||||||||||||||||
Market gains and losses | (45.0 | ) | (28.4 | ) | (3.1 | ) | (3.2 | ) | 1.1 | (11.4 | ) | Market gains and losses | (45.0) | (28.4) | (3.1) | (3.2) | 1.1 | (11.4) | ||||||||||||||||||||||||||||||||||
Foreign currency translation | (7.3 | ) | (3.3 | ) | (1.1 | ) | (1.0 | ) | (0.7 | ) | (1.2 | ) | Foreign currency translation | (7.3) | (3.3) | (1.1) | (1.0) | (0.7) | (1.2) | |||||||||||||||||||||||||||||||||
June 30, 2020 | 1,145.2 | 544.9 | 260.7 | 60.9 | 111.5 | 167.2 | June 30, 2020 | 1,145.2 | 544.9 | 260.7 | 60.9 | 111.5 | 167.2 | |||||||||||||||||||||||||||||||||||||||
Average AUM | 1,147.5 | 535.2 | 270.6 | 60.9 | 108.4 | 172.4 | Average AUM | 1,147.5 | 535.2 | 270.6 | 60.9 | 108.4 | 172.4 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 46.6 | % | 23.6 | % | 5.3 | % | 9.4 | % | 15.0 | % | % of total average AUM | 100.0 | % | 46.6 | % | 23.6 | % | 5.3 | % | 9.4 | % | 15.0 | % | |||||||||||||||||||||||||||
December 31, 2018 | 888.2 | 369.1 | 208.6 | 55.4 | 89.9 | 165.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 108.2 | 48.6 | 32.7 | 8.4 | 0.2 | 18.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (117.5 | ) | (57.6 | ) | (23.7 | ) | (9.8 | ) | (0.1 | ) | (26.3 | ) | ||||||||||||||||||||||||||||||||||||||||
Long-term net flows | (9.3 | ) | (9.0 | ) | 9.0 | (1.4 | ) | 0.1 | (8.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 5.8 | 0.1 | 5.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 2.5 | — | — | — | 2.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | (1.0 | ) | (8.9 | ) | 14.7 | (1.4 | ) | 2.6 | (8.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 2.7 | 1.5 | 0.7 | 0.2 | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | 82.4 | 62.6 | 6.9 | 6.0 | (0.5 | ) | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | 224.4 | 149.7 | 42.5 | 3.7 | 3.7 | 24.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 1.1 | 0.6 | 0.2 | 0.2 | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | 1,197.8 | 574.6 | 273.6 | 64.1 | 95.7 | 189.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 994.4 | 438.7 | 228.6 | 59.4 | 95.3 | 172.4 | ||||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 44.1 | % | 23.0 | % | 6.0 | % | 9.6 | % | 17.3 | % |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||
March 31, 2020 | 246.1 | 182.8 | 43.2 | 0.7 | — | 19.4 | |||||||||||
Long-term inflows | 20.4 | 12.4 | 3.3 | — | — | 4.7 | |||||||||||
Long-term outflows | (21.2 | ) | (15.1 | ) | (2.4 | ) | — | — | (3.7 | ) | |||||||
Long-term net flows | (0.8 | ) | (2.7 | ) | 0.9 | — | — | 1.0 | |||||||||
Net flows in non-management fee earning AUM | (8.7 | ) | 5.9 | (14.6 | ) | — | — | — | |||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | |||||||||||
Total net flows | (9.5 | ) | 3.2 | (13.7 | ) | — | — | 1.0 | |||||||||
Market gains and losses | 44.9 | 42.2 | 1.0 | 0.1 | — | 1.6 | |||||||||||
Foreign currency translation | 0.2 | 0.1 | 0.1 | — | — | — | |||||||||||
June 30, 2020 | 281.7 | 228.3 | 30.6 | 0.8 | — | 22.0 | |||||||||||
Average AUM | 269.9 | 210.9 | 37.0 | 0.7 | — | 21.3 | |||||||||||
% of total average AUM | 100.0 | % | 78.1 | % | 13.7 | % | 0.3 | % | — | % | 7.9 | % | |||||
March 31, 2019 | 250.5 | 178.9 | 52.9 | 0.8 | — | 17.9 | |||||||||||
Long-term inflows | 20.1 | 15.0 | 2.0 | — | — | 3.1 | |||||||||||
Long-term outflows | (15.5 | ) | (11.1 | ) | (0.9 | ) | — | — | (3.5 | ) | |||||||
Long-term net flows | 4.6 | 3.9 | 1.1 | — | — | (0.4 | ) | ||||||||||
Net flows in non-management fee earning AUM | 3.7 | 1.1 | 2.6 | — | — | — | |||||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | |||||||||||
Total net flows | 8.3 | 5.0 | 3.7 | — | — | (0.4 | ) | ||||||||||
Reinvested distributions | — | — | — | — | — | — | |||||||||||
Market gains and losses | 6.8 | 6.1 | 0.2 | — | — | 0.5 | |||||||||||
Acquisitions (4) | 4.5 | 4.5 | — | — | — | — | |||||||||||
Foreign currency translation | 0.1 | 0.1 | — | — | — | — | |||||||||||
June 30, 2019 | 270.2 | 194.6 | 56.8 | 0.8 | — | 18.0 | |||||||||||
Average AUM | 260.0 | 186.4 | 54.9 | 0.8 | — | 17.9 | |||||||||||
% of total average AUM | 100.0 | % | 71.7 | % | 21.1 | % | 0.3 | % | — | % | 6.9 | % |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||
March 31, 2021 | 397.8 | 331.6 | 38.7 | 1.0 | — | 26.5 | |||||||||||||||||||||||||||||
Long-term inflows | 53.3 | 41.5 | 6.2 | 0.1 | — | 5.5 | |||||||||||||||||||||||||||||
Long-term outflows | (24.3) | (20.9) | (1.4) | — | — | (2.0) | |||||||||||||||||||||||||||||
Net long-term flows | 29.0 | 20.6 | 4.8 | 0.1 | — | 3.5 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | 3.3 | (0.7) | (0.1) | — | — | |||||||||||||||||||||||||||||
Total net flows | 31.5 | 23.9 | 4.1 | — | — | 3.5 | |||||||||||||||||||||||||||||
Market gains and losses | 30.3 | 28.4 | 0.3 | 0.1 | — | 1.5 | |||||||||||||||||||||||||||||
Foreign currency translation | (0.6) | (0.4) | (0.1) | — | — | (0.1) | |||||||||||||||||||||||||||||
June 30, 2021 | 459.0 | 383.5 | 43.0 | 1.1 | — | 31.4 | |||||||||||||||||||||||||||||
Average AUM | 431.1 | 358.8 | 41.1 | 1.1 | — | 30.1 | |||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 83.2 | % | 9.5 | % | 0.3 | % | — | % | 7.0 | % | |||||||||||||||||||||||
March 31, 2020 | 246.1 | 182.8 | 43.2 | 0.7 | — | 19.4 | |||||||||||||||||||||||||||||
Long-term inflows | 20.4 | 12.4 | 3.3 | — | — | 4.7 | |||||||||||||||||||||||||||||
Long-term outflows | (21.2) | (15.1) | (2.4) | — | — | (3.7) | |||||||||||||||||||||||||||||
Net long-term flows | (0.8) | (2.7) | 0.9 | — | — | 1.0 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (8.7) | 5.9 | (14.6) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | (9.5) | 3.2 | (13.7) | — | — | 1.0 | |||||||||||||||||||||||||||||
Market gains and losses | 44.9 | 42.2 | 1.0 | 0.1 | — | 1.6 | |||||||||||||||||||||||||||||
Foreign currency translation | 0.2 | 0.1 | 0.1 | — | — | — | |||||||||||||||||||||||||||||
June 30, 2020 | 281.7 | 228.3 | 30.6 | 0.8 | — | 22.0 | |||||||||||||||||||||||||||||
Average AUM | 269.9 | 210.9 | 37.0 | 0.7 | — | 21.3 | |||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 78.1 | % | 13.7 | % | 0.3 | % | — | % | 7.9 | % |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||
December 31, 2019 | 297.0 | 217.1 | 58.9 | 0.9 | — | 20.1 | |||||||||||
Long-term inflows | 50.4 | 32.5 | 6.8 | — | — | 11.1 | |||||||||||
Long-term outflows | (49.7 | ) | (35.0 | ) | (5.6 | ) | — | — | (9.1 | ) | |||||||
Long-term net flows | 0.7 | (2.5 | ) | 1.2 | — | — | 2.0 | ||||||||||
Net flows in non-management fee earning AUM | (18.0 | ) | 10.6 | (28.6 | ) | — | — | — | |||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | |||||||||||
Total net flows | (17.3 | ) | 8.1 | (27.4 | ) | — | — | 2.0 | |||||||||
Reinvested distributions | — | — | — | — | — | — | |||||||||||
Market gains and losses | 2.2 | 3.2 | (0.8 | ) | (0.1 | ) | — | (0.1 | ) | ||||||||
Foreign currency translation | (0.2 | ) | (0.1 | ) | (0.1 | ) | — | — | — | ||||||||
June 30, 2020 | 281.7 | 228.3 | 30.6 | 0.8 | — | 22.0 | |||||||||||
Average AUM | 278.5 | 210.2 | 46.8 | 0.8 | — | 20.7 | |||||||||||
% of total average AUM | 100.0 | % | 75.5 | % | 16.8 | % | 0.3 | % | — | % | 7.4 | % | |||||
December 31, 2018 | 221.0 | 155.3 | 47.2 | 0.7 | — | 17.8 | |||||||||||
Long-term inflows | 40.2 | 28.9 | 5.6 | — | — | 5.7 | |||||||||||
Long-term outflows | (31.7 | ) | (22.5 | ) | (2.5 | ) | — | — | (6.7 | ) | |||||||
Long-term net flows | 8.5 | 6.4 | 3.1 | — | — | (1.0 | ) | ||||||||||
Net flows in non-management fee earning AUM | 5.8 | 0.1 | 5.7 | — | — | — | |||||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | |||||||||||
Total net flows | 14.3 | 6.5 | 8.8 | — | — | (1.0 | ) | ||||||||||
Reinvested distributions | — | — | — | — | — | — | |||||||||||
Market gains and losses | 30.4 | 28.3 | 0.8 | 0.1 | — | 1.2 | |||||||||||
Acquisitions (4) | 4.5 | 4.5 | — | — | — | — | |||||||||||
Foreign currency translation | — | — | — | — | — | — | |||||||||||
June 30, 2019 | 270.2 | 194.6 | 56.8 | 0.8 | — | 18.0 | |||||||||||
Average AUM | 249.0 | 178.0 | 52.2 | 0.8 | — | 18.0 | |||||||||||
% of total average AUM | 100.0 | % | 71.5 | % | 21.0 | % | 0.3 | % | — | % | 7.2 | % |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||
December 31, 2020 | 370.6 | 306.4 | 37.0 | 1.0 | — | 26.2 | |||||||||||||||||||||||||||||
Long-term inflows | 97.2 | 76.9 | 9.4 | 0.1 | — | 10.8 | |||||||||||||||||||||||||||||
Long-term outflows | (51.2) | (42.0) | (3.5) | — | — | (5.7) | |||||||||||||||||||||||||||||
Net long-term flows | 46.0 | 34.9 | 5.9 | 0.1 | — | 5.1 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | 2.0 | 0.7 | (0.1) | — | — | |||||||||||||||||||||||||||||
Total net flows | 48.6 | 36.9 | 6.6 | — | — | 5.1 | |||||||||||||||||||||||||||||
Market gains and losses | 40.7 | 40.7 | (0.4) | 0.1 | — | 0.3 | |||||||||||||||||||||||||||||
Foreign currency translation | (0.9) | (0.5) | (0.2) | — | — | (0.2) | |||||||||||||||||||||||||||||
June 30, 2021 | 459.0 | 383.5 | 43.0 | 1.1 | — | 31.4 | |||||||||||||||||||||||||||||
Average AUM | 408.9 | 339.4 | 39.6 | 1.1 | — | 28.8 | |||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 83.0 | % | 9.7 | % | 0.3 | % | — | % | 7.0 | % | |||||||||||||||||||||||
December 31, 2019 | 297.0 | 217.1 | 58.9 | 0.9 | — | 20.1 | |||||||||||||||||||||||||||||
Long-term inflows | 50.4 | 32.5 | 6.8 | — | — | 11.1 | |||||||||||||||||||||||||||||
Long-term outflows | (49.7) | (35.0) | (5.6) | — | — | (9.1) | |||||||||||||||||||||||||||||
Net long-term flows | 0.7 | (2.5) | 1.2 | — | — | 2.0 | |||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (18.0) | 10.6 | (28.6) | — | — | — | |||||||||||||||||||||||||||||
Total net flows | (17.3) | 8.1 | (27.4) | — | — | 2.0 | |||||||||||||||||||||||||||||
Market gains and losses | 2.2 | 3.2 | (0.8) | (0.1) | — | (0.1) | |||||||||||||||||||||||||||||
Foreign currency translation | (0.2) | (0.1) | (0.1) | — | — | — | |||||||||||||||||||||||||||||
June 30, 2020 | 281.7 | 228.3 | 30.6 | 0.8 | — | 22.0 | |||||||||||||||||||||||||||||
Average AUM | 278.5 | 210.2 | 46.8 | 0.8 | — | 20.7 | |||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 75.5 | % | 16.8 | % | 0.3 | % | — | % | 7.4 | % | |||||||||||||||||||||||
$ in billions | Total | Americas | UK | EMEA Ex UK | Asia | |||||||||
March 31, 2020 | 1,053.4 | 756.8 | 53.9 | 122.1 | 120.6 | |||||||||
Long-term inflows | 62.7 | 37.2 | 1.3 | 13.2 | 11.0 | |||||||||
Long-term outflows | (76.9 | ) | (52.1 | ) | (4.4 | ) | (11.4 | ) | (9.0 | ) | ||||
Long-term net flows | (14.2 | ) | (14.9 | ) | (3.1 | ) | 1.8 | 2.0 | ||||||
Net flows in non-management fee earning AUM | (8.7 | ) | (0.6 | ) | — | (8.3 | ) | 0.2 | ||||||
Net flows in institutional money market funds | (6.6 | ) | (4.1 | ) | — | 0.1 | (2.6 | ) | ||||||
Total net flows | (29.5 | ) | (19.6 | ) | (3.1 | ) | (6.4 | ) | (0.4 | ) | ||||
Reinvested distributions | 1.8 | 1.8 | — | — | — | |||||||||
Market gains and losses | 117.7 | 89.9 | 4.5 | 14.6 | 8.7 | |||||||||
Foreign currency translation | 1.8 | 0.9 | (0.2 | ) | 0.6 | 0.5 | ||||||||
June 30, 2020 | 1,145.2 | 829.8 | 55.1 | 130.9 | 129.4 | |||||||||
March 31, 2019 | 954.8 | 629.8 | 78.9 | 131.2 | 114.9 | |||||||||
Long-term inflows | 54.4 | 27.2 | 2.0 | 14.1 | 11.1 | |||||||||
Long-term outflows | (58.3 | ) | (33.3 | ) | (4.7 | ) | (12.2 | ) | (8.1 | ) | ||||
Long-term net flows | (3.9 | ) | (6.1 | ) | (2.7 | ) | 1.9 | 3.0 | ||||||
Net flows in non-management fee earning AUM | 3.7 | 2.6 | 0.3 | 0.9 | (0.1 | ) | ||||||||
Net flows in institutional money market funds | (4.3 | ) | (5.6 | ) | — | 0.9 | 0.4 | |||||||
Total net flows | (4.5 | ) | (9.1 | ) | (2.4 | ) | 3.7 | 3.3 | ||||||
Reinvested distributions | 2.0 | 1.9 | 0.1 | — | — | |||||||||
Market gains and losses | 21.5 | 16.9 | 0.8 | 3.4 | 0.4 | |||||||||
Acquisitions (4) | 224.4 | 223.7 | 0.7 | — | — | |||||||||
Foreign currency translation | (0.4 | ) | 0.6 | (1.8 | ) | 0.8 | — | |||||||
June 30, 2019 | 1,197.8 | 863.8 | 76.3 | 139.1 | 118.6 |
$ in billions | Total | Americas | Asia Pacific | EMEA Ex UK | UK | ||||||||||||||||||||||||
March 31, 2021 | 1,404.1 | 997.2 | 189.0 | 154.8 | 63.1 | ||||||||||||||||||||||||
Long-term inflows | 114.4 | 52.9 | 44.0 | 14.8 | 2.7 | ||||||||||||||||||||||||
Long-term outflows | (83.3) | (47.9) | (15.7) | (13.8) | (5.9) | ||||||||||||||||||||||||
Net long-term flows | 31.1 | 5.0 | 28.3 | 1.0 | (3.2) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | 1.7 | 0.5 | 0.3 | — | ||||||||||||||||||||||||
Net flows in money market funds | 19.8 | 20.2 | (0.4) | — | — | ||||||||||||||||||||||||
Total net flows | 53.4 | 26.9 | 28.4 | 1.3 | (3.2) | ||||||||||||||||||||||||
Reinvested distributions | 0.9 | 0.8 | — | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | 65.6 | 50.5 | 8.0 | 5.3 | 1.8 | ||||||||||||||||||||||||
Foreign currency translation | 1.0 | 0.4 | 0.2 | 0.3 | 0.1 | ||||||||||||||||||||||||
June 30, 2021 | 1,525.0 | 1,075.8 | 225.6 | 161.7 | 61.9 | ||||||||||||||||||||||||
March 31, 2020 | 1,053.4 | 756.8 | 120.6 | 122.1 | 53.9 | ||||||||||||||||||||||||
Long-term inflows | 62.7 | 37.2 | 11.0 | 13.2 | 1.3 | ||||||||||||||||||||||||
Long-term outflows | (76.9) | (52.1) | (9.0) | (11.4) | (4.4) | ||||||||||||||||||||||||
Net long-term flows | (14.2) | (14.9) | 2.0 | 1.8 | (3.1) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (8.7) | (0.6) | 0.2 | (8.3) | — | ||||||||||||||||||||||||
Net flows in money market funds | (6.6) | (4.1) | (2.6) | 0.1 | — | ||||||||||||||||||||||||
Total net flows | (29.5) | (19.6) | (0.4) | (6.4) | (3.1) | ||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.8 | — | — | — | ||||||||||||||||||||||||
Market gains and losses | 117.7 | 89.9 | 8.7 | 14.6 | 4.5 | ||||||||||||||||||||||||
Foreign currency translation | 1.8 | 0.9 | 0.5 | 0.6 | (0.2) | ||||||||||||||||||||||||
June 30, 2020 | 1,145.2 | 829.8 | 129.4 | 130.9 | 55.1 |
$ in billions | Total | Americas | UK | EMEA Ex UK | Asia | |||||||||
December 31, 2019 | 1,226.2 | 879.5 | 74.4 | 143.7 | 128.6 | |||||||||
Long-term inflows | 147.4 | 91.8 | 3.2 | 29.8 | 22.6 | |||||||||
Long-term outflows | (180.7 | ) | (120.1 | ) | (11.0 | ) | (29.2 | ) | (20.4 | ) | ||||
Long-term net flows | (33.3 | ) | (28.3 | ) | (7.8 | ) | 0.6 | 2.2 | ||||||
Net flows in non-management fee earning AUM | (18.0 | ) | (8.8 | ) | (0.1 | ) | (9.6 | ) | 0.5 | |||||
Net flows in institutional money market funds | 19.7 | 19.2 | 0.1 | 0.2 | 0.2 | |||||||||
Total net flows | (31.6 | ) | (17.9 | ) | (7.8 | ) | (8.8 | ) | 2.9 | |||||
Reinvested distributions | 2.9 | 2.8 | — | — | 0.1 | |||||||||
Market gains and losses | (45.0 | ) | (33.4 | ) | (7.2 | ) | (3.1 | ) | (1.3 | ) | ||||
Foreign currency translation | (7.3 | ) | (1.2 | ) | (4.3 | ) | (0.9 | ) | (0.9 | ) | ||||
June 30, 2020 | 1,145.2 | 829.8 | 55.1 | 130.9 | 129.4 | |||||||||
December 31, 2018 | 888.2 | 581.6 | 76.6 | 125.5 | 104.5 | |||||||||
Long-term inflows | 108.2 | 57.0 | 5.2 | 26.5 | 19.5 | |||||||||
Long-term outflows | (117.5 | ) | (64.1 | ) | (10.4 | ) | (26.3 | ) | (16.7 | ) | ||||
Long-term net flows | (9.3 | ) | (7.1 | ) | (5.2 | ) | 0.2 | 2.8 | ||||||
Net flows in non-management fee earning AUM | 5.8 | 4.0 | 0.2 | 1.6 | — | |||||||||
Net flows in institutional money market funds | 2.5 | (2.3 | ) | — | 1.0 | 3.8 | ||||||||
Total net flows | (1.0 | ) | (5.4 | ) | (5.0 | ) | 2.8 | 6.6 | ||||||
Reinvested distributions | 2.7 | 2.5 | 0.2 | — | — | |||||||||
Market gains and losses | 82.4 | 60.5 | 3.9 | 11.0 | 7.0 | |||||||||
Acquisitions (4) | 224.4 | 223.7 | 0.7 | — | — | |||||||||
Foreign currency translation | 1.1 | 0.9 | (0.1 | ) | (0.2 | ) | 0.5 | |||||||
June 30, 2019 | 1,197.8 | 863.8 | 76.3 | 139.1 | 118.6 |
$ in billions | Total | Americas | Asia Pacific | EMEA Ex UK | UK | ||||||||||||||||||||||||
December 31, 2020 | 1,349.9 | 959.9 | 171.3 | 151.7 | 67.0 | ||||||||||||||||||||||||
Long-term inflows | 234.6 | 113.9 | 81.8 | 33.9 | 5.0 | ||||||||||||||||||||||||
Long-term outflows | (179.0) | (98.9) | (36.8) | (29.2) | (14.1) | ||||||||||||||||||||||||
Net long-term flows | 55.6 | 15.0 | 45.0 | 4.7 | (9.1) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | 1.7 | 0.9 | — | — | ||||||||||||||||||||||||
Net flows in money market funds | 27.1 | 22.8 | 4.5 | (0.2) | — | ||||||||||||||||||||||||
Total net flows | 85.3 | 39.5 | 50.4 | 4.5 | (9.1) | ||||||||||||||||||||||||
Reinvested distributions | 1.8 | 1.6 | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Market gains and losses | 90.2 | 74.2 | 6.5 | 6.2 | 3.3 | ||||||||||||||||||||||||
Foreign currency translation | (2.2) | 0.6 | (2.7) | (0.7) | 0.6 | ||||||||||||||||||||||||
June 30, 2021 | 1,525.0 | 1,075.8 | 225.6 | 161.7 | 61.9 | ||||||||||||||||||||||||
December 31, 2019 | 1,226.2 | 879.5 | 128.6 | 143.7 | 74.4 | ||||||||||||||||||||||||
Long-term inflows | 147.4 | 91.8 | 22.6 | 29.8 | 3.2 | ||||||||||||||||||||||||
Long-term outflows | (180.7) | (120.1) | (20.4) | (29.2) | (11.0) | ||||||||||||||||||||||||
Net long-term flows | (33.3) | (28.3) | 2.2 | 0.6 | (7.8) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (18.0) | (8.8) | 0.5 | (9.6) | (0.1) | ||||||||||||||||||||||||
Net flows in money market funds | 19.7 | 19.2 | 0.2 | 0.2 | 0.1 | ||||||||||||||||||||||||
Total net flows | (31.6) | (17.9) | 2.9 | (8.8) | (7.8) | ||||||||||||||||||||||||
Reinvested distributions | 2.9 | 2.8 | 0.1 | — | — | ||||||||||||||||||||||||
Market gains and losses | (45.0) | (33.4) | (1.3) | (3.1) | (7.2) | ||||||||||||||||||||||||
Foreign currency translation | (7.3) | (1.2) | (0.9) | (0.9) | (4.3) | ||||||||||||||||||||||||
June 30, 2020 | 1,145.2 | 829.8 | 129.4 | 130.9 | 55.1 |
$ in billions | Total | Americas | Asia Pacific | EMEA Ex UK | UK | ||||||||||||||||||||||||
March 31, 2021 | 397.8 | 325.5 | 10.5 | 60.9 | 0.9 | ||||||||||||||||||||||||
Long-term inflows | 53.3 | 25.0 | 19.5 | 8.5 | 0.3 | ||||||||||||||||||||||||
Long-term outflows | (24.3) | (17.1) | (0.7) | (6.3) | (0.2) | ||||||||||||||||||||||||
Net long-term flows | 29.0 | 7.9 | 18.8 | 2.2 | 0.1 | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.5 | 1.7 | 0.5 | 0.3 | — | ||||||||||||||||||||||||
Total net flows | 31.5 | 9.6 | 19.3 | 2.5 | 0.1 | ||||||||||||||||||||||||
Market gains and losses | 30.3 | 24.4 | 3.0 | 2.9 | — | ||||||||||||||||||||||||
Foreign currency translation | (0.6) | — | (0.6) | — | — | ||||||||||||||||||||||||
June 30, 2021 | 459.0 | 359.5 | 32.2 | 66.3 | 1.0 | ||||||||||||||||||||||||
March 31, 2020 | 246.1 | 194.9 | 4.8 | 45.8 | 0.6 | ||||||||||||||||||||||||
Long-term inflows | 20.4 | 12.0 | 0.6 | 7.7 | 0.1 | ||||||||||||||||||||||||
Long-term outflows | (21.2) | (14.5) | (0.4) | (6.1) | (0.2) | ||||||||||||||||||||||||
Net long-term flows | (0.8) | (2.5) | 0.2 | 1.6 | (0.1) | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (8.7) | (0.6) | 0.2 | (8.3) | — | ||||||||||||||||||||||||
Total net flows | (9.5) | (3.1) | 0.4 | (6.7) | (0.1) | ||||||||||||||||||||||||
Market gains and losses | 44.9 | 37.2 | 0.9 | 6.7 | 0.1 | ||||||||||||||||||||||||
Foreign currency translation | 0.2 | — | — | 0.2 | — | ||||||||||||||||||||||||
June 30, 2020 | 281.7 | 229.0 | 6.1 | 46.0 | 0.6 |
$ in billions | Total | Americas | UK | EMEA Ex UK | Asia | |||||||||
March 31, 2020 | 246.1 | 194.9 | 0.6 | 45.8 | 4.8 | |||||||||
Long-term inflows | 20.4 | 12.0 | 0.1 | 7.7 | 0.6 | |||||||||
Long-term outflows | (21.2 | ) | (14.5 | ) | (0.2 | ) | (6.1 | ) | (0.4 | ) | ||||
Long-term net flows | (0.8 | ) | (2.5 | ) | (0.1 | ) | 1.6 | 0.2 | ||||||
Net flows in non-management fee earning AUM | (8.7 | ) | (0.6 | ) | — | (8.3 | ) | 0.2 | ||||||
Net flows in institutional money market funds | — | — | — | — | — | |||||||||
Total net flows | (9.5 | ) | (3.1 | ) | (0.1 | ) | (6.7 | ) | 0.4 | |||||
Market gains and losses | 44.9 | 37.2 | 0.1 | 6.7 | 0.9 | |||||||||
Foreign currency translation | 0.2 | — | — | 0.2 | — | |||||||||
June 30, 2020 | 281.7 | 229.0 | 0.6 | 46.0 | 6.1 | |||||||||
March 31, 2019 | 250.5 | 207.4 | 0.6 | 38.4 | 4.1 | |||||||||
Long-term inflows | 20.1 | 10.7 | 0.1 | 8.8 | 0.5 | |||||||||
Long-term outflows | (15.5 | ) | (9.0 | ) | (0.1 | ) | (5.7 | ) | (0.7 | ) | ||||
Long-term net flows | 4.6 | 1.7 | — | 3.1 | (0.2 | ) | ||||||||
Net flows in non-management fee earning AUM | 3.7 | 2.6 | 0.3 | 0.9 | (0.1 | ) | ||||||||
Net flows in institutional money market funds | — | — | — | — | — | |||||||||
Total net flows | 8.3 | 4.3 | 0.3 | 4.0 | (0.3 | ) | ||||||||
Reinvested distributions | — | — | — | — | — | |||||||||
Market gains and losses | 6.8 | 5.3 | — | 1.4 | 0.1 | |||||||||
Acquisitions (4) | 4.5 | 4.5 | — | — | — | |||||||||
Foreign currency translation | 0.1 | — | — | 0.1 | — | |||||||||
June 30, 2019 | 270.2 | 221.5 | 0.9 | 43.9 | 3.9 |
$ in billions | Total | Americas | Asia Pacific | EMEA Ex UK | UK | ||||||||||||||||||||||||
December 31, 2020 | 370.6 | 303.0 | 7.9 | 58.9 | 0.8 | ||||||||||||||||||||||||
Long-term inflows | 97.2 | 54.9 | 22.8 | 18.9 | 0.6 | ||||||||||||||||||||||||
Long-term outflows | (51.2) | (34.0) | (1.8) | (15.0) | (0.4) | ||||||||||||||||||||||||
Net long-term flows | 46.0 | 20.9 | 21.0 | 3.9 | 0.2 | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 2.6 | 1.8 | 0.8 | — | — | ||||||||||||||||||||||||
Total net flows | 48.6 | 22.7 | 21.8 | 3.9 | 0.2 | ||||||||||||||||||||||||
Market gains and losses | 40.7 | 33.8 | 3.2 | 3.7 | — | ||||||||||||||||||||||||
Foreign currency translation | (0.9) | — | (0.7) | (0.2) | — | ||||||||||||||||||||||||
June 30, 2021 | 459.0 | 359.5 | 32.2 | 66.3 | 1.0 | ||||||||||||||||||||||||
December 31, 2019 | 297.0 | 240.0 | 4.9 | 51.4 | 0.7 | ||||||||||||||||||||||||
Long-term inflows | 50.4 | 30.5 | 1.2 | 18.3 | 0.4 | ||||||||||||||||||||||||
Long-term outflows | (49.7) | (34.2) | (0.8) | (14.3) | (0.4) | ||||||||||||||||||||||||
Net long-term flows | 0.7 | (3.7) | 0.4 | 4.0 | — | ||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (18.0) | (8.8) | 0.5 | (9.6) | (0.1) | ||||||||||||||||||||||||
Total net flows | (17.3) | (12.5) | 0.9 | (5.6) | (0.1) | ||||||||||||||||||||||||
Market gains and losses | 2.2 | 1.6 | 0.3 | 0.3 | — | ||||||||||||||||||||||||
Foreign currency translation | (0.2) | (0.1) | — | (0.1) | — | ||||||||||||||||||||||||
June 30, 2020 | 281.7 | 229.0 | 6.1 | 46.0 | 0.6 | ||||||||||||||||||||||||
$ in billions | Total | Americas | UK | EMEA Ex UK | Asia | ||||||||||
December 31, 2019 | 297.0 | 240.0 | 0.7 | 51.4 | 4.9 | ||||||||||
Long-term inflows | 50.4 | 30.5 | 0.4 | 18.3 | 1.2 | ||||||||||
Long-term outflows | (49.7 | ) | (34.2 | ) | (0.4 | ) | (14.3 | ) | (0.8 | ) | |||||
Long-term net flows | 0.7 | (3.7 | ) | — | 4.0 | 0.4 | |||||||||
Net flows in non-management fee earning AUM | (18.0 | ) | (8.8 | ) | (0.1 | ) | (9.6 | ) | 0.5 | ||||||
Net flows in institutional money market funds | — | — | — | — | — | ||||||||||
Total net flows | (17.3 | ) | (12.5 | ) | (0.1 | ) | (5.6 | ) | 0.9 | ||||||
Reinvested distributions | — | — | — | — | — | ||||||||||
Market gains and losses | 2.2 | 1.6 | — | 0.3 | 0.3 | ||||||||||
Foreign currency translation | (0.2 | ) | (0.1 | ) | — | (0.1 | ) | — | |||||||
June 30, 2020 | 281.7 | 229.0 | 0.6 | 46.0 | 6.1 | ||||||||||
December 31, 2018 | 221.0 | 184.0 | 0.7 | 32.6 | 3.7 | ||||||||||
Long-term inflows | 40.2 | 23.7 | 0.2 | 15.5 | 0.8 | ||||||||||
Long-term outflows | (31.7 | ) | (20.2 | ) | (0.2 | ) | (10.1 | ) | (1.2 | ) | |||||
Long-term net flows | 8.5 | 3.5 | — | 5.4 | (0.4 | ) | |||||||||
Net flows in non-management fee earning AUM | 5.8 | 4.0 | 0.2 | 1.6 | — | ||||||||||
Net flows in institutional money market funds | — | — | — | — | — | ||||||||||
Total net flows | 14.3 | 7.5 | 0.2 | 7.0 | (0.4 | ) | |||||||||
Reinvested distributions | — | — | — | — | — | ||||||||||
Market gains and losses | 30.4 | 25.5 | — | 4.3 | 0.6 | ||||||||||
Acquisitions (4) | 4.5 | 4.5 | — | — | — | ||||||||||
Foreign currency translation | — | — | — | — | — | ||||||||||
June 30, 2019 | 270.2 | 221.5 | 0.9 | 43.9 | 3.9 |
Variance | Variance | Variance | Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | 2020 vs 2019 | Six months ended June 30, | 2020 vs 2019 | Three months ended June 30, | 2021 vs 2020 | Six months ended June 30, | 2021 vs 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | $ in millions | 2021 | 2020 | $ Change | % Change | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | 1,037.1 | 1,071.3 | (34.2 | ) | (3.2 | )% | 2,205.4 | 1,995.0 | 210.4 | 10.5 | % | Investment management fees | 1,247.4 | 1,037.1 | 210.3 | 20.3 | % | 2,454.0 | 2,205.4 | 248.6 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service and distribution fees | 332.7 | 294.1 | 38.6 | 13.1 | % | 698.5 | 513.4 | 185.1 | 36.1 | % | Service and distribution fees | 401.0 | 332.7 | 68.3 | 20.5 | % | 782.1 | 698.5 | 83.6 | 12.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance fees | 3.5 | 15.7 | (12.2 | ) | (77.7 | )% | 8.3 | 37.5 | (29.2 | ) | (77.9 | )% | Performance fees | 10.5 | 3.5 | 7.0 | 200.0 | % | 17.2 | 8.3 | 8.9 | 107.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 45.7 | 58.3 | (12.6 | ) | (21.6 | )% | 105.7 | 108.1 | (2.4 | ) | (2.2 | )% | Other | 62.5 | 45.7 | 16.8 | 36.8 | % | 127.8 | 105.7 | 22.1 | 20.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 1,419.0 | 1,439.4 | (20.4 | ) | (1.4 | )% | 3,017.9 | 2,654.0 | 363.9 | 13.7 | % | Total operating revenues | 1,721.4 | 1,419.0 | 302.4 | 21.3 | % | 3,381.1 | 3,017.9 | 363.2 | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Great Wall | 48.8 | 36.7 | 12.1 | 33.0 | % | 101.9 | 68.5 | 33.4 | 48.8 | % | Invesco Great Wall | 110.9 | 48.8 | 62.1 | 127.3 | % | 214.9 | 101.9 | 113.0 | 110.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Adjustments: | Revenue Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | (175.9 | ) | (203.8 | ) | 27.9 | (13.7 | )% | (380.5 | ) | (391.3 | ) | 10.8 | (2.8 | )% | Investment management fees | (212.8) | (175.9) | (36.9) | 21.0 | % | (416.0) | (380.5) | (35.5) | 9.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service and distribution fees | (228.5 | ) | (201.8 | ) | (26.7 | ) | 13.2 | % | (485.1 | ) | (342.2 | ) | (142.9 | ) | 41.8 | % | Service and distribution fees | (269.7) | (228.5) | (41.2) | 18.0 | % | (531.2) | (485.1) | (46.1) | 9.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (39.6 | ) | (46.2 | ) | 6.6 | (14.3 | )% | (93.5 | ) | (86.3 | ) | (7.2 | ) | 8.3 | % | Other | (57.1) | (39.6) | (17.5) | 44.2 | % | (115.2) | (93.5) | (21.7) | 23.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue Adjustments(1) | (444.0 | ) | (451.8 | ) | 7.8 | (1.7 | )% | (959.1 | ) | (819.8 | ) | (139.3 | ) | 17.0 | % | Total Revenue Adjustments (1) | (539.6) | (444.0) | (95.6) | 21.5 | % | (1,062.4) | (959.1) | (103.3) | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIP | 10.5 | 7.2 | 3.3 | 45.8 | % | 19.4 | 15.9 | 3.5 | 22.0 | % | CIP | 10.2 | 10.5 | (0.3) | (2.9) | % | 20.3 | 19.4 | 0.9 | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues(2) | 1,034.3 | 1,031.5 | 2.8 | 0.3 | % | 2,180.1 | 1,918.6 | 261.5 | 13.6 | % | Net revenues (2) | 1,302.9 | 1,034.3 | 268.6 | 26.0 | % | 2,553.9 | 2,180.1 | 373.8 | 17.1 | % |
Variance | Variance | ||||||||||||||||||||||
Three months ended June 30, | 2020 vs 2019 | Six months ended June 30, | 2020 vs 2019 | ||||||||||||||||||||
$ in millions | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||
Third-party distribution, service and advisory | 444.0 | 451.8 | (7.8 | ) | (1.7 | )% | 959.1 | 819.8 | 139.3 | 17.0 | % | ||||||||||||
Employee compensation | 454.6 | 421.9 | 32.7 | 7.8 | % | 876.5 | 803.2 | 73.3 | 9.1 | % | |||||||||||||
Marketing | 14.4 | 33.4 | (19.0 | ) | (56.9 | )% | 47.1 | 61.4 | (14.3 | ) | (23.3 | )% | |||||||||||
Property, office and technology | 128.3 | 114.9 | 13.4 | 11.7 | % | 258.7 | 222.1 | 36.6 | 16.5 | % | |||||||||||||
General and administrative | 188.9 | 94.2 | 94.7 | 100.5 | % | 295.2 | 178.0 | 117.2 | 65.8 | % | |||||||||||||
Transaction, integration, and restructuring | 71.7 | 304.9 | (233.2 | ) | (76.5 | )% | 147.2 | 351.0 | (203.8 | ) | (58.1 | )% | |||||||||||
Total operating expenses | 1,301.9 | 1,421.1 | (119.2 | ) | (8.4 | )% | 2,583.8 | 2,435.5 | 148.3 | 6.1 | % |
Variance | Variance | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | 2021 vs 2020 | Six months ended June 30, | 2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | $ Change | % Change | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 539.6 | 444.0 | 95.6 | 21.5 | % | 1,062.4 | 959.1 | 103.3 | 10.8 | % | |||||||||||||||||||||||||||||||||||||
Employee compensation | 487.0 | 454.6 | 32.4 | 7.1 | % | 976.2 | 876.5 | 99.7 | 11.4 | % | |||||||||||||||||||||||||||||||||||||
Marketing | 24.5 | 14.4 | 10.1 | 70.1 | % | 40.3 | 47.1 | (6.8) | (14.4) | % | |||||||||||||||||||||||||||||||||||||
Property, office and technology | 127.2 | 128.3 | (1.1) | (0.9) | % | 256.5 | 258.7 | (2.2) | (0.9) | % | |||||||||||||||||||||||||||||||||||||
General and administrative | 103.3 | 188.9 | (85.6) | (45.3) | % | 199.9 | 295.2 | (95.3) | (32.3) | % | |||||||||||||||||||||||||||||||||||||
Transaction, integration and restructuring | (47.1) | 56.5 | (103.6) | N/A | (1.3) | 116.1 | (117.4) | N/A | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles (1) | 16.0 | 15.2 | 0.8 | 5.3 | % | 31.9 | 31.1 | 0.8 | 2.6 | % | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,250.5 | 1,301.9 | (51.4) | (3.9) | % | 2,565.9 | 2,583.8 | (17.9) | (0.7) | % |
$ in millions | Three months ended June 30, 2021 | % of Total Operating Expenses | % of Operating Revenues | Three months ended June 30, 2020 | % of Total Operating Expenses | % of Operating Revenues | |||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 539.6 | 43.2 | % | 31.3 | % | 444.0 | 34.1 | % | 31.3 | % | |||||||||||||||||||||||||
Employee compensation | 487.0 | 38.9 | % | 28.3 | % | 454.6 | 34.9 | % | 32.0 | % | |||||||||||||||||||||||||
Marketing | 24.5 | 2.0 | % | 1.4 | % | 14.4 | 1.1 | % | 1.0 | % | |||||||||||||||||||||||||
Property, office and technology | 127.2 | 10.2 | % | 7.4 | % | 128.3 | 9.9 | % | 9.0 | % | |||||||||||||||||||||||||
General and administrative | 103.3 | 8.3 | % | 6.0 | % | 188.9 | 14.5 | % | 13.3 | % | |||||||||||||||||||||||||
Transaction, integration and restructuring | (47.1) | (3.8) | % | (2.7) | % | 56.5 | 4.3 | % | 4.0 | % | |||||||||||||||||||||||||
Amortization of intangibles (1) | 16.0 | 1.2 | % | 0.9 | % | 15.2 | 1.2 | % | 1.1 | % | |||||||||||||||||||||||||
Total operating expenses | 1,250.5 | 100.0 | % | 72.6 | % | 1,301.9 | 100.0 | % | 91.7 | % |
$ in millions | Six months ended June 30, 2021 | % of Total Operating Expenses | % of Operating Revenues | Six months ended June 30, 2020 | % of Total Operating Expenses | % of Operating Revenues | |||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 1,062.4 | 41.5 | % | 31.4 | % | 959.1 | 37.1 | % | 31.8 | % | |||||||||||||||||||||||||
Employee compensation | 976.2 | 38.0 | % | 28.9 | % | 876.5 | 33.9 | % | 29.0 | % | |||||||||||||||||||||||||
Marketing | 40.3 | 1.6 | % | 1.2 | % | 47.1 | 1.8 | % | 1.6 | % | |||||||||||||||||||||||||
Property, office and technology | 256.5 | 10.0 | % | 7.6 | % | 258.7 | 10.0 | % | 8.6 | % | |||||||||||||||||||||||||
General and administrative | 199.9 | 7.8 | % | 5.9 | % | 295.2 | 11.4 | % | 9.8 | % | |||||||||||||||||||||||||
Transaction, integration and restructuring | (1.3) | (0.1) | % | — | % | 116.1 | 4.5 | % | 3.9 | % | |||||||||||||||||||||||||
Amortization of intangibles (1) | 31.9 | 1.2 | % | 0.9 | % | 31.1 | 1.2 | % | 1.0 | % | |||||||||||||||||||||||||
Total operating expenses | 2,565.9 | 100.0 | % | 75.9 | % | 2,583.8 | 100.0 | % | 85.6 | % |
$ in millions | Three months ended June 30, 2020 | % of Total Operating Expenses | % of Operating Revenues | Three months ended June 30, 2019 | % of Total Operating Expenses | % of Operating Revenues | |||||||||||
Third-party distribution, service and advisory | 444.0 | 34.1 | % | 31.3 | % | 451.8 | 31.8 | % | 31.4 | % | |||||||
Employee compensation | 454.6 | 34.9 | % | 32.0 | % | 421.9 | 29.7 | % | 29.3 | % | |||||||
Marketing | 14.4 | 1.1 | % | 1.0 | % | 33.4 | 2.4 | % | 2.3 | % | |||||||
Property, office and technology | 128.3 | 9.9 | % | 9.0 | % | 114.9 | 8.1 | % | 8.0 | % | |||||||
General and administrative | 188.9 | 14.5 | % | 13.3 | % | 94.2 | 6.6 | % | 6.5 | % | |||||||
Transaction, integration, and restructuring | 71.7 | 5.5 | % | 5.1 | % | 304.9 | 21.5 | % | 21.2 | % | |||||||
Total operating expenses | 1,301.9 | 100.0 | % | 91.7 | % | 1,421.1 | 100.0 | % | 98.7 | % |
$ in millions | Six months ended June 30, 2020 | % of Total Operating Expenses | % of Operating Revenues | Six months ended June 30, 2019 | % of Total Operating Expenses | % of Operating Revenues | |||||||||||
Third-party distribution, service and advisory | 959.1 | 37.1 | % | 31.8 | % | 819.8 | 33.7 | % | 30.9 | % | |||||||
Employee compensation | 876.5 | 33.9 | % | 29.0 | % | 803.2 | 33.0 | % | 30.3 | % | |||||||
Marketing | 47.1 | 1.8 | % | 1.6 | % | 61.4 | 2.5 | % | 2.3 | % | |||||||
Property, office and technology | 258.7 | 10.0 | % | 8.6 | % | 222.1 | 9.1 | % | 8.4 | % | |||||||
General and administrative | 295.2 | 11.4 | % | 9.8 | % | 178.0 | 7.3 | % | 6.7 | % | |||||||
Transaction, integration, and restructuring | 147.2 | 5.7 | % | 4.9 | % | 351.0 | 14.4 | % | 13.2 | % | |||||||
Total operating expenses | 2,583.8 | 100.0 | % | 85.6 | % | 2,435.5 | 100.0 | % | 91.8 | % |
Variance | Variance | Variance | Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | 2020 vs 2019 | Six months ended June 30, | 2020 vs 2019 | Three months ended June 30, | 2021 vs 2020 | Six months ended June 30, | 2021 vs 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | $ in millions | 2021 | 2020 | $ Change | % Change | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 11.2 | 12.1 | (0.9 | ) | (7.4 | )% | 28.1 | 27.1 | 1.0 | 3.7 | % | Equity in earnings of unconsolidated affiliates | 37.2 | 11.2 | 26.0 | 232.1 | % | 64.7 | 28.1 | 36.6 | 130.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | 2.4 | 3.9 | (1.5 | ) | (38.5 | )% | 8.8 | 8.6 | 0.2 | 2.3 | % | Interest and dividend income | 0.4 | 2.4 | (2.0) | (83.3) | % | 1.7 | 8.8 | (7.1) | (80.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (34.8 | ) | (33.0 | ) | (1.8 | ) | 5.5 | % | (71.1 | ) | (66.1 | ) | (5.0 | ) | 7.6 | % | Interest expense | (24.6) | (34.8) | 10.2 | (29.3) | % | (48.4) | (71.1) | 22.7 | (31.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other gains and losses, net | 60.0 | 24.1 | 35.9 | 149.0 | % | (46.5 | ) | 55.2 | (101.7 | ) | N/A | Other gains and losses, net | 43.4 | 60.0 | (16.6) | (27.7) | % | 77.5 | (46.5) | 124.0 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense) of CIP, net | (50.5 | ) | 51.1 | (101.6 | ) | N/A | (70.6 | ) | 90.0 | (160.6 | ) | N/A | Other income/(expense) of CIP, net | 122.0 | (50.5) | 172.5 | N/A | 216.7 | (70.6) | 287.3 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income and expenses | (11.7 | ) | 58.2 | (69.9 | ) | N/A | (151.3 | ) | 114.8 | (266.1 | ) | N/A | Total other income and expenses | 178.4 | (11.7) | 190.1 | N/A | 312.2 | (151.3) | 463.5 | N/A |
Three months ended June 30, | Six months ended June 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | $ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Operating revenues, U.S. GAAP basis | 1,419.0 | 1,439.4 | 3,017.9 | 2,654.0 | Operating revenues, U.S. GAAP basis | 1,721.4 | 1,419.0 | 3,381.1 | 3,017.9 | |||||||||||||||||||||||||||||||||||||
Invesco Great Wall(1) | 48.8 | 36.7 | 101.9 | 68.5 | Invesco Great Wall (1) | 110.9 | 48.8 | 214.9 | 101.9 | |||||||||||||||||||||||||||||||||||||
Revenue Adjustments(2) | Revenue Adjustments (2) | |||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | (175.9 | ) | (203.8 | ) | (380.5 | ) | (391.3 | ) | Investment management fees | (212.8) | (175.9) | (416.0) | (380.5) | |||||||||||||||||||||||||||||||||
Service and distribution fees | (228.5 | ) | (201.8 | ) | (485.1 | ) | (342.2 | ) | Service and distribution fees | (269.7) | (228.5) | (531.2) | (485.1) | |||||||||||||||||||||||||||||||||
Other | (39.6 | ) | (46.2 | ) | (93.5 | ) | (86.3 | ) | Other | (57.1) | (39.6) | (115.2) | (93.5) | |||||||||||||||||||||||||||||||||
Total Revenue Adjustments | (444.0 | ) | (451.8 | ) | (959.1 | ) | (819.8 | ) | Total Revenue Adjustments | (539.6) | (444.0) | (1,062.4) | (959.1) | |||||||||||||||||||||||||||||||||
CIP(3) | 10.5 | 7.2 | 19.4 | 15.9 | CIP (3) | 10.2 | 10.5 | 20.3 | 19.4 | |||||||||||||||||||||||||||||||||||||
Net revenues | 1,034.3 | 1,031.5 | 2,180.1 | 1,918.6 | Net revenues | 1,302.9 | 1,034.3 | 2,553.9 | 2,180.1 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Operating income, U.S. GAAP basis | 117.1 | 18.3 | 434.1 | 218.5 | |||||||
Invesco Great Wall(1) | 25.6 | 19.2 | 57.7 | 34.1 | |||||||
CIP(3) | 12.0 | 12.6 | 37.9 | 24.1 | |||||||
Transaction, integration, and restructuring(4) | 71.7 | 304.9 | 147.2 | 351.0 | |||||||
Compensation expense related to market valuation changes in deferred compensation plans(5) | 28.0 | 8.4 | (9.8 | ) | 20.0 | ||||||
Other reconciling items(6) | 105.3 | — | 105.3 | — | |||||||
Adjusted operating income | 359.7 | 363.4 | 772.4 | 647.7 | |||||||
Operating margin* | 8.3 | % | 1.3 | % | 14.4 | % | 8.2 | % | |||
Adjusted operating margin** | 34.8 | % | 35.2 | % | 35.4 | % | 33.8 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Operating income, U.S. GAAP basis | 470.9 | 117.1 | 815.2 | 434.1 | |||||||||||||||||||||||||||||||
Invesco Great Wall (1) | 62.0 | 25.6 | 128.5 | 57.7 | |||||||||||||||||||||||||||||||
CIP (3) | 19.2 | 12.0 | 36.2 | 37.9 | |||||||||||||||||||||||||||||||
Transaction, integration and restructuring (4) | (47.1) | 56.5 | (1.3) | 116.1 | |||||||||||||||||||||||||||||||
Amortization of intangible assets (5) | 16.0 | 15.2 | 31.9 | 31.1 | |||||||||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans (6) | 19.5 | 28.0 | 33.0 | (9.8) | |||||||||||||||||||||||||||||||
Other reconciling items (7) | — | 105.3 | — | 105.3 | |||||||||||||||||||||||||||||||
Adjusted operating income | 540.5 | 359.7 | 1,043.5 | 772.4 | |||||||||||||||||||||||||||||||
Operating margin* | 27.4 | % | 8.3 | % | 24.1 | % | 14.4 | % | |||||||||||||||||||||||||||
Adjusted operating margin** | 41.5 | % | 34.8 | % | 40.9 | % | 35.4 | % |
Three months ended June 30, | Six months ended June 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per common share data | 2020 | 2019 | 2020 | 2019 | $ in millions, except per common share data | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | 40.5 | 40.1 | 122.0 | 217.8 | Net income attributable to Invesco Ltd., U.S. GAAP basis | 368.3 | 40.5 | 636.1 | 122.0 | |||||||||||||||||||||||||||||||||||||||||
CIP(3) | 0.1 | (1.6 | ) | 0.2 | (0.6 | ) | CIP (3) | — | 0.1 | — | 0.2 | |||||||||||||||||||||||||||||||||||||||
Transaction, integration, and restructuring, net of tax(4) | 64.7 | 243.5 | 132.1 | 288.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction, integration and restructuring, net of tax (4) | Transaction, integration and restructuring, net of tax (4) | (34.8) | 43.5 | 0.3 | 89.0 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net of tax (5) | Amortization of intangible assets, net of tax (5) | 21.8 | 21.2 | 43.6 | 43.1 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax | (22.6 | ) | (1.3 | ) | — | (6.0 | ) | (7.6) | (22.6) | (9.5) | — | |||||||||||||||||||||||||||||||||||||||
Other reconciling items, net of tax | 77.0 | (0.3 | ) | 60.7 | 5.7 | 17.0 | 77.0 | 10.8 | 60.7 | |||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. | 159.7 | 280.4 | 315.0 | 505.2 | Adjusted net income attributable to Invesco Ltd. | 364.7 | 159.7 | 681.3 | 315.0 | |||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding - diluted | 463.1 | 433.8 | 461.0 | 418.2 | Average common shares outstanding - diluted | 466.2 | 463.1 | 465.3 | 461.0 | |||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $0.09 | $0.09 | $0.26 | $0.52 | Diluted EPS | $0.79 | $0.09 | $1.37 | $0.26 | |||||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS*** | $0.35 | $0.65 | $0.68 | $1.21 | Adjusted diluted EPS*** | $0.78 | $0.35 | $1.46 | $0.68 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Market movement on deferred compensation plan liabilities: | |||||||||||||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation liability | 19.5 | 28.0 | 33.0 | (9.8) | |||||||||||||||||||||||||||||||
Adjustments to operating income | 19.5 | 28.0 | 33.0 | (9.8) | |||||||||||||||||||||||||||||||
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense) | (29.4) | (57.5) | (45.3) | 9.9 | |||||||||||||||||||||||||||||||
Taxation: | |||||||||||||||||||||||||||||||||||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense | 2.3 | 6.9 | 2.8 | (0.1) | |||||||||||||||||||||||||||||||
Adjustments to net income attributable to Invesco Ltd. | (7.6) | (22.6) | (9.5) | — |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Market movement on deferred compensation plan liabilities: | |||||||||||
Compensation expense related to market valuation changes in deferred compensation liability | 28.0 | 8.4 | (9.8 | ) | 20.0 | ||||||
Adjustments to operating income | 28.0 | 8.4 | (9.8 | ) | 20.0 | ||||||
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense) | (57.5 | ) | (10.2 | ) | 9.9 | (27.9 | ) | ||||
Taxation: | |||||||||||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense | 6.9 | 0.5 | (0.1 | ) | 1.9 | ||||||
Adjustments to net income attributable to Invesco Ltd. | (22.6 | ) | (1.3 | ) | — | (6.0 | ) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Other non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Fund rebalancing correction (a) | — | 105.3 | — | 105.3 | |||||||||||||||||||||||||||||||
Adjustments to operating income | — | 105.3 | — | 105.3 | |||||||||||||||||||||||||||||||
Foreign exchange hedge | — | (0.2) | — | (1.2) | |||||||||||||||||||||||||||||||
Change in contingent consideration estimates | — | (3.6) | (8.1) | (12.3) | |||||||||||||||||||||||||||||||
Taxation: | |||||||||||||||||||||||||||||||||||
Taxation on fund rebalancing correction (a) | — | (25.3) | — | (25.3) | |||||||||||||||||||||||||||||||
State tax uncertain tax position (b) | — | — | — | (9.0) | |||||||||||||||||||||||||||||||
Impact of tax rate changes (c) | 17.0 | — | 17.0 | — | |||||||||||||||||||||||||||||||
Taxation on foreign exchange hedge amortization | — | 0.1 | — | 0.3 | |||||||||||||||||||||||||||||||
Taxation on change in consideration estimates | — | 0.7 | 1.9 | 2.9 | |||||||||||||||||||||||||||||||
Adjustments to net income attributable to Invesco Ltd. | 17.0 | 77.0 | 10.8 | 60.7 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
$ in millions | 2020 | 2019 | 2020 | 2019 | |||||||
Other non-GAAP adjustments: | |||||||||||
Fund rebalancing correction(a) | 105.3 | — | 105.3 | — | |||||||
Adjustments to operating income | 105.3 | — | 105.3 | — | |||||||
Foreign exchange hedge(b) | (0.2 | ) | 0.2 | (1.2 | ) | 2.3 | |||||
Acquisition-related contingent consideration(c) | (3.6 | ) | (0.5 | ) | (12.3 | ) | 5.3 | ||||
Taxation: | |||||||||||
Taxation on fund rebalancing correction(a) | (25.3 | ) | — | (25.3 | ) | — | |||||
Release of uncertain tax position(d) | — | — | (9.0 | ) | — | ||||||
Taxation on foreign exchange hedge amortization(b) | 0.1 | (0.1 | ) | 0.3 | (0.6 | ) | |||||
Taxation on acquisition-related contingent consideration(c) | 0.7 | 0.1 | 2.9 | (1.3 | ) | ||||||
Adjustments to net income attributable to Invesco Ltd. | 77.0 | (0.3 | ) | 60.7 | 5.7 |
As of June 30, 2020 | As of December 31, 2019 | As of June 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet information $ in millions | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | Balance sheet information $ in millions | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 987.1 | — | — | 987.1 | 1,049.0 | — | — | 1,049.0 | Cash and cash equivalents | 1,333.0 | — | — | 1,333.0 | 1,408.4 | — | — | 1,408.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsettled fund receivables | 129.2 | — | — | 129.2 | 162.7 | — | — | 162.7 | Unsettled fund receivables | 287.6 | — | — | 287.6 | 109.4 | — | — | 109.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | 709.1 | (452.1 | ) | — | 1,161.2 | 829.5 | (640.2 | ) | — | 1,469.7 | Investments | 965.2 | (440.8) | — | 1,406.0 | 826.8 | (421.4) | — | 1,248.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets of CIP: | — | — | Assets of CIP: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and other assets of CIP | 7,642.2 | 7,642.2 | — | — | 7,980.9 | 7,980.9 | — | — | Investments and other assets of CIP | 8,793.1 | 8,793.1 | — | — | 8,085.5 | 8,085.5 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 284.1 | 284.1 | — | — | 652.2 | 652.2 | — | — | Cash and cash equivalents of CIP | 404.1 | 404.1 | — | — | 301.7 | 301.7 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for policyholders | 8,020.9 | — | 8,020.9 | — | 10,835.6 | — | 10,835.6 | — | Assets held for policyholders | 3,415.2 | — | 3,415.2 | — | 7,582.1 | — | 7,582.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | 15,931.4 | — | — | 15,931.4 | 15,867.7 | — | — | 15,867.7 | Goodwill and intangible assets, net | 16,229.0 | — | — | 16,229.0 | 16,221.9 | — | — | 16,221.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(2) | 1,875.1 | (5.9 | ) | — | 1,881.0 | 2,042.7 | (5.6 | ) | — | 2,048.3 | Other assets (2) | 1,821.2 | (5.4) | — | 1,826.6 | 1,968.3 | (5.1) | — | 1,973.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 35,579.1 | 7,468.3 | 8,020.9 | 20,089.9 | 39,420.3 | 7,987.3 | 10,835.6 | 20,597.4 | Total assets | 33,248.4 | 8,751.0 | 3,415.2 | 21,082.2 | 36,504.1 | 7,960.7 | 7,582.1 | 20,961.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities of CIP: | Liabilities of CIP: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt of CIP | 6,247.6 | 6,247.6 | — | — | 6,234.6 | 6,234.6 | — | — | Debt of CIP | 6,750.7 | 6,750.7 | — | — | 6,714.1 | 6,714.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities of CIP | 653.2 | 653.2 | — | — | 949.6 | 949.6 | — | — | Other liabilities of CIP | 1,118.6 | 1,118.6 | — | — | 588.6 | 588.6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder payables | 8,020.9 | — | 8,020.9 | — | 10,835.6 | — | 10,835.6 | — | Policyholder payables | 3,415.2 | — | 3,415.2 | — | 7,582.1 | — | 7,582.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsettled fund payables | 118.1 | — | — | 118.1 | 154.2 | — | — | 154.2 | Unsettled fund payables | 286.9 | — | — | 286.9 | 98.4 | — | — | 98.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 2,407.0 | — | — | 2,407.0 | 2,080.3 | — | — | 2,080.3 | Long-term debt | 2,083.8 | — | — | 2,083.8 | 2,082.6 | — | — | 2,082.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(3) | 3,961.8 | — | — | 3,961.8 | 4,464.2 | (35.2 | ) | — | 4,499.4 | Other liabilities (3) | 3,802.7 | — | — | 3,802.7 | 4,417.6 | — | — | 4,417.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 21,408.6 | 6,900.8 | 8,020.9 | 6,486.9 | 24,718.5 | 7,149.0 | 10,835.6 | 6,733.9 | Total liabilities | 17,457.9 | 7,869.3 | 3,415.2 | 6,173.4 | 21,483.4 | 7,302.7 | 7,582.1 | 6,598.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | 13,602.0 | (0.1 | ) | — | 13,602.1 | 13,862.5 | (0.1 | ) | — | 13,862.6 | Total equity attributable to Invesco Ltd. | 14,908.0 | (0.1) | — | 14,908.1 | 14,361.8 | (0.1) | — | 14,361.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests(4) | 568.5 | 567.6 | — | 0.9 | 839.3 | 838.4 | — | 0.9 | Noncontrolling interests (4) | 882.5 | 881.8 | — | 0.7 | 658.9 | 658.1 | — | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 14,170.5 | 567.5 | — | 13,603.0 | 14,701.8 | 838.3 | — | 13,863.5 | Total equity | 15,790.5 | 881.7 | — | 14,908.8 | 15,020.7 | 658.0 | — | 14,362.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 35,579.1 | 7,468.3 | 8,020.9 | 20,089.9 | 39,420.3 | 7,987.3 | 10,835.6 | 20,597.4 | Total liabilities and equity | 33,248.4 | 8,751.0 | 3,415.2 | 21,082.2 | 36,504.1 | 7,960.7 | 7,582.1 | 20,961.3 |
Cash flows information(1) | Six months ended June 30, 2020 | Six months ended June 30, 2019 | Cash flows information (1) | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | $ in millions | U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | 1,701.2 | 652.2 | 1,049.0 | 1,805.4 | 657.7 | 1,147.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of the period (2) | Cash, cash equivalents and restricted cash, beginning of the period (2) | 1,839.3 | 301.7 | 1,537.6 | 1,701.2 | 652.2 | 1,049.0 | |||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities(1) | 260.9 | (7.8 | ) | 268.7 | 347.4 | (77.9 | ) | 425.3 | Cash flows from operating activities (1) | 480.8 | (120.4) | 601.2 | 260.9 | (7.8) | 268.7 | |||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | (743.0 | ) | (687.5 | ) | (55.5 | ) | (534.3 | ) | (842.9 | ) | 308.6 | Cash flows from investing activities | (215.0) | (160.3) | (54.7) | (743.0) | (687.5) | (55.5) | ||||||||||||||||||||||||||||||||||
Cash flows from financing activities | 71.3 | 318.1 | (246.8 | ) | (176.0 | ) | 510.7 | (686.7 | ) | Cash flows from financing activities | (344.9) | 396.5 | (741.4) | 71.3 | 318.1 | (246.8) | ||||||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (410.8 | ) | (377.2 | ) | (33.6 | ) | (362.9 | ) | (410.1 | ) | 47.2 | Increase/(decrease) in cash and cash equivalents | (79.1) | 115.8 | (194.9) | (410.8) | (377.2) | (33.6) | ||||||||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | (28.4 | ) | (0.1 | ) | (28.3 | ) | 0.4 | (4.1 | ) | 4.5 | Foreign exchange movement on cash and cash equivalents | (14.4) | (4.7) | (9.7) | (28.4) | (0.1) | (28.3) | |||||||||||||||||||||||||||||||||||
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | 9.2 | 9.2 | — | (7.6 | ) | (7.6 | ) | — | Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | (8.7) | (8.7) | — | 9.2 | 9.2 | — | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | 1,271.2 | 284.1 | 987.1 | 1,435.3 | 235.9 | 1,199.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period (2) | Cash and cash equivalents, end of the period (2) | 1,737.1 | 404.1 | 1,333.0 | 1,271.2 | 284.1 | 987.1 | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 987.1 | — | 987.1 | 1,199.4 | — | 1,199.4 | Cash and cash equivalents | 1,333.0 | — | 1,333.0 | 987.1 | — | 987.1 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 284.1 | 284.1 | — | 235.9 | 235.9 | — | Cash and cash equivalents of CIP | 404.1 | 404.1 | — | 284.1 | 284.1 | — | |||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents per consolidated statement of cash flows | 1,271.2 | 284.1 | 987.1 | 1,435.3 | 235.9 | 1,199.4 | 1,737.1 | 404.1 | 1,333.0 | 1,271.2 | 284.1 | 987.1 |
(1)These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s significant liquidity evaluations and decisions. Policyholder assets and liabilities are equal and offsetting and have no impact on Invesco’s shareholder’s equity. The impact of cash inflows/outflows from policyholder assets and liabilities are reflected within cash flows from operating activities as changes in receivables and/or payables, as applicable. (2) Restricted cash of $129.2 million as of December 31, 2020 is recorded in Other assets on the Condensed Consolidated Balance Sheets. There was no restricted cash at the end of the period for the six months ended June 30, 2021 and 2020. |
$ in millions | June 30, 2021 | December 31, 2020 | |||||||||
$1.5 billion floating rate credit facility expiring April 26, 2026 (1) | — | — | |||||||||
Unsecured Senior Notes: | |||||||||||
$600 million 3.125% - due November 30, 2022 | 599.1 | 598.7 | |||||||||
$600 million 4.000% - due January 30, 2024 | 597.3 | 596.8 | |||||||||
$500 million 3.750% - due January 15, 2026 | 497.0 | 496.7 | |||||||||
$400 million 5.375% - due November 30, 2043 | 390.4 | 390.4 | |||||||||
Long-term debt | 2,083.8 | 2,082.6 |
$ in millions | June 30, 2020 | December 31, 2019 | |||
$1.5 billion floating rate credit facility expiring August 11, 2022 | 325.6 | — | |||
Unsecured Senior Notes: | |||||
$600 million 3.125% - due November 30, 2022 | 598.4 | 598.1 | |||
$600 million 4.000% - due January 30, 2024 | 596.3 | 595.8 | |||
$500 million 3.750% - due January 15, 2026 | 496.4 | 496.1 | |||
$400 million 5.375% - due November 30, 2043 | 390.3 | 390.3 | |||
Long-term debt | 2,407.0 | 2,080.3 |
$ millions | Total | Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | $ millions | Total | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | |||||||||||||||||||||||||||||||||
Net income attributable to Invesco Ltd. | 468.9 | 40.5 | 81.5 | 179.8 | 167.1 | Net income attributable to Invesco Ltd. | 1,038.9 | 368.3 | 267.8 | 211.1 | 191.7 | |||||||||||||||||||||||||||||||||
Dividends on preferred shares | 242.0 | 59.2 | 59.2 | 59.2 | 64.4 | Dividends on preferred shares | 236.8 | 59.2 | 59.2 | 59.2 | 59.2 | |||||||||||||||||||||||||||||||||
Impact of CIP on net income attributable to Invesco Ltd. | 2.4 | 0.1 | 0.1 | 0.3 | 1.9 | Impact of CIP on net income attributable to Invesco Ltd. | (9.6) | — | — | — | (9.6) | |||||||||||||||||||||||||||||||||
Tax expense | 255.2 | 43.4 | 57.4 | 80.4 | 74.0 | Tax expense | 421.5 | 154.2 | 106.5 | 68.9 | 91.9 | |||||||||||||||||||||||||||||||||
Amortization/depreciation | 199.7 | 50.3 | 48.4 | 52.5 | 48.5 | Amortization/depreciation | 208.7 | 52.8 | 51.1 | 53.2 | 51.6 | |||||||||||||||||||||||||||||||||
Interest expense | 140.7 | 34.8 | 36.3 | 34.6 | 35.0 | Interest expense | 106.6 | 24.6 | 23.8 | 24.4 | 33.8 | |||||||||||||||||||||||||||||||||
Common share-based compensation expense | 193.3 | 47.8 | 47.4 | 48.7 | 49.4 | Common share-based compensation expense | 166.1 | 34.2 | 38.6 | 50.3 | 43.0 | |||||||||||||||||||||||||||||||||
Unrealized gains and losses from investments, net(1) | 16.5 | (41.8 | ) | 74.6 | (11.6 | ) | (4.7 | ) | Unrealized gains and losses from investments, net (1) | (50.1) | (10.4) | (1.3) | (20.0) | (18.4) | ||||||||||||||||||||||||||||||
EBITDA(2) | 1,518.7 | 234.3 | 404.9 | 443.9 | 435.6 | |||||||||||||||||||||||||||||||||||||||
Adjusted debt(2) | $2,417.8 | |||||||||||||||||||||||||||||||||||||||||||
OppenheimerFunds acquisition-related matter (2) | OppenheimerFunds acquisition-related matter (2) | (85.4) | (85.4) | — | — | — | ||||||||||||||||||||||||||||||||||||||
EBITDA (3) | EBITDA (3) | 2,033.5 | 597.5 | 545.7 | 447.1 | 443.2 | ||||||||||||||||||||||||||||||||||||||
Adjusted debt (3) | Adjusted debt (3) | $1,886.6 | ||||||||||||||||||||||||||||||||||||||||||
Leverage ratio (Debt/EBITDA - maximum 3.25:1.00) | 1.59 | Leverage ratio (Debt/EBITDA - maximum 3.25:1.00) | 0.93 | |||||||||||||||||||||||||||||||||||||||||
Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00) | 10.79 | Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00) | 19.08 |
(1) Adjustments for unrealized gains and losses from investments, as defined in our credit facility, may also include non-cash gains and losses on investments to the extent that they do not represent anticipated future cash receipts or expenditures. (2) Unusual or otherwise non-recurring gains and losses, as defined in our credit facility, are adjusted for in the determination of EBITDA. The benefit to expense related to the change in the OppenheimerFunds acquisition related liability is considered unusual and has been deducted in the determination of EBITDA. (3) EBITDA and Adjusted debt are non-GAAP financial measures that are used by management in connection with certain debt covenant calculations under our credit agreement. The calculation of EBITDA above (a reconciliation from net income attributable to Invesco Ltd.) is defined by our credit agreement, and therefore net income attributable to Invesco 65 Ltd. is the most appropriate GAAP measure from which to reconcile to EBITDA. The calculation of Adjusted debt is defined in our credit facility and equals long-term debt of $2,083.8 million plus $2.8 million in letters of credit less $200.0 million of excess unrestricted cash (cash and cash equivalents less the minimum regulatory capital requirement, not to exceed $200 million). |
Month | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number at end of period (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (millions) | |||||||||||||||||||
April 1-30, 2021 | 46,172 | $ | 25.38 | — | $732.2 | ||||||||||||||||||
May 1-31, 2021 | 56,125 | $ | 27.55 | — | $732.2 | ||||||||||||||||||
June 1-30, 2021 | 17,998 | $ | 27.72 | — | $732.2 | ||||||||||||||||||
Total | 120,295 | — |
Month | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number at end of period (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(2) (millions) | |||||||||
April 1-30, 2020 | 33,605 | $ | 8.60 | — | $732.2 | ||||||||
May 1-31, 2020 | 39,578 | $ | 8.16 | — | $732.2 | ||||||||
June 1-30, 2020 | 27,578 | $ | 8.54 | — | $732.2 | ||||||||
Total | 100,761 | — |
3.1 | |||||
3.2 | |||||
3.3 | Certificate of Designation for the 5.900% fixed rate non-cumulative perpetual series A preference shares, par value $0.20 per share, of Invesco Ltd. incorporated by reference to Exhibit 3.1 to | ||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
22 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended |
INVESCO LTD. | |||||
July 30, 2021 | /s/ MARTIN L. FLANAGAN | ||||
Martin L. Flanagan | |||||
President and Chief Executive Officer | |||||
July 30, 2021 | |||||
Senior Managing Director and Chief Financial Officer |