Money Manager Invesco's Quarterly Profit Climbs

Money manager Invesco Ltd said its third-quarter profit rose 2 percent as customers added almost $12 billion to the firm's funds.

Nov 1 Money manager Invesco Ltd said its third-quarter profit rose 2 percent as customers added almost $12 billion to the firm's funds.

Net income attributable to common shareholders totaled $170.6 million, or 38 cents per share, up from $166.9 million, or 36 cents per share, in the same period a year ago, the Atlanta-based firm said in a statement.

Excluding items, Invesco earned 42 cents per share. On that basis, analysts, on average, had expected 45 cents, according to Thomson Reuters I/B/E/S.

Assets under management totaled $683 billion, up 14 percent from a year earlier and almost 6 percent during the quarter. Customers added a net $9.4 billion to long term funds and accounts and $2.3 billion to money market accounts.

Almost all of the long-term customer inflows went to bonds, which garnered $7.2 billion in the quarter, and balanced funds, which got $3.7 billion. Equity and alternative funds saw outflows of $800 million and $500 million respectively.

Shares of Invesco closed at $24.32 on Wednesday on the New York Stock Exchange. The shares have gained 21 percent so far this year, outpacing a 12 percent advance in the Standard & Poor's 500 Index.