Published Thu, 12 Oct 2017 14:40:27 -0400 on Seeking Alpha
Based in Atlanta, Georgia, a long way from Wall Street, Invesco Ltd. (IVZ) has become a well-diversified independent investment management firm with over $900 billion in assets under management (AUM). The company is largely known for its acquisitive history, including the 1996 purchase of AIM funds and the 2009 acquisition of Morgan Stanley's retail investment management business, which included the Van Kampen Investments business.
Last year, the company purchased Jemstep, a leading provider of advisory-focused digital solutions to help expand their distribution network. Earlier this year, the company acquired Source, a leading provider of European ETFs with about $18 billion in assets under management. And, just days ago, the company announced the purchase of Guggenheim Investments' exchange traded fund (ETF) business for $1.2 billion. This analysis examines the operating history of IVZ, its current valuation, and whether the acquisition strategy makes sense for investors.
With a steadily rising base of AUM, Invesco has increased revenues at a steady 3.8% CAGR over the past ten years. AUM have increased about 4% annually to $917 billion as of the end of September. The company generates nearly 80% of its total revenues from investment management fees, which have increased 4.4% annually over the past five years. However, revenues did decline rather substantially in 2016 by 8%, as fees took a hit on lower average AUM. But, it appears that revenues have recovered in 2017,... Read more
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