Invesco Ltd. has recently released its 10-Q report, providing an in-depth look at the company's financial condition and results of operations. Invesco is a publicly owned investment manager that provides services to a wide range of clients, including retail clients, institutional clients, high-net worth clients, and various organizations. The firm manages separate client-focused equity and fixed income portfolios and launches equity, fixed income, and multi-asset mutual funds and exchange-traded funds.
In the first quarter of 2024, Invesco recorded $6.3 billion of net long-term inflows, primarily driven by Exchange-traded funds (ETFs) and Index, Fundamental Fixed Income, and Private Markets. The ending Assets Under Management (AUM) grew by 12% year-over-year. The company remains highly focused on its capital priorities, investing in key capabilities, efficiently allocating resources, and simplifying and streamlining the organization to improve profitability. Invesco redeemed its $600 million senior notes due on January 30, 2024, and continued to maintain its debt at lower levels consistent with its commitment to improve its leverage profile.
The company's operating revenues for the first quarter of 2024 were $1,475.3 million, compared to $1,418.2 million in the same period in 2023. The operating income was $213.1 million, slightly up from $209.5 million in the first quarter of 2023. In terms of non-GAAP financial measures, the adjusted operating income was $296.5 million, down from $326.9 million in the first quarter of 2023. The adjusted net income attributable to Invesco Ltd. was $148.4 million, a decrease from $173.4 million in the same period last year.
Invesco's investment capabilities performance overview shows that 49% of its actively managed investment products were in the first quartile, 39% in the second quartile, and 46% above benchmark over a one-year period. The company's long-term AUM saw a significant increase, reaching $1,662.7 billion, with active AUM totaling $995.7 billion and passive AUM at $667.0 billion. The company's revenue yield for the first quarter of 2024 was 38.6 basis points for U.S. GAAP gross revenue yield and 30.7 basis points for net revenue yield ex performance fees ex QQQ.
Today the company's shares have moved 2.5% to a price of $14.53. For the full picture, make sure to review Invesco's 10-Q report.
