Invesco profits climb in fourth quarter 2011
Atlanta-based investment manager Invesco Ltd. grew its profit for the fourth quarter of 2011 and for the full year.
Invesco beat analysts’ expectations in reporting net income of $202.3 million, or 44 cents per share in fourth quarter 2011, up 15.5 percent, compared to fourth quarter 2010. Invesco also was aided by $45 million benefit from a legal settlement.
Invesco earned $781.6 million, or $1.68 per share for all of 2011, vs. $639.7 million, or $1.38 per share in 2010.
Quarterly revenue dipped 3.1 percent to $997.1 million as management fees and service and distribution fees declined.
Assets under management grew 4.5 percent in the fourth quarter to $625.3 billion.
Shannon Stemm, an analyst with Edward Jones, said Invesco benefited from moves to diversify its business in recent years, such as its purchase of Van Kempen Investments from Morgan Stanley.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
