Invesco on Thursday reported assets under management of $646.6 billion as of June 30, down 3.9% from the past quarter and down 1.1% from the year before.
For the quarter, net outflows of $8.3 billion combined with market-related declines of $17.9 billion to leave AUM down $26.2 billion from March 31.
The outflows reversed net inflows of $8.1 billion and $7.3 billion, respectively, for the prior quarter and year-earlier quarter.
Invesco's long-term equity, fixed-income and alternative strategies accounted for $4.9 billion of the latest quarter's net outflows, following inflows of $7 billion for the prior quarter and $3.8 billion a year earlier.
Actively managed strategies saw $3.2 billion of those outflows, while passive strategies lost $1.7 billion.
By asset segment, higher margin equity and alternatives strategies saw outflows of $6.1 billion and $1.4 billion, respectively, partially offset by inflows of $2.3 billion for balanced strategies, $200 million for money market products and $100 million for fixed-income offerings.
Speaking on an earnings conference call Thursday, Martin L. Flanagan, Invesco's president and CEO, suggested the latest quarter's outflows don't mark the beginning of a trend, as one-off events — including a large stable value client moving its account to a money market fund managed by a competitor — accounted for a big chunk of those outflows.
Mr. Flanagan noted that momentum has reversed in July, with strong demand for Invesco's real estate, risk parity, international growth equity, bank loan and stable value offerings.
For the quarter, Invesco reported net income of $153.9 million, down 21% from the prior quarter and down 16% from the year before.
Revenue, meanwhile, came to $1.01 billion, down 2.4% from the prior quarter and down 5.7% from the year before.
