Invesco saw record net long-term inflows of $24.5 billion for the first quarter, compared with inflows of $9.8 billion in the fourth quarter and net outflows of $19.1 billion for the first quarter of 2020, according to the firm's earnings release issued Tuesday.
Invesco had $1.4 trillion in assets under management as of March 31, up 4% from Dec. 31 and up 33.3% as of the same period a year prior.
"We're off to a strong start this year with $24.5 billion in net long-term inflows, a record quarterly level of flows for the firm that helped us generate positive operating leverage in the quarter" said Invesco President and CEO Marty Flanagan in the release.
In a statement issued by Neal Epstein, vice president and senior credit officer at Moody's Investors Service, Invesco's net long-term inflows "were the best result in over a decade, led by equities," he said, noting, "Active and passive management both contributed."
The long-term net inflows were driven primarily by net long-term inflows of $16.8 billion into the money manager's exchange-traded funds. By asset class, the firm experienced net long-term inflows of $9.8 into its equities strategies, $7.6 billion in fixed income and $7.3 billion into balanced products.
Net revenue was $1.251 billion for the first quarter, up 1.8% from the fourth quarter and up 9.2% from the first quarter of 2020. Net income attributable to Invesco, meanwhile, was $268 million in the first quarter, up 26.9% from the fourth quarter and up 228.6% from the year-earlier period.