Invesco reported assets under management of $1.56 trillion as of March 31, down 3.4% from three months earlier, but up 10.8% from a year earlier, said a news release Tuesday.
Net market losses and foreign-exchange rate movements lowered AUM by $80.9 billion and $3.9 billion, respectively, from Dec. 31 and March 31, 2021, the news release said.
But the first quarter marked the "seventh consecutive quarter of net long-term inflows," said Marty Flanagan, president and CEO, in the release.
Invesco reported net long-term inflows of $17.2 billion in the first quarter, up from $12.5 billion of net inflows in the fourth quarter but down from $24.5 billion of net inflows in the first quarter of 2021.
Passive net long-term inflows jumped to $16.4 billion in the first quarter, up from $10.7 in the previous quarter but below the $17 billion recorded in the year-earlier period.
Meanwhile, active long-term net inflows dropped to $800 million in the first quarter from $1.8 billion in the fourth quarter and plunged from $7.5 billion in the first quarter of 2021.
Institutional net long-term inflows amounted to $6.8 billion in the first quarter, down from $9.5 billion in the prior quarter, and $3.3 billion in the year-earlier quarter.
Retail net long-term inflows in the first quarter totaled $10.4 billion, up from $3 billion in the fourth quarter but down from $21.2 billion in the first quarter of 2021.
Retail long-term net inflows in the first quarter of 2022 were driven by "positive ETF flows and inflows into EMEA ex-U.K.," Invesco added in the release.
By asset class, alternatives had net long-term inflows of $7.6 billion in the first quarter, while equity and fixed income saw net long-term inflows of $5.6 billion and $4.8 billion, respectively. Balanced strategies had net long-term outflows of $800 million in the quarter.
On a geographic basis in the first quarter, the Americas had net long-term inflows of $7.9 billion; Europe, the Middle East and Africa ex-U.K., $5.9 billion; and Asia-Pacific, $5.6 billion. The inflows were partially offset by $2.2 billion of net outflows in the U.K.
Invesco reported GAAP net income of $198 million in the first quarter, a 53.7% drop from the fourth quarter and a 26.2% decline from the first quarter of 2021.
GAAP operating revenues totaled $1.63 billion in the quarter, a 7.6% decline from the previous quarter and a 1.8% drop from the year-earlier quarter.
Invesco partly attributed the decline in operating revenue for the fourth quarter to "lower average AUM and two fewer days in the period" as well as to "foreign-exchange rate changes."
