Invesco has nearly doubled first quarter earnings, driven by winnings from its exchange traded fund (ETF) business, PowerShares. The ETF branch helped ramp up the providers profit by 87%.
Long-term net inflows surged to $6.6 billion, reversing the fourth quarter’s $17 billion in outflows while ETFs, UITs and other passive products drew $8.1 billion in net inflows, reports Joe Morris of Ignites. [How ETFs Are Changing Investing, Markets.]
The firm posted net income of $177.5 million, or 38 cents per share, up 86.8% from a year earlier. Assets under management climbed 40% from a year earlier, to $641.9 billion.
Invesco chief financial officer Loren Starr told Reuters that investors’ appetite for equity investing is helping to energize the strong flows seen for PowerShares equity offerings. [Vanguard Wins This Round in the ETF Price War.]
Tisha Guerrero contributed to this article.
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