Invesco Ltd.‘s profit tripled in the first quarter, getting a boost from higher assets under management.
The Atlanta-based global investment management company had net income of $95 million and earnings of 21 cents a share, compared with net income of $31 million and earnings of 8 cents a share in the first quarter of 2009.
The results for the first quarter of 2010 include $17.2 million in transaction and integration charges for the pending $1.5 billion acquisition of the Morgan Stanley retail asset management business.
First-quarter revenue spiked 32 percent to $544.4 million, Invesco (NYSE: IVZ) said.
Assets under management rose 20.5 percent from $348.2 billion in the first quarter of 2009 to $419.6 billion in the first quarter of 2010.
“Invesco’s ability to provide strong, long-term investment performance to our clients contributed to the continued trend of positive long-term net flows for the firm,” said Martin L. Flanagan, president and chief executive officer. “We are making steady progress toward closing our combination with Morgan Stanley’s retail asset management business, including Van Kampen Investments, which we anticipate will take place on June 1.”
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