Atlanta-based money manager Invesco Ltd. reported its first quarter earnings soared to $177.5 million, thanks in part to its acquisition last year of a line of business from Morgan Stanley.
Profit in the first quarter a year ago was $95 million. Earnings per share for the January-March period this year were 38 cents vs. 21 cents a year ago.
Invesco closed on its purchase of Morgan Stanley’s Van Kempen Investments unit last year. Operating revenue climbed 43 percent to $1.03 billion from the quarter a year ago.
Total assets under management were $641.9 billion, up from $616.5 billion at the end of 2010
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