Atlanta-based investment manager Invesco Ltd. grew its profit for the fourth quarter of 2011 and for the full year.
Invesco beat analysts’ expectations in reporting net income of $202.3 million, or 44 cents per share in fourth quarter 2011, up 15.5 percent, compared to fourth quarter 2010. Invesco also was aided by $45 million benefit from a legal settlement.
Invesco earned $781.6 million, or $1.68 per share for all of 2011, vs. $639.7 million, or $1.38 per share in 2010.
Quarterly revenue dipped 3.1 percent to $997.1 million as management fees and service and distribution fees declined.
Assets under management grew 4.5 percent in the fourth quarter to $625.3 billion.
Shannon Stemm, an analyst with Edward Jones, said Invesco benefited from moves to diversify its business in recent years, such as its purchase of Van Kempen Investments from Morgan Stanley.
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