Atlanta-based money management giant Invesco saw profits dip 16 percent in second quarter as the market declines chipped away at assets, the company said Thursday.
For the quarter ended June 30, Invesco reported net income to common shareholders of $153.9 million, or 34 cents per share, compared to $183 million, or 39 cents per share in second quarter 2011.
In the conference call, Invesco officials said that though they saw some investor withdrawals in second quarter, July figures indicated that investors were easing back into the markets with housing showing signs of life and indications that the Federal Reserve might take some form of action to aid growth.
Net market losses resulted in a $15.5 billion decline in assets under management in the second quarter. Assets under management declined 3.9 percent from first quarter, and are down 1.1 percent from second quarter last year.
Operating revenue was $1.01 billion, down nearly 6 percent from a year ago, reflecting in part a loss of fees because of lower levels of managed assets.
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