More investors return in July
Investors who fled the stock market in June, reacting to comments from Federal Reserve Chairman Ben Bernanke and a slow Chinese economy, have returned in July, executives at Atlanta-based Invesco said.
A strong U.S. economy, including an improving housing market, brought investors back to Invesco’s products and led them to add to their portfolios, Invesco president and CEO Martin Flanagan said in a conference call Wednesday.
The firm’s assets under management were down slightly for the second quarter, to $705.6 billion from $707.7 billion in the first quarter. It was up 12.4 percent from the second quarter a year ago.
Invesco made $202.6 million attributable to common shareholders, a 31.6 percent increase over the same quarter last year. Its sale of Atlantic Trust Private Wealth Management is expected to close in the second half of the year.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
