Profits soar for Atlanta-based Invesco compared to a year ago

Invesco, Atlanta's largest investment management firm, on Wednesday reported net income of $95 million in the first quarter of 2010, more than triple the earnings from a year earlier. Martin Flanagan, Invesco’s president and CEO, attributed the gains to the company’s “ability to provide strong, long-term investment performance to our clients.”

Invesco reported $719 million in first-quarter net operating revenue, compared to $549 million a year earlier. Flanagan also said the company is “making progress” toward closing a deal to acquire Morgan Stanley’s retail asset management business on June 1. The move will enable Invesco to offer an “expanded, comprehensive array of investment capabilities and a significantly enhanced U.S. market presence,” Flanagan said.

Wall Street reacted strongly to the news, sending Invesco shares up more than 4% to $21.61