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Net profit rose to $274.5 million, or 63 cents
per share, from $202.6 million, or 45 cents per share, a year
earlier.
Excluding discontinued operations from the sale of its Atlantic
Trust business and other one-time items, Atlanta-based Invesco
earned 65 cents per share. Analysts, on average, expected profit
of 59 cents, according to Thomson Reuters I/B/E/S.
Invesco ended the quarter in June with $802.4 billion in assets
under management, up $15.1 billion from the end of March.
Net long-term outflows at Invesco were $6.9 billion for the
quarter, pressured by a single client withdrawal of $13.1
billion, after the company lost a contract to manage funds for
wealth manager St. James's Place.
Much of the money that left with St. James's Place is following
Neil Woodford, a longtime Invesco British fund manager who
departed in April. His departure had sparked concerns about
potential client defections from the Invesco Perpetual High
Income fund he ran.
Woodford, who had been with the company for more than 25 years,
has started his own firm, Woodford Investment Management, where
he has launched a new fund.
Excluding the single client withdrawal, Invesco said total
long-term net inflows would have been $6.2 billion in the second
quarter.
(Reporting by Ashley Lau in New York Editing by Franklin Paul
and Jeffrey Benkoe)
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