Before I take a look at -- before we look forward, let me highlight some of the movements of the flows in the second quarter. In after a very robust quarter for ETFs, marketplace demand reversed and investors sentiment turned towards risk aversion. Retail asset outflows were composed largely of $2.1 billion and assets related to the PowerShares QQQs and another $900 million in PowerShares DB commodity products. Traditional PowerShares ETF business continued to be less volatile and saw $736 million of inflows during the quarter, at a rate of growth well in excess of our industry market share.Institutional flows were marked by one-off outflows of $3.2 billion in low fees, stable value, fixed income assets and global equity assets, reflecting the risk of behavior we saw during the quarter. As I mentioned earlier, we saw a turnaround in the direction of flows during July, and we're confident of the future organic growth in spite of the challenging quarter. Contributing to our optimism within the institutional channel is a sharp increase in the number of buy ratings amongst U.S. consultants and a broad number of capabilities by ratings nearly doubled over the past year to an all-time high for Invesco and there still plenty of upside.
Invesco Management Discusses Q2 2012 Results - Earnings Call Transcript
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