Return of Equity Investors Buoys Invesco
ATLANTA (
) --
Invesco
(IVZ) - Get Report
is rallying on Wednesday morning on the strength of its pre-market earnings report. First quarter earnings tripled for the money manager, as assets under management rose and generated higher fees on asset management.
Invesco shares were up just under 10% in early trading.
Invesco is the latest in a string of fund managers to show improving returns in the first quarter.
Invesco's net income in the first quarter of $95 million, or 21 cents per share, was up from $30.7 million in the first quarter 2009, to 8 cents per share. Invesco earned 27 cents per share excluding special charges, a penny ahead of the Street consensus of 26 cents per share earnings.
Total assets rose in the quarter due to market gains, but overall, the Invesco assets under management was unchanged as outflows from institutional funds offset gains made as individual investors returned to the equity markets.
It is the return of investors to the equity markets that is bolstering returns of money managers in this earnings season.
T. Rowe Price Group
(TROW) - Get Report
net income also tripled in the first quarter.
Janus Capital Group
(JNS)
reported a profit of $31.3 million in the first quarter, versus a loss one year ago.
-- Reported by Eric Rosenbaum in New York.
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