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Invesco LtdIVZ

1 Quote

11 Analysis

15 Insiders

29 Performance

31 Financials

34 Valuation / Estimates

36 Key Ratios

39 Ownership


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Invesco LtdIVZ Morningstar Analyst Rati

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

$ 40.47 ]0.79 | 1.99 % $ 40.29 40.13-40.57 31.73-41.44 2.47 17.44 bil 4.0 mil 2.9 mil 14.22 2.07 3.48 14

Stock Price2014-01-01 - 2014-10-31

XNYS:IVZ: 4.07|11.18%

15.00

30.00

45.00

2014

Morningstars Take

Invesco continues to impress us with its transformation,reshaping itself into a much tighter organization capableof not only generating profitability and cash flows on parwith the...

Fair Value Estimate $ 40.00

Consider Buying $ 28.00

Consider Selling $ 54.00

Fair Value Uncertainty Medium

Economic Moat Narrow

Stewardship Standard

Growth XProfitability CMorningstar Credit Rating A-

Key Stats

Stock Ind Avg

Price/Earnings TTM 18.8 18

Price/Book 2.1 2

Price/Sales TTM 3.5 3.7

Rev Growth (3 Yr Avg) 10 9.3

Net Income Growth (3 Yr Avg) 26.4 8.8

Operating Margin % TTM 24 59.1

Net Margin % TTM 19.7 20.9

ROA TTM 5.2 1.5

ROE TTM 11.9 12.2Debt/Equity 0.2 0.7

Relative to Industry

- Avg +

Financials

Annual Quarterly

Income Statement 2013-12 2012-12 2011-12 2014-09 2013-09

Revenue 4,645 4,177 4,092 1,311 1,172

Operating Income 1,120 872 898 330 286

Net Income 940 677 730 256 228

Earnings Per Share 2.10 1.49 1.57 0.59 0.51

Shares Outstanding 448 454 465 435 449

Balance Sheet

Current Assets 4,463 3,908 3,834 4,231 5,638

Non Current Assets 14,807 13,585 15,513 15,850 13,126

Total Assets 19,270 17,492 19,347 20,081 18,764

Current Liabilities 3,738 2,713 2,974 8,870 3,669

Total Liabilities 10,878 9,176 11,228 11,657 10,233

Stockholders' Equity 8,393 8,317 8,119 8,424 8,531

Dividends

Declared Date 10/30/20

Ex-Dividend Date 11/14/20

Latest Indicated Dividend Amount 0

Projected Yield 2.47

Recent Dividends &

Splits

Type Amo

08/19/2014 Cash Dividends 0.25




Purchase Options

Direct Investment

Dividend Reinvestment Plan

CompetitorsName Price % Chg TTM Sa

$

Invesco Ltd $40.47 1.99] 5,0

Bank of New YorkMellon Corp

$38.72 1.98] 14,7

BlackRock Inc $341.11 2.36] 10,6

CaixaBank SA ADR $2.11 -2.76 [ 9,7

Franklin Resources Inc $55.61 1.50] 8,3

Blackstone Group LP $30.12 1.21] 7,7

Wall St. Recommendations

Current 4.0

Total Analysts: 7 5.0 3.0Buy Hold

Ownership

Fund Owners Star

Rating

% Shares

Held

% To

Ass

Vanguard Total Stock MktIdx

1.63 0

T. Rowe Price Blue ChipGrowth

QQQQQ 1.28 0

Vanguard 500 Index Inv QQQQ 1.04 0

SPDR S&P 500 ETF QQQQ 1.03 0

Vanguard InstitutionalIndex I

QQQQ 1.02 0

Insiders % ChangeTTM

% ShaOutstand

Karen Dunn Kelley 42,566 0

Martin L. Flanagan 131,381 0

Kevin M. Carome 73,334 0

Loren M. Starr 20,442 0

G. Mark Armour 141,491 0

Release date 11-02-2014

2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

Page 1 ofRelease date 11-02-2014


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Invesco LtdIVZ Morningstar Analyst Rati

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

$ 40.47 ]0.79 | 1.99 % $ 40.29 40.13-40.57 31.73-41.44 2.47 17.44 bil 4.0 mil 2.9 mil 14.22 2.07 3.48 14

Cash Flow

Cash From Operations 780 819 965 467 334

Capital Expenditures -88 -99 -107 -37 -27

Free Cash Flow 692 720 858 430 308





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Invesco LtdIVZ

Quote Stock Type Last Close 10/31/2014 Fair Value Estimate Morningstar Rating40.47 $ 40.00 QQQ

Industry Classification

NAICS Portfolio Management (523920)

SIC Other Financial Intermediaries N.E.C. (7499);Investment Advice (6282)

ISIC Other Financial Service Activities, Except Insurance and Pension Funding Activities,

N.E.C. (6499)

Operation Details

Fiscal Year Ends 2014-12-31

CIK 914208

Year Established

Employees (12/31/2013) 5,932

Full Time

Part Time

Auditor (12/31/2013) Ernst & Young LLP

Legal Advisor (12/31/2009) APPLEBY

Key Executives Karen Dunn Kelley/Senior Managing Director, Investments; Martin L. Flanagan/Director,President and Chief Executive Officer; Kevin M. Carome/Company Secretary, SeniorManaging Director and General Counsel; Loren M. Starr/Senior Managing Director andChief Financial Officer; G. Mark Armour/Senior Managing Director and Head of EMEA;Colin D. Meadows/Senior Managing Director and Chief Administrative Officer; AndrewTak Shing Lo/Senior Managing Director and Head of Invesco Asia Pacific; Philip A.Taylor/Senior Managing Director and Head of the Americas; Roderick Ellis/GroupController and Chief Accounting Officer; Robert H. Rigsby/Managing Director, CorporateLegal

Business Description

Invesco Ltd. is an investment management company. TCompany provides a comprehensive range of enduringsolutions for its clients.

30-day Avg Volume 3.4MMarket Cap 17.4

Net Income 1.0

Sales 5.1

Sector Financial Servic

Industry Asset Managem

Stock Style 4Large CDirect Investment

Dividend Reinvestment





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Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil

P/S P/B P/E DividendYield%

5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Invesco Ltd QQQ 17,435 1,005 3.5 2.1 18.8 2.4 7.0 20.8 8.5

BlackRock Inc QQQ 56,620 3,135 5.5 2.1 18.8 2.2 15.0 35.8 19.8Bank of New York Mellon Corp QQQ 43,815 2,772 3.0 1.2 16.4 1.7 2.0 24.6 11.8

CaixaBank SA 35,793 510 3.5 1.1 53.8 2.2 16.7 12.1 0.9

Franklin Resources Inc QQQ 34,772 2,252 4.2 3.1 15.5 0.9 5.8 36.0 65.5

Blackstone Group LP QQQQ 34,738 1,575 2.3 3.2 11.5 6.4 -4.2 30.2

State Street Corp QQQ 31,958 2,078 3.4 1.6 16.4 1.5 -1.6 27.2 7.5

CaixaBank SA 29,656 510 2.9 0.9 44.4 2.1 16.7 12.1 0.9

Investor AB 27,119 51,801 9.7 0.8 3.8 2.4 98.8

Investor AB 26,436 51,801 9.4 0.8 3.7 2.7 98.8

Investor AB 26,160 51,801 9.3 0.8 3.7 3.6 98.8

KKR & Co LP QQQQ 25,597 870 7.3 4.7 8.4 9.4 26.5 -181.3 80.2

Ameriprise Financial Inc QQQ 23,619 1,452 2.1 2.8 17.4 1.7 9.6 14.1 8.0

T. Rowe Price Group Inc QQQ 21,293 1,201 5.7 4.1 18.5 2.1 10.5 44.7

Northern Trust Corp QQQ 15,619 735 3.9 1.9 21.3 1.9 -1.7 27.2 7.1China Resources Land Ltd 13,702 15,790 1.3 1.1 7.0 2.5 50.1 42.3 50.9

Groupe Bruxelles Lambert 13,448 919 2.8 0.7 11.9 3.3 38.3 21.2

Hal Trust 11,706 524 2.0 1.5 17.1 3.5 3.6 12.7

Affiliated Managers Group Inc QQQQ 11,098 410 4.8 4.4 27.9 13.6 28.5 10.9

Schroders PLC 10,777 364 3.4 2.9 18.2 2.9 14.1 24.1

Voya Financial Inc 9,994 1,399 1.0 0.7 7.3 0.1 2.9 1.3

IGM Financial Inc 9,837 784 4.1 2.4 14.2 5.0 0.2 38.6 11.6

EXOR Spa 9,694 470 0.1 0.4 16.4 0.8 111.6 4.8

Aberdeen Asset Management PLC 9,232 287 4.9 3.0 17.1 2.1 20.2 30.6 145.6

Aberdeen Asset Management PLC 9,134 287 4.9 3.0 16.9 4.0 20.2 30.6 145.6

The Carlyle Group L P QQQQ 8,819 221 45.7 11.3 1,000.0 6.8 53.8 2.5

Kinnevik Investment AB 8,654 17,292 49.5 0.8 3.7 2.4 -27.5 -6.2

Apollo Global Management LLC QQQQQ 8,633 495 1.1 3.6 6.8 2.3 -2.2 85.8Schroders PLC 8,559 364 2.7 2.3 14.5 3.6 14.1 24.1

CI Financial Corp 8,191 473 5.3 4.8 19.5 3.7 3.4 34.6 31.6

Hargreaves Lansdown PLC 7,622 162 13.3 20.9 29.4 2.3 22.1 61.5

Hargreaves Lansdown PLC 7,513 162 13.1 20.6 29.0 2.2 22.1 61.5

Oaktree Capital Group LLC QQQQ 7,258 190 9.9 13.3 10.0 6.9 14.2 -666.6 103.0

Partners Group Holding 6,922 353 12.7 7.7 19.1 2.0 7.8 64.4

SEI Investments Company QQ 6,465 307 5.4 5.2 21.9 1.1 -2.0 22.1 814.8

Legg Mason Inc QQQ 6,022 309 2.3 1.3 20.3 1.1 -4.0 13.3 8.9

Och-Ziff Capital Management Group LLC QQQQ 5,219 262 2.7 -16.5 20.2 16.1 25.7 -127.1 193.8

Investec PLC 5,031 331 2.6 0.8 14.1 3.8 2.5 21.6 1.3

Ares Capital Corporation 5,022 534 4.9 1.0 8.6 9.5 29.7 48.1 3.9

First Pacific Co Ltd 4,625 809 0.7 0.6 16.9 2.2 8.6 20.2 3.5

First Pacific Co Ltd 4,599 809 0.7 0.6 16.8 2.5 8.6 20.2 3.5Eaton Vance Corp QQQ 4,373 281 3.1 6.6 16.0 2.5 4.4 32.9 7.8

Challenger Ltd 4,064 340 5.9 2.1 12.9 1.5 53.7 -272.1 2.6

Waddell & Reed Financial, Inc. QQQQ 4,032 305 2.7 5.2 13.3 2.8 8.3 25.5 36.0

American Capital Ltd 3,983 99 10.4 0.8 43.1 -14.3 47.6 6.9

Sofina 3,955 198 39.4 0.8 15.4 2.0 -6.9 123.1 59.2

Henderson Group PLC 3,738 245 3.9 2.5 26.5 4.3 11.2 14.9 10.5

CETIP SA Mercados Organizados 3,722 388 9.4 5.4 23.1 1.6 59.5 53.5

Ashmore Group PLC 3,572 130 7.6 3.5 17.1 5.3 3.7 66.3 190.2

Artisan Partners Asset Management Inc 3,535 43 1.2 44.4 4.3 17.0 -16.5

China Everbright Ltd 3,436 2,139 3.2 0.8 15.0 2.0 14.5 36.5 17.6





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Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil


5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Man Group PLC 3,424 53 3.4 1.5 66.7 4.8 -22.6 3.5

Ares Management LP QQQQ 3,360 161 6.7 11.4 1.1 -126.1 2.6 4Man Group PLC 3,302 53 3.3 1.5 64.1 4.2 -22.6 3.5

Prospect Capital Corporation 3,284 319 4.0 0.9 9.0 13.8 48.1 56.0 3.5

Federated Investors, Inc. QQ 3,270 150 3.7 5.5 20.9 3.2 -6.4 28.7

Fortress Investment Group LLC QQQQ 3,270 184 2.1 5.5 19.1 4.0 11.6 -91.3 103.1

China Everbright Ltd 3,144 2,139 3.0 0.8 13.7 2.5 14.5 36.5 17.6

Azimut Holding SPA 2,998 159 6.6 3.7 14.9 3.3 53.7 60.4

Janus Capital Group Inc QQQ 2,788 146 3.0 1.8 19.4 2.0 -3.4 27.4 5.8

GAM Holding AG 2,783 169 4.3 1.4 15.6 4.0 -5.0 7.6

GAM Holding AG 2,738 169 4.3 1.4 15.4 -5.0 7.6

AllianceBernstein Holding L.P. QQQ 2,584 195 1.7 14.2 7.1

SBI HoldingsInc. 2,576 24,006 1.3 0.7 12.6 1.3 -7.2 8.1 2.9

Intermediate Capital Group PLC 2,462 137 3.5 1.0 11.1 5.6 54.9 6.2

Ratos AB 2,280 -130 0.4 1.1 6.4 -0.6 6.6Vontobel Holding AG 2,243 119 2.6 1.3 18.3 4.2 2.3 19.2 47.5

GAMCO Investors, Inc 2,137 123 4.9 4.3 17.2 0.3 10.1 33.1 18.5

Financial Engines Inc 2,063 35 8.1 5.7 59.9 0.6 27.4 15.8

Partners Value Fund Inc 2,005 51 34.6 1.0 43.5 0.4 19.4

WisdomTree Investments Inc 1,966 72 12.1 12.8 28.4 8.9

Apollo Investment Corp 1,953 316 5.2 0.9 6.3 9.7 0.2 51.6 4.9

Cohen & Steers Inc QQ 1,919 79 6.5 7.7 24.5 2.0 9.9 35.2

OM Asset Management PLC 1,796 33 1.8 -43.1 72.5 -10.7 0.6

Aker ASA 1,774 1,451 1.1 0.4 6.7 4.8 -24.3

Sun Hung Kai & Co Ltd 1,758 1,729 2.8 0.8 10.7 3.0 10.4 46.7 5.3

Moelis & Company 1,753 -33 3.5 24.7 0.6 9.9

Tokai Tokyo Financial Holdings Inc. 1,716 23,397 2.1 1.3 8.1 15.7 14.4

IP Group PLC 1,654 87 8.8 2.0 10.3 143.2 72.7Virtus Investment Partners Inc 1,634 87 3.8 3.2 18.6 0.5 16.9 6.8 156.9

Grenkeleasing AG 1,452 60 6.1 2.4 19.1 0.4 7.2 39.4 2.1

Main Street Capital Corporation 1,425 106 9.9 1.5 12.0 6.2 46.8 59.3 5.8

Value Partners Group Ltd 1,298 518 12.3 3.6 19.3 1.9 13.0 73.8

Acology Inc 1,272 -1 -3,333.3

Kenedix Inc. 1,261 5,016 4.6 1.6 27.9 -30.4 27.8 2.8

Altisource Asset Management Corp 1,211 17 5.6 -2.9 82.6 46.9 8.5

Encore Capital Group Inc 1,166 91 1.3 2.1 13.6 24.8 25.9 2.6

Brewin Dolphin Holdings PLC 1,131 33 2.5 3.1 21.3 3.6 7.8 10.6 1,681.6

Brederode SA 1,115 200 28.4 0.7 4.5 1.7 109.6

Luxempart SA 924 150 20.2 0.7 4.9 2.6 107.7

Piper Jaffray Cos QQ 917 68 1.3 1.2 12.9 12.3 12.1 4.0

Noah Holdings Ltd 906 67 4.4 3.3 13.8 34.8Golub Capital BDC Inc 815 57 7.4 1.1 13.1 7.4 55.6 4.7

Solar Capital Ltd. 789 70 6.9 0.8 11.6 8.6 0.5 63.0 4.8

AGF Management Limited 775 56 1.9 0.9 16.4 10.9 -7.8 19.6 6.7

Gluskin Sheff & Associates Inc 771 106 3.5 9.4 8.1 2.8 29.1 54.6

New Mountain Finance Corp 764 82 6.3 1.0 8.6 9.3 73.1

Dundee Corp 760 -38 3.2 0.6 -30.4 19.0 -8.9

Allied Group Ltd 753 3,037 1.1 0.2 4.9 4.4 8.2 70.9 10.8

Pennant Park Investment Corporation 724 134 5.2 1.0 5.4 10.3 27.0 52.7 7.0

Fifth Street Asset Management Inc 713 42 8.1 1,666.7 56.3 20

AF Ocean Investment Management Co 707 0 333.3 1,000.0 -237.0 -15.3





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Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil


5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

TCP Capital Corp 702 73 6.6 1.3 9.6 8.5 81.3 54.9

BlackRock Kelso Capital Corporation 657 104 7.1 0.9 7.1 10.7 -2.4 60.4 5.4Pzena Investment Management, Inc. 655 7 6.3 40.3 87.0 3.5 -1.2 48.7

Tricon Capital Group, Inc. 654 32 6.3 1.6 21.3 3.0 0.5 4.9

Pacific Century Regional Developments Ltd 639 75 99.0 1.0 10.9 18.5 10.6 245.7

Medley Capital Corp 607 58 4.8 0.9 8.4 12.7 58.4 3.9

Fonterra Shareholders Fund 587 20 -6.9 30.4 0.6

Capital Southwest Corporation 565 122 45.9 0.7 4.6 0.6 -1.6 27.0

Westwood Holdings Group Inc 559 27 4.7 5.3 19.3 2.6 14.6 30.8

TICC Capital Corp 528 63 5.8 0.9 9.1 13.2 22.1 65.8 4.1

The Intertain Group Ltd 523 0 13.0

Guardian Capital Group Ltd 521 45 3.7 1.3 14.0 1.0 8.0 13.4 35.1

Sprott Inc 506 -61 4.2 1.3 5.4 -7.1 27.3

Medley Management Inc 496 33 8.3 -14.9 10.9 26.8

Diamond Hill Investment Group Inc 444 25 4.4 6.1 16.9 11.5THL Credit Inc 436 38 5.3 1.0 11.3 10.6 56.2

Lai Sun Development Co Ltd 421 1,253 1.9 0.2 2.7 3.1 163.4 19.5

Safeguard Scientifics Inc 409 33 1.5 12.6 -1,034.5 -7.3

Senvest Capital Inc 344 134 1.0 0.6 3.0 86.2 78.0

Clairvest Group Inc 335 35 5.9 0.9 10.6 0.4 -14.5 52.2 48.0

GP Investments Ltd 308 45 1.9 0.3 7.3 -33.6 -78.0

Calamos Asset Management Inc 281 18 1.0 1.4 14.2 3.8 -7.2 36.7 18.9

Dividend 15 Split Corp 266 45 16.3 1.1 5.0 10.3 5.9 66.8

KCAP Financial Inc 257 17 4.9 1.0 14.8 13.1 -0.4 56.9 2.7

MVC Capital, Inc. 255 -20 12.8 0.7 4.8 -4.4 4.4 6.5

Garrison Capital Inc 247 33 5.5 0.9 7.5 9.5 57.2 4.6

Mesabi Trust 244 18 12.2 56.2 13.0 12.3 -8.9 97.2

China Merchants China Direct Invts Ltd 243 37 4.5 0.5 6.5 3.8 37.0 76.3Capitala Finance Corp 238 22 3.2 0.9 6.6 11.1 51.8 4.4

CorEnergy Infrastructure Trust Inc 237 7 5.4 1.1 29.0 6.8 26.3 3.7

Fidus Investment Corp 233 15 5.5 1.1 14.6 9.0 49.4 4.9

CIFC Corp 231 19 47.2 1.5 12.1 4.4 -38.1 -527.4 20.7 7

Manning & Napier Inc 217 2 0.6 1.3 77.5 4.0 24.8 3,743.1

PennantPark Floating Rate Capital 209 23 7.3 1.0 8.7 7.7 54.0

Firsthand Technology Value Fund Inc 204 24 125.0 0.8 7.8 -469.1

Treasury Group Ltd 200 13 -5,000.0 3.6 17.0 5.3

Gladstone Investment Corporation 194 3 5.3 0.9 52.4 9.8 7.6 58.0 0.4

Resource America Inc 194 8 1.1 1.2 22.7 2.2 24.1 26.9 1

Gladstone Capital Corp 192 16 5.6 1.1 11.4 9.1 -2.9 56.2

WhiteHorse Finance Inc 192 23 5.2 0.8 8.1 11.0 72.8 4.6

GSV Capital Corp 187 38 1,250.0 0.7 5.2 -3,338.8 28.7Silvercrest Asset Management Group Inc 182 5 1.5 4.4 19.7 3.2 29.4 44.2

Alcentra Capital Corp 180 13 14.7 3.9 64.7 70.8

Solar Senior Capital Ltd 174 14 8.1 0.8 12.3 9.3 60.8 10.9

CM Finance Inc 172 16 8.2 0.9 10.6 6.8 80.5 7.6

Noranda Income Fund 170 32 0.3 2.7 5.9 10.0 0.2 9.7 14.4

Stellus Capital Investment Corp 169 14 5.3 1.0 11.4 10.8 48.4 6.6

Clarke Inc 167 135 1.6 0.8 3.3 4.3 -15.2 2.8 9.6

Yellow Brick Road Holdings Ltd 161 -8 4.3 7.3 57.4 -29.6 -5.6

MCG Capital Corporation 155 -41 -97.1 0.8 10.3 -34.4 50.0 1.1

Tern Properties Co Ltd 147 250 12.9 0.3 4.6 1.6 6.2 540.5 105.3





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Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil


5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

HFA Holdings Ltd 147 11 1.1 18.1 7.3 2.3

TriplePoint Venture Growth BDC Corp 142 0 1.0 4.9

City of London Investment Group PLC 139 5 3.1 6.3 15.2 7.5 3.9 33.3

Horizon Technology Finance Corp 135 6 4.0 1.0 19.5 9.8 45.2 1.5

OHA Investment Corp 133 1 5.6 0.8 85.5 9.9 -6.1 48.7 2.2

American Capital Senior Floating, Ltd. 131 0.9 5.6

Point Capital Inc 124 0 10,000.0 59.5 1,000.0 -11,517.8

Signature Group Holdings Inc 121 -5 3.4 2.4 -6.3 -1.5

CapMan Oyj 114 0 3.2 1.4 4.1 -4.2 11.2

OFS Capital Corp 112 4 7.8 0.8 27.1 11.6 41.8 3.3

Hennessy Advisors Inc 110 6 3.4 3.2 15.9 0.8 19.1 26.6 13.2

StoneCastle Financial Corp. 110 4.3

Urbana Corp 101 17 40.2 0.7 6.6 2.6 24.6 -52.9 218.0

Urbana Corp 96 17 38.0 0.6 6.3 2.8 24.6 -52.9 218.0

Harris & Harris Group, Inc. 90 -11 1,111.1 0.7 -1,694.0 -65.9Canadian Banc Corp 86 24 17.6 1.1 3.6 5.6 65.5

Saratoga Investment Corp 81 9 4.6 0.7 8.1 1.2 -4.4 48.6 2.4

Harvest Capital Credit Corp 79 6 7.3 0.9 12.6 10.5 64.7 5.0

Charlemagne Capital Ltd 75 4 1.9 2.6 18.9 5.8 -0.9 23.0

Acheron Portfolio Corp Luxemburg SA 74 1 11.0 0.5 44.6 -47.5 57.9 -2.0

Fifth Street Senior Floating Rate Corp 72 0.7 9.2

Full Circle Capital Corp 71 -7 4.7 1.0 13.8 54.1 -1.8

Proxama PLC 71 -6 43.3 7.6 -395.6 -116.7

Marret Resource Corp 62 8 10.2 0.7 7.9 7.3 66.0 -79.1

SWK Holdings Corp 56 15 4.5 1.1 3.5 -37.9 -18.6 67.0

Mesa Royalty Trust 53 5 9.4 12.2 9.7 12.0 -25.4 95.5

Vapir Enterprises Inc 48 0 -2,500.0 -2,180.3 -84,033.2

BDCA Venture Inc 47 -4 526.3 0.7 6.2 -9,363.3US Global Investors Inc 47 0 4.2 1.4 2.0 -13.7 5.0

Precious Metals and Mining Trust 47 26 222.2 0.7 2.0 20.0 -770.1

Gleacher & Co Inc 43 -86 18.1 0.5 -62.5 -10.4

Australian Ethical Investment Ltd 40 2 5.2 4.8 18.2 4.6 -238.0

InterCore Inc 39 -5 555.6 -15.7 -34,093.2 -7.7

Tanfield Group PLC 36 7 24.3 0.6 3.2 -57.5 -37.9 93.4

Universal Capital Management Inc 30 -1 434.8 -51.3 -1,732.4 -48.9

Wright Investors Service Holdings Inc 29 -2 5.3 1.6 -1,519.2

Equus Total Return, Inc. 27 3 58.8 0.7 6.8 -585.2 172.0

Spotlight Innovation Inc 20 -7 -3.4 -7.7

Rand Capital Corp 19 3 10.4 0.7 6.3 14.9 -8.0 16.3

Kobex Capital Corp 19 0 0.6

Energy Income Fund 18 7 17.2 0.6 2.7 0.6 -74.9Soellingen Advisory Group Inc 15 38.3

Aberdeen International Inc 14 -18 -1.8 0.5 0.0 74.8 -26.8

Global Diversified Investment Grade Income Trust II 11 2 2.4 4.1 6.5 14.2 41.5

Medwell Capital Corp 10 0 0.9 54.1 -699.2

Millennium India Acquisition Corporation 6 -203 -9.8 -1.7

Rubicon Financial Inc 6 0 0.2 13.7 35.1 -3.7 -0.7

49 North Resources Inc 6 -24 0.9 0.6 -33.5 57.1 -11.8

Ascendant Solutions Inc 5 0 0.2 0.6 13.0 -7.5 0.3 7.7

Diversa Ltd 5 -4 0.7 2.1 -90.6 -4.3

Mackenzie Master LP 4 1 2.7 4.0 4.0 -19.7 92.8





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Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil


5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Invent Ventures Inc 4 -5 19.1 0.8 -421.8 -4.7

Viking Investments Group Inc 4 0 -9.7 -889.2 -206.5

WestMountain Alternative Energy Inc 2 0 70.4 6.3 31.1

Enterra Corp 2 0 -0.0

Rockshield Capital Corp 2 3 0.2 0.6

Innocap Inc 1 0 -30.5

Southern Trust Securities Holding Corp 1 0 0.7 -1.0 8.4 -9.6 14.8

NetMed Inc 0 0

Halo Companies Inc 0 -1 0.3 -0.2 -20.4 1.4

Enviro Serv Inc 0 -1 0.0 -0.0 -112,246.9 -2.5

Global Vision Holdings Inc 0 0 0.7 -0.6 3.0 -16,736.5

GreenBank Capital Inc 0 -16.4

Formosa Liberty Corp 0 0.4

Q Lotus Holdings Inc 0 -2 -0.0 -1.7

Resinco Capital Partners Inc 0 0 0.5 0.1 -43.0 73.8 -67.5Carrus Capital Corp 0 0 0.1 0.4 0.5 -148.1 31.0

Ampal-American Israel Corp 0 -274 0.0 -0.0 110.2 -15.5 -2.1

Fortitude Group Inc 0 -1 -0.2

Esstra Industries Inc 0 0 -10.9 0.1 6.1

Ameritrans Capital Corporation 0 -8 0.1 -0.0 -24.2 -426.6

Uni Core Holdings Corporation 0 14 0.0 -0.0 0.0 -26.9 43.9

Conversion Industries Inc -33 -84.7

Forum National Investments Ltd 0 3.2 0.9 -340.6

Hbancorporation Inc

Intersecurity Holdings Corp

Intrepid Capital Corp

Yora International Inc

Champion Investments IncRedwood Group International 0 -230.7 3.0

Single Source Investment Group Inc

Epic Corp

Conihasset Captial Partners Inc

Oceania Capital Partners Ltd -4 8.5 0.2 4.9 -77.8 -37.7

Elementone Ltd 323 -54.9 92.9

General Finance & Development Inc

Westmountain Co 0 29.1 4.4 24.0 -35.9

Aston Hill Financial Inc 0 3.2 2.9 263.2 4.1 54.3 18.1 2.0

Cathay Financial Holding Co Ltd 42,194 0.7 1.4 14.6 2.7 66.6 91.6 3.3

JAFCO Co., Ltd. 16,199 5.6 1.6 14.8 0.4 -20.1 14.7 22.4

FFP SA -723 -891.6

Landmark Global Financial Corp -1 -35.0 -2.1Brait S.E. 2,615 58.2 95.4

Industrivarden AB 6,958 5.1 1.0 5.7 4.1 39.0 99.2

Platcom Inc

Corporacion Financiera Colombiana SA

National Investment Managers Inc -1 0.0 0.1 -3.6 0.5

Morgan Financial Corp 2.0

First Eagle

MLP AG 25 1.5 1.9 27.2 -2.8 6.9

727 Communications Inc

AMEN Properties Inc 0 10.3 69.5 9.8 5.9





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11/45

Invesco LtdIVZ


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil


5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Reinet Investments SCA 92 12.3 0.8 36.1 -14.1 84.6 10.6

Teton Advisors, Inc. 0.3Leone Asset Management Inc 0 -4,232.0

Alpine Management Sy

Grupo de Inversiones Suramericana SA 849,701 3.9 0.7 27.7 1.0 -4.4 9.0

Alpha Lujo Inc -1 37.0 -1,966.0

Cathay Financial Holding Co Ltd 42,194 66.6 91.6 3.3

US Guaranty of America Inc

Brookfield Soundvest Equity Fund 4 5.6 0.3 1.2 0.0 62.6 38.9

Kenedix Inc. 5,016 4.0 1.2 22.1 -30.4 27.8 2.8

SPARX Group Co., Ltd. 1,699 7.0 4.0 31.1 0.8 1.1 -17.3 124.4

Psg Group Ltd 1,176 6.1 1.2 10.6 1.3 45.2 54.3

eQ Oyj 4 4.7 1.2 25.5 3.8 25.9 32.1 71.4

Remgro Ltd 6,917 4.4 1.6 15.6 1.8 3.6

Sawada Holdings Co., Ltd. 7,717 2.8 1.1 6.6 34.2 1.7Idb Holding Corp Ltd -630 -1.1

Hotung Investment Holdings Ltd 338 1.8 36.6

West Suburban Bancorp Inc 4 1.9 1.0 34.1 12.8 1.8

PLM Equip Growth FND III

Sun Hung Kai & Co Ltd 1,729 1.9 0.5 8.4 10.4 46.7 5.3

Gendis Inc 14 7.5 0.7 32.8 14.9 36.0 249.2

IFG Group PLC 3 1.8 1.8 41.0 1.9 -4.4 8.1 8.4

IOOF Holdings Ltd 101 22.9 12.2 44.3

Common Splendor International Health Industry GroupLtd

0 10.8 86.7 4,513.5

Self Storage Group Inc 3.4

Questus Global Capital Market Ltd

CanBanc Income Corp 3.1

ICON ECI Fund Fifteen LPHitachi Capital Corp 23,902 2.3 0.9 14.1 0.8 3.5 24.4

Perpetual Ltd 81 32.8 -299.0 43.9

IOOF Holdings Ltd 101 22.9 12.2 44.3

Automotive Resource Network Holdings Inc

Impax Energy Services Income Trust -63 0.0 -1.8 -4.7

Bergamo Acquisition Corp

BAVARIA Industries Group AG 134 0.2 0.9 1.0 4.9 3.3

Azimut Holding SPA 159 7.5 4.2 16.9 0.4 53.7 60.4

Finance Company of Penn 3.8

Aventura Equities Inc -3 -1,175.1 -273.9

Sunburst Alliance Inc

Metropolitan Royalty Corp

Conduit Capital Ltd 112 -1.1 11.6Spackman Equities Group Inc 1 -23.1

EME Reorganization Trust

Aurelius AG 54 33.0 4.3

I B I Investment House Ltd

ADC African Development Corporation AG -23 14.3

China Cinda Asset Management Co Ltd 10,443 28.0 2.5

GSD Holding AS 34 0.7 0.4 7.8 16.1 18.2

Industry Average 3,642 7,237 3.7 2.0 18.0 3.5 8.0 -639.3 -383.9





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Invesco LtdIVZ

Analysis

Analyst Note| 30 Oct 2014 | Greggory Warren, CFA,

Senior Analyst

With narrow-moat-rated Invesco reporting prelim-

inary AUM data for the September quarter earlierthis month, we had a good idea of what third-

quarter earnings would look like. Although the

firm's total AUM decreased $12.8 billion to $789.6

billion during the period, the decline was driven far

more by market losses (of $5.1 billion) and ad-

verse currency exchange (of $9.7 billion) than fund

flows, with Invesco reporting $2 billion in net in-

flows during the quarter. More important, the com-

pany generated $6.0 billion in positive flows from

active equity, balanced, and alternative products,

which helped to offset $3.2 billion in outflows

from its PowerShares ETF operations.

While average AUM was up 10% year over year,

Invesco reported a 12% increase in third-quarter

revenue, primarily due to an improved realization

rate. Revenue growth of 13% through the first nine

months of the year was just above our current rev-

enue forecast for 2014, but we still think the firm

will close out the year at the lower end of a 10%-

15% projected range. While we are encouraged by

the firm's ability to generate solid organic growth

in the near-to-medium term, we're sticking with

our forecast for somewhat more muted revenue

growth in fiscal 2015, believing that flows will be

more difficult to come by as long as the equity and

credit markets are volatile.

With regards to profitability, Invesco's adjusted

operating margins of 26% through the first nine

months of the year were in line with our full-year

forecast. The company also continues to use its

free cash flow to repurchase stock, spending $50

million in the third quarter to pick up 1.3 million

shares. This brings year-to-date repurchases to 6.2million shares (at a cost of $220 million). Having

already reduced our fair value estimate to $40 per

share from $42 earlier this month (to reflect a

more sanguine near-term outlook for equity and

credit markets), we do not anticipate making any

changes to our valuation.

Investment Thesis| 14 Oct 2014 | Greggory Warren,

CFA, Senior Analyst

Invesco continues to impress us with its transform-

ation, reshaping itself into a much tighter organiz-ation capable of not only generating profitability

and cash flows on par with the higher-quality

names in our asset manager coverage, but en-

abling it to overcome any hurdles that might be

thrown in its way. This will be critical in the back

half of 2014, as the firm will be negatively af-

fected by the turmoil in the global equity markets

(leading us to reduce our forecast for end-of-year

assets under management to $775 billion-$800 bil-

lion from more than $825 billion previously). While

the company was able to navigate the departure of

Neil Woodford from Invesco Perpetual, which had

been a big concern for investors in the first half of

the year, it will have difficulty avoiding the impact

of declining equity markets in the back half of

2014. Even though we expect organic growth to be

stymied in the near term, we believe Invesco

should be able to generate annual organic growth

of 3%-4% longer term, with market gains fueling

the rest of the 6%-7% annual growth we are fore-

casting for its AUM. Invesco is one of the few as-

set managers we cover with solid equity and f ixed-

income franchises that can benefit from changing

investor behavior over the long run. With a heav-

ier presence in the retail channel, more equity ex-

posure than fixed-income, and better investment

performance than many of its peers, the firm

should benefit from a continued move toward

equities, especially with five-year performance

numbers for most active managers improving as

their funds roll off poor results from the 2008-09

financial crisis. While PowerShares is a smaller

player in the ETF market, accounting for just 5% of

the domestic market (and 4% of the global

market), it is far more focused on niche products(which have so far been less susceptible to the pri-

cing pressure we've seen in the core/index-based

ETF market) and has been the driving force behind

much of Invesco's passive flows. With most of its

operations firing on all cylinders, and the firm con-

tinuing to improve its profitability, we believe In-

vesco is not only a more complete firm but a much

stronger competitor.

Economic MoatTM| 14 Oct 2014

The publicly traded asset managers tend to haeconomic moats, with switching costs and inta

gible assets being the most durable sources

competitive advantage for firms in the asset-ma

agement industry. Although the switching cos

might not be explicitly large, the benefits

switching from one asset manager to another a

at times so uncertain that many investors take t

path of least resistance and stay where they a

As a result, money that flows into asset-manag

ment firms tends to stay there--borne out by an a

erage annual redemption rate for long-term mu

al funds of around 30% during the last five-, 115-, 20-, and 25-year time frames. We believe a

set managers can improve on the switching co

advantage inherent in the business with structu

attributes (such as product mix, distribution cha

nel concentration, and geographic reach) and

tangible assets (such as strong brands and e

trenched sales relationships), which provide the

with a level of differentiation. Although the bar

ers to entry are not significant for the industry

takes time and skill to gather the level of asse

necessary to build scale. This provides large, e

tablished asset managers with an advantage ov

smaller players, especially when it comes to ga

ing cost-effective access to distribution platform

Asset stickiness (the degree to which assets r

main with a manager over time) tends to be a b

ger distinguisher between wide- and narrow-mo

firms, in our view. Companies that have shown

ability to gather and retain investor assets duri

different market cycles have tended to produ

more stable levels of profitability, with returns e

ceeding their cost of capital for longer period

While more broadly diversified asset managers a

structurally set up to hold on to assets regardle

of market conditions, it has been firms with bo

solid product sets across asset classes and sing

lar corporate cultures dedicated to a common p

pose that have tended to thrive. Asset manage

offering niche products with significantly high

switching costs--such as retirement accoun





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Invesco LtdIVZ

Analysis

funds with lock-up periods, and tax-managed

strategies--have also been able to hold on to as-

sets longer.Invesco, in our view, has a narrow eco-

nomic moat. With $789.6 billion in total AUM at

the end of September, the company has the size

and scale necessary to be competitive in the as-

set-management industry. Invesco's AUM is

broadly diversified across its equity (49% of man-

aged assets), balanced (6%), fixed-income (23%),

alternative investment (12%), and money market

(10%) offerings, and the firm has a meaningful

presence outside the U.S., with close to one third

of its total AUM sourced from Canada (4%), the

U.K. (13%), continental Europe (9%), and Asia

(7%). Invesco provides investment management

services to retail (68% of AUM) and institutional(32%) clients under the Invesco, Trimark, Perpetu-

al, PowerShares, and W.L. Ross banners. The com-

pany's U.S. retail business (which includes Power-

Shares ETF operations) is one of the 10 largest

non-proprietary fund complexes in the United

States. In Canada, the firm is a top 10 competitor

for long-term assets with its Invesco, Trimark, and

PowerShares fund offerings, and its Perpetual op-

erations are one of the largest retail fund pro-

viders in the U.K. Invesco also has a fairly strong

presence in Asia, with about $55 billion in total

AUM and operations in 12 countries in the region(including one of the first joint ventures in Greater

China). If there has been a single issue that has

kept Invesco from carving out more than just a nar-

row moat around its operations, it has been the

lack of consistency in the firm's profitability. Much

this was due to the decentralized nature of the

firm's operations, which prevented Invesco from

developing a common, scalable global platform for

all of its brands, limiting its ability to gather and

retain assets and diminishing many of the scale

advantages that come with running an asset-man-

agement business. We believe much of that has

changed since Marty Flanagan took the helm in

2005, with the firm squarely focused on develop-

ing a singular culture, putting a greater focus on

improving the competitive positioning of its funds,

and increasing the overall profitability of the firm.

We think the 2009 acquisition of Morgan Stanley's

retail fund operations, which in many ways com-

plemented Invesco's product lineup, not only im-

proved the firm's competitive positioning, but also

put it in a position to increase its profitability to

the same levels being generated by many of its

peers. At this point, the company has all of the

tools that it needs to continue expanding the nar-

row economic moat that already exists around its

operations.

Valuation| 14 Oct 2014

We've lowered our fair value estimate for Invesco

to $40 per share from $42 to reflect changes in our

assumptions about the firm's AUM, revenue, and

profitability since our last update. This new fair

value estimate implies a P/E multiple of 16.3 timesour 2014 earnings estimate and 14.3 times our

2015 earnings estimate. We expect the firm to

continue to trade at a discount to BlackRock, its

most comparable peer, as Invesco works toward

more consistent performance and profitability.

Having expected to see a slight uptick in Invesco's

managed assets (from $811.8 billion at the end of

August), we were disappointed to see the firm

close out the third quarter with $789.6 billion in

total AUM. As a result, we now expect the com-

pany to close out 2014 with $775 billion-$800 bil-

lion in total AUM (down from our previous fore-

cast of more than $825 billion). This also reduces

our forecast for revenue growth this year to 10%-

11%, at the lower end of our original 10%-15%

forecast range for 2014. We still believe that In-

vesco has a portfolio capable of generating organ-

ic growth in the near term (even with the market

expected to be a bit more volatile) and expect

AUM to expand to $850 billion-$900 billion in

2015, with revenue growing at a high-single-digit

rate. We should note, though, that this is down

from our previous forecast of 10%-11% top-line

growth for next year. After 2015, we expect more

moderate AUM growth to translate into 7% aver-

age annual top-line growth in the final years of our

five-year projection period, with the net result be-

ing an 8.3% CAGR for revenue from 2013 to 2018.

With regards to profitability, adjusted operating

margins should exceed 26% of revenue this year,

as the firm benefits from ongoing cost controls a

the ever increasing size and scale of its oper

tions. We expect Invesco to continue to move t

ward a level of profitability that is more on p

with its peers, with adjusted operating margins e

ceeding 29% by the end of our five-year foreca

We use a 10% cost of equity in our valuation.

Risk| 14 Oct 2014

With about 80% of annual revenue coming fro

management fees earned on its AUM, drama

market movements or significant changes in fu

flows can have a meaningful impact on revenu

profitability and cash flows. Shifts away fro

equity strategies would also have an adverse

fect on revenue, as management fees tend to lower for fixed-income and money market fun

than they are for equity-based funds. Inves

tends to earn higher fees on its global/internatio

al offerings than it does on its domestic funds, b

its operations and investments in these overse

markets expose the firm to a myriad of cultu

economic, political, and currency risks. The co

pany is also exposed to key person risk with som

of its investment management professionals, w

are vital to Invesco's ability to attract and reta

clients, and the loss of which could lead to

meaningful reduction in the firm's AUM.

Management | 14 Oct 2014

Marty Flanagan has been president and CEO of

vesco since August 2005. Rex Adams has serv

as nonexecutive chairman since April 200

Flanagan was lured away from Franklin Resourc

where he had been co-CEO with Greg Johnso

While Invesco has had a long history of squand

ing its competitive advantages, many improv

ments have been made since Flanagan took t

helm. Aside from cleaning up the clutter that kethe firm from being anywhere near as profitable

its peers, Flanagan has spearheaded acquisitio

and divestitures that have put Invesco in the po

tion to continue improving its AUM, revenue, a

profitability. He has had the firm squarely focus

on developing a singular culture, putting a great

focus on improving the competitive positioning





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Invesco LtdIVZ

Analysis

its funds, and increasing overall profitability. Part

of this process involved rebranding all of the com-

pany's offerings under the Invesco banner and

changing the firm's name from AMVESCAP to In-

vesco in 2007. Flanagan also spearheaded the ac-

quisition of PowerShares (a pioneer in the ex-

change-traded fund market) and W.L. Ross (a

private-equity firm) in 2006, as well as the 2009

purchase of Morgan Stanley's retail fund opera-

tions, which included the Van Kampen family of

funds. The purchase of PowerShares was import-

ant because it provided the firm with access to the

fast-growing ETF market, just as interest in pass-

ive investment vehicles (and ETFs in particular)

was about to take off in the aftermath of the 2008-

09 financial crisis. Rather than compete with oth-er larger players offering core/index-based ETF

products, Invesco has been far more focused on

niche offerings, like its PowerShares S&P 500 Low

Volatility and PowerShares S&P 500 High Beta

funds. And unlike PowerShares in its early days,

Invesco has adopted a more-robust vetting pro-

cess before product launches by putting new ETF

ideas through the same product development pro-

cess the firm uses for its open-end funds, which

has led to a decline in the pace of ETF launches,

but has also kept the firm from offering funds that

fail to gather assets. At the end of the thirdquarter of 2014, the PowerShares business had

$98.7 billion in managed assets, accounting for

13% of Invesco's total AUM. We continue to be-

lieve that the company's purchase of Morgan

Stanley's retail fund operations was transforma-

tional for Invesco, making it not only a more com-

p lete f i rm, but a stronger competi tor . Van

Kampen's brand recognition and distribution clout

made it a prized acquisition. With Invesco strong

in the defined-contribution and defined-benefit

c ha nn el s a nd V a n K am p en s t ro ng i n t he

broker/dealer channel, the combined firms have

been able to cross-sell the best products from

each of the fund families through these different

distribution networks. On top of that, the deal im-

proved Invesco's lineup of equity value and muni-

cipal bond funds, and provided it with more expos-

ure to closed-end funds and unit investment trusts.

Invesco did an exemplary job of merging the Van

Kampen funds into its lineup. While manager

changes and fund mergers can be disruptive, In-

vesco was swift and efficient, clearly communicat-

ing its intentions to both employees and investors.

The net result is a product lineup that is better bal-

anced and easier for investors to navigate.One

thing that has raised some concern, though, has

been the amount of manager turnover at the firm.

Manager retention has been relatively low when

compared to similarly sized peers over the last five

years, a byproduct of the fund mergers following

the Van Kampen deal, as well as some of the on-

going changes within the organization that led to

changes among existing management teams. The

most recent high-profile departure was that of NeilWoodford, who oversaw $48 billion for Invesco

Perpetual in the U.K. and left the firm in April 2014

to run his own shop. This kind of departure is dis-

ruptive to the firm, as it not only leads to outflows

from investors that were wed to the exiting man-

ager, but can lead to future performance and flow

issues once the manager is gone. From a capital

allocation perspective, management has been

fairly frugal, sticking to a strategy of reinvesting in

t h e b u si n es s ( i nc l ud i ng m a ki n g s e le c t

acquisitions), while still maintaining financial

strength and flexibility, and returning a substan-tial portion of earnings to shareholders through di-

vidends and common stock repurchases. Although

Flanagan continues to talk about acquisitions as a

way to plug holes in Invesco's product mix or geo-

graphic reach, we expect any future deals to be

limited to small, bolt-on acquisitions. We expect

debt (which is now more long-dated) to be paid

down as it matures, with the firm dedicating cash

to share repurchases and dividend increases as it

sees opportunities to do so.

Bulls Say

Invesco's AUM has more than doubled since the

equity markets bottomed in March 2009, with the

Van Kampen deal and strong equity and fixed-in-

come inflows putting it on more equal footing with

firms like Franklin Resources and T. Rowe Price.

At the end of the second quarter of 2014, 72

80%, and 80% of Invesco's actively manag

AUM was outperforming peers on a one-, thre

and five-year time frame, respectively.

Invesco's solid investment performance over t

last couple of years has sparked a progression

long-term inflows across its different product pl

forms.

Bears Say

Even with $789.6 billion in AUM at the end

September, Invesco is a second-tier asset ma

ager compared with industry giants like BlackRo

Fidelity, and Vanguard--each of which has $2 tr

lion or more in assets.

Invesco continues to trail peers on a profitabil

basis, with the firm expected to close out 20

with adjusted operating margins of 26%-27%, b

low the group average of 32% for the asset ma

agers.

With a higher percentage of fixed costs in its op

ating structure, Invesco tends to have more oper

ing leverage than its peers, which can be a neg

ive in declining markets.

Overview

Invesco provides investment management sevices under the Invesco, Trimark, Perpetu

PowerShares, and W.L. Ross banners. At the e

of September, the firm had $789.6 billion in to

AUM spread out among equity (49% of manag

assets), balanced (6%), fixed-income (23%), alte

ative investment (12%), and money market (10

funds. Distribution is weighted more toward ret

investors (68% of AUM) than institutional (32

clients. The company sources close to one third

its total AUM from outside of the United States





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Invesco LtdIVZ

Analysis

Competitors

Name Price % Chg TTM Sales

$ mil

Invesco Ltd $40.47 1.99] 5,096

Bank of New YorkMellon Corp $38.72 1.98]

14,721BlackRock Inc $341.11 2.36] 10,697

CaixaBank SA ADR $2.11 -2.76 [ 9,748

Franklin Resources Inc $55.61 1.50] 8,321

Blackstone Group LP $30.12 1.21] 7,711

Analyst

Price 10-31-2014 40.47 USD

Fair Value Estimate 40 USD

Uncertainty Medium

Consider Buy 28 USD

Consider Sell 54 USD

Economic Moat Narrow

Stewardship Rating Standard

Quantitative

Price 10-31-2014 40.47 USD

Quantitative Fair Value 38.71 USD

Quantitative Uncertainty Low

Quantitative Moat Narrow

As of 10-31-2014





Page 14 of


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Invesco LtdIVZ

Insiders

Total Executive Compensation

24.14 mil

32.16 mil34.44 mil 33.56 mil 34.48 mil

13.00

26.00

39.00

2009 2010 2011 2012 2013

Stock Price

20.00

40.00

2009 2010 2011 2012 2013

Total Return

0

30.0

2009 2010 2011 2012 2013

Revenue

-1.00

0.00

2009 2010 2011 2012 2013

Return of Equity

-1.00

0.00

2009 2010 2011 2012 2013

Net Income

-1.00

0.00

2009 2010 2011 2012 2013

2013 Executive Compensation

Total Compensation $34,480,0

1-Year % Change 2.75 %

Compensation vs. Performance 1-Year % Cha

CEO Compensation 8.59

Stock Return 42.77

Revenue 14.67

Return on Equity 36.53

Net Income 38.85





Page 15 of


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Invesco LtdIVZ

Insiders

Key Executive Compensation

Key Executive Compensation 2009 2010 2011 2012 2

Salary 2,202,863 2,256,374 2,331,035 2,319,403 2,788,6

Bonus 0 0 0 0 2,191,7

Annual Other Income 0 0 0 0Restricted Stock Award 9,584,970 15,284,432 17,674,919 17,424,877 16,863,4

Securities Options 0 0 0 0

LTIP Payout 0 0 0 0

Non-Equity Compensation 5,737,138 8,125,000 8,180,409 7,215,501 10,818,7

Other Compensation 1,141,078 1,212,502 1,144,411 1,414,039 1,817,5

Total 18,666,049 26,878,308 29,330,774 28,373,820 34,480,0

Martin L. Flanagan / President and Chief Executive Officer 2009 2010 2011 2012 2

Salary 790,000 790,000 790,000 790,000 790,0

Bonus 0 0 0 0

Annual Other Income 0 0 0 0

Restricted Stock Award 3,954,997 6,508,494 8,349,978 8,349,969 8,349,9

Securities Options 0 0 0 0LTIP Payout 0 0 0 0


Other Compensation 461,224 459,908 530,480 728,966 766,8

Total 7,764,221 11,508,402 13,420,458 13,243,935 14,381,7

Loren M. Starr / Senior Managing Director and Chief Financial

Officer

2009 2010 2011 2012 2

Salary 450,000 450,000 450,000 450,000 450,0

Bonus 0 0 0 0




LTIP Payout 0 0 0 0

Non-Equity Compensation 650,000 945,000 945,000 859,950 1,030,0Other Compensation 93,384 101,180 117,622 149,516 177,3

Total 2,323,377 3,182,172 3,667,606 3,614,438 3,775,8

Philip A. Taylor / Senior Managing Director and Head of Americas 2009 2010 2011 2012 2

Salary 562,863 616,374 647,365 638,434 616,4

Bonus 0 0 0 0




LTIP Payout 0 0 0 0



Total 4,027,020 7,175,736 7,110,129 7,125,823 7,457,8





Page 16 of


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Invesco LtdIVZ

Insiders

G. Mark Armour / Senior Managing Director and Head of EMEA 2009 2010 2011 2012 2

Salary 400,000 400,000 443,670 440,969 469,7

Bonus 0 0 0 0


Restricted Stock Award 2,799,996 2,919,988 3,099,993 2,849,983 2,324,9Securities Options 0 0 0 0

LTIP Payout 0 0 0 0

Non-Equity Compensation 1,085,000 1,400,000 1,350,000 874,691 1,525,0


Total 4,551,431 5,011,998 5,132,581 4,389,624 4,666,1

Andrew Tak Shing Lo / Senior Managing Director and Head of

Invesco Asia Pacific

2009 2010 2011 2012 2

Salary 462,3

Bonus 2,191,7

Annual Other Income

Restricted Stock Award

Securities Options

LTIP PayoutNon-Equity Compensation 1,324,9

Other Compensation 219,3

Total 4,198,4

A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information aboutcompensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.





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Invesco LtdIVZ

Insiders

Weekly Insider Transactions

-469,215

0

469,215

938,430

Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct

Buy

Acquisition (Non-open Mkt)

Option Exercise

SellDisposition (Non-open Mkt)

Stock Price

30.00

60.00


Total Return

0

10.0


Revenue

-1.00

0.00


Return of Equity

-1.00

0.00


Net Income

-1.00

0.00






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Invesco LtdIVZ

Insiders

Transaction History

Date * Name Title Transaction Shares Va

09/03/2014 Roderick Ellis Group Controller and Chief Accounting Officer Sale at 40.7 per share. 25,000 1,017,5

08/12/2014 Roderick Ellis Group Controller and Chief Accounting Officer Sale at 38.53 per share. 19,288 743,1

08/12/2014 Roderick Ellis Group Controller and Chief Accounting Officer Exercise 19,28807/09/2014 Loren M. Starr Senior Managing Director and Chief Financial Officer Other Acquisition 183 5,9

06/09/2014 Philip A. Taylor Senior Managing Director and Head of the Americas Sale at 38.18 per share. 93,765 3,579,9

06/09/2014 Karen Dunn Kelley Senior Managing Director, Investments Sale at 38.23 per share. 27,000 1,032,2

06/05/2014 Roderick Ellis Group Controller and Chief Accounting Officer Exercise 20,000

06/05/2014 Roderick Ellis Group Controller and Chief Accounting Officer Sale at 37.682 per share. 20,000 753,6

05/08/2014 Colin D. Meadows Senior Managing Director and Chief Administrative Officer Sale at 35.574 per share. 56,000 1,992,1

05/02/2014 G. Richard Wagoner Independent Director Acquisition 1,008

05/02/2014 Phoebe A. Wood Independent Director Acquisition 1,008

05/02/2014 Edward P. Lawrence Independent Director Acquisition 1,008

05/02/2014 Ben F. Johnson Independent Director Acquisition 1,008

05/02/2014 Joseph R. Canion Independent Director Acquisition 1,008

05/02/2014 John Banham Independent Director Acquisition 1,008

05/02/2014 Rex D. Adams Chairman of the Board and Presiding Director Acquisition 1,00805/02/2014 J. Thomas Presby Independent Director Acquisition 1,008

05/02/2014 Denis Kessler Independent Director Acquisition 1,008

05/02/2014 C. Robert Henrikson Independent Director Acquisition 1,008

03/11/2014 G. Mark Armour Senior Managing Director and Head of EMEA Sale at 34.97 per share. 30,000 1,049,1

03/06/2014 Colin D. Meadows Senior Managing Director and Chief Administrative Officer Sale at 34.44 per share. 50,000 1,722,0

02/28/2014 Philip A. Taylor Senior Managing Director and Head of the Americas Acquisition 73,360

02/28/2014 Philip A. Taylor Senior Managing Director and Head of the Americas Acquisition 24,453

02/28/2014 Philip A. Taylor Senior Managing Director and Head of the Americas Disposition 14,375 493,0

02/28/2014 Philip A. Taylor Senior Managing Director and Head of the Americas Exercise 8,958

* Date represents the date on which the insider initiated the transaction





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Invesco LtdIVZ

Insiders

Holding Summary

Name Title Total Shares Held TTM Change % Shares Outstanding % Market Va

All Key Insiders 3,487,633 13.2% 0.79% 138,389,2

Karen Dunn Kelley Senior Managing Director, Investments 827,911 5.42 0.19% 32,851,5Martin L. Flanagan Director, President and Chief Executive Officer 579,779 29.3 0.13% 23,005,6

Kevin M. Carome Company Secretary, Senior Managing Director andGeneral Counsel

419,741 21.17 0.1% 16,655,3

Loren M. Starr Senior Managing Director and Chief Financial Officer 382,880 5.64 0.09% 15,192,6

G. Mark Armour Senior Managing Director and Head of EMEA 320,617 78.99 0.07% 12,722,0

Colin D. Meadows Senior Managing Director and Chief Administrat iveOfficer

276,290 -23.3 0.06% 10,963,1

Andrew Tak Shing Lo Senior Managing Director and Head of Invesco AsiaPacific

239,861 4.26 0.06% 9,517,6

Philip A. Taylor Senior Managing Director and Head of the Americas 145,997 -52.43 0.03% 5,793,1

Rex D. Adams Chairman of the Board and Presiding Director 67,974 7.71 0.02% 2,697,2

Roderick Ellis Group Controller and Chief Accounting Officer 62,339 -23.84 0.01% 2,473,6

Denis Kessler Independent Director 32,337 10.76 0.01% 1,283,1

Joseph R. Canion Independent Director 32,190 10.81 0.01% 1,277,2

Edward P. Lawrence Independent Director 30,590 11.44 0.01% 1,213,8John Banham Independent Director 20,112 -3.98 0% 798,0

Ben F. Johnson Independent Director 20,093 18.53 0% 797,2

Phoebe A. Wood Independent Director 17,260 25.74 0% 684,8

C. Robert Henrikson Independent Director 8,071 63.71 0% 320,2

J. Thomas Presby Independent Director 1,869 -31.49 0% 74,1

G. Richard Wagoner Independent Director 1,722 0 0% 68,3

All Key Insiders 3,487,633 13.2% 0.79% 138,389,2

* Based on IVZ Last Close Price: 39.68 10/30/2014 4:00:00 PM EST.





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Insiders

Key Executive

Karen Dunn Kelley, 53

Senior Managing Director, InvestmentsSince:2011

Karen Dunn Kelley (53) has served as senior managing director, Investments, since 2011. Ms. Dunn Kelle

joined Invesco in 1989 as a money market portfolio manager. In 1992, she was named chief money mark

and government officer. In April 2007, she was named head of Invesco's newly combined fixed income acash management teams. Ms. Dunn Kelley has been in the investment business since 1982 and began h

career at Drexel Burnham Lambert on the Fixed Income High Grade Retail Desk. Ms. Dunn Kelley

graduated with a B.S. from Villanova University College of Commerce and Finance.

Martin L. Flanagan, 53

Director, President and Chief Executive OfficerSince:2005

Martin Flanagan (53) has been a director and President and Chief Executive Officer of Invesco since

August 2005. He is also a trustee and vice-chairman of the Invesco Family of Funds. Mr. Flanagan joined

Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from Janua

2004 to July 2005. Previously he had been Franklin's co-president from May 2003 to January 2004, chief

operating officer and chief financial officer from November 1999 to May 2003, and senior vice president

and chief financial officer from 1993 until November 1999. Mr. Flanagan served as director, executive vic

president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by

Franklin in 1992. Before joining Templeton in 1983, he worked with Arthur Andersen & Co. Mr. Flanaganreceived a B.A. and BBA from Southern Methodist University (SMU). He is a CFA charterholder and a

certified public accountant. He serves on the Board of Governors and as a member of the Executive

Committee for the Investment Company Institute, and is a former chairman. He also serves as a member

the executive board at the SMU Cox School of Business and a member of various civic organizations in

Atlanta.

Kevin M. Carome, 57

Company Secretary, Senior Managing Director and GeneralCounselSince:2003

Kevin Carome (57) has served as general counsel of our company since January 2006. Previously, he was

senior vice president and general counsel of Invesco's U.S. retail business from 2003 to 2005. Prior to

joining Invesco, Mr. Carome worked with Liberty Financial Companies, Inc. (LFC) in Boston where he was

senior vice president and general counsel from August 2000 through December 2001. He joined LFC in

1993 as associate general counsel and, from 1998 through 2000, was general counsel of certain of itsinvestment management subsidiaries. Mr. Carome began his career as an associate at Ropes & Gray in

Boston. He earned two degrees, a B.S. in political science and a J.D., f rom Boston College. He is a truste

of the U.S. Powershares ETFs and a director of ICI Mutual Insurance Company, the investment

management industry captive insurer.

Loren M. Starr, 52

Senior Managing Director and Chief Financial OfficerSince:2005

Loren Starr (52) has served as senior managing director and chief financial officer of our company since

October 2005. His current responsibilities include finance, accounting, investor relations and corporate

services. Previously, he served from 2001 to 2005 as senior vice president and chief financial officer of

Janus Capital Group Inc., after working as head of corporate finance from 1998 to 2001 at Putnam

Investments. Prior to these positions, Mr. Starr held senior corporate finance roles with Lehman Brothers

and Morgan Stanley & Co. He earned a B.A. in chemistry and B.S. in industrial engineering, from Columb

University, as well as an MBA from Columbia, and an M.S. in operations research from Carnegie MellonUniversity. Mr. Starr is a certified treasury professional. He is a past chairman of the Association for

Financial Professionals, and he currently serves on the boards of Georgia Leadership Institute for School

Improvement (GLISI), the Georgia Council for Economic Education (GCEE) and the Woodruff Arts Center.





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Insiders

Key ExecutiveG. Mark Armour, 60

Senior Managing Director and Head of EMEASince:2002

Mark Armour (60) has served as head of EMEA (which includes Europe, Middle East and Africa) since

February 2013. Previously, Mr. Armour served as senior managing director and head of Invesco

Institutional, a position he held since January 2007. Mr. Armour also has served as head of sales and

service for Invesco's institutional operations. He was chief executive officer of Invesco Australia from

September 2002 to July 2006. Prior to joining Invesco, Mr. Armour held significant leadership roles in the

funds management business in both Australia and Hong Kong. He previously served as chief investment

officer for ANZ Investments and spent almost 20 years with the National Mutual/AXA Australia Group,

where he was chief executive, Funds Management, from 1998 to 2000. Mr. Armour earned a bachelor of

economics from La Trobe University in Melbourne, Australia.

Colin D. Meadows, 43

Senior Managing Director and Chief Administrative OfficerSince:2006

Colin Meadows (43) has served as chief administrative officer of Invesco since May 2006 with

responsibility for business strategy, human resources, and communications. In September 2008 he

expanded his role with responsibilities for operations and technology. Mr. Meadows came to Invesco fro

GE Consumer Finance where he was senior vice president of business development and mergers and

acquisitions. Prior to that role, he served as senior vice president of strategic planning and technology atWells Fargo Bank. From 1996 to 2003, Mr. Meadows was an associate principal with McKinsey &

ivz morningstar

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