CORRECTED-UPDATE 1-Invesco profit down 22 percent in fourth quarter
(Corrects year-ago net income, net income per share and percent change in headline, bullet, 1st and 5th grafs)
* Q4 EPS 35 cents vs 44 cents year ago
* Adjusted EPS 45 cents vs Wall Street view 47 cents
* Customer net inflow totaled $1 billion
Jan 31 (Reuters) - Money manager Invesco Ltd, which runs the Powershares brand of exchange-traded funds, said its fourth-quarter profit slipped 22 percent as the firm gathered less new money from customers than in prior quarters.
Customers added a net $1 billion to Invesco's funds and accounts during the quarter, down 91 percent from the prior period and 83 percent from the fourth quarter of 2011, Invesco said in a statement on Thursday.
Assets under management at Atlanta-based Invesco totaled $687.7 billion, up 0.7 percent during the quarter.
Invesco was not alone in seeing slowing flows amid investor confusion in the fourth quarter. Competitors T. Rowe Price Group and Janus Capital Group have reported fourth quarter net outflows from their customers.
Net income totaled $158.7 million, or 35 cents per share, in the fourth quarter compared with $202.3 million, or 44 cents per share, in the same period a year earlier, Invesco said.
Analysts on average had expected net income per share excluding items of 47 cents per share, according to Thomson Reuters I/B/E/S. On that basis, Invesco earned 45 cents.
Shares of Invesco lost 5 cents, or 0.2 percent, to close at $28.28 on the New York Stock Exchange on Wednesday. The shares have gained 8.4 percent so far this year, beating the 5.3 percent gain of the Standard & Poor's 500 Index. (Reporting by Aaron Pressman; Editing by Gerald E. McCormick and Grant McCool)
- Insight: How U.S. spying cost Boeing multibillion-dollar jet contract
- Exclusive: Secret contract tied NSA and security industry pioneer |
- With Fed out of the way, what's next on Wall Street?
- Yemeni al Qaeda says attack on hospital was mistake
- Insight: For Chinese farmers, a rare welcome in Russia's Far East