JSM Financial: Money management firm Invesco Ltd’s first quarter profit more than triples.

April 28, 2010 - PRLog -- Atlanta, Georgia headquartered investment management firm Invesco announced recently that its first quarter net income tripled, JSM Financial sources show, as the market’s year-long rebound boosted assets under management, and its shares saw an increase of over 8%.

The firm’s net income rose to $95 million or 21 cents per share from last year’s $31 million or 8 cents per share.

According to the company profit excluding certain costs grew to 27 cents a share from the previous year’s 11 cents. Analysts had, JSM Financial research indicates, predicted 26 cents per share.

The firm’s CEO Martin Flanagan said that the company intended completing its acquisition of Morgan Stanley’s mutual fund unit on June 1. Invesco agreed to acquire the unit managing $123 billion in October for $1.5 billion.

The Morgan Stanley acquisition is expected to add around 17 cents a share to the firm’s earnings in the first year and about 19 cents the following year, JSM Financial understands, excluding amortization and integration costs.

At the end of the first quarter Invesco’s assets under management totaled $419.6 billion, slightly lower than the $423.1 billion at the end of the last quarter of 2009.

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