Invesco profits push up dividend

FUND manager Invesco yesterday announced that profits were up nine per cent for the first-quarter, bolstered by new business and rising stock markets.

Net income at the American firm was $193.9m (£119m), up from $177.5m for the same period a year earlier.

Investors – who have already seen shares gain 22 per cent so far this year – cheered again as the firm confirmed it would increase the dividend by 41 per cent.

“Reflecting our third consecutive year of strong long-term net flows and continued confidence in our business, we are raising our quarterly dividend to 17.25 cents per share,” said Martin L. Flanagan, chief executive of Invesco.

“During the first quarter, growth was driven by continued strong client interest in our balanced risk allocation and real estate capabilities and exchange traded funds,” he added.

Total assets under management at the Atlanta-based company were $672.8bn on 31 March, five per cent higher than a year before.

Invesco achieved strong growth in its third party management business, as revenues hit $319.1m in the first quarter of 2012 against $304m in the last quarter of 2011.