Invesco Reports Results for the Three Months Ended June 30, 2025

______________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Summary of net flows (in billions)

Q2-25

Q1-25

Q2-24

Active

$         3.8

$         1.5

$         2.3

Passive

11.8

16.1

14.4

Net long-term flows

15.6

17.6

16.7

Non-management fee earning AUM

2.8

5.0

6.6

Money market

(3.2)

10.0

4.9

Total net flows

$       15.2

$       32.6

$       28.2

Annualized long-term organic growth rate ⁽¹⁾

4.7 %

5.3 %

5.6 %

(1)

Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.

Second Quarter Highlights:

Financial Results

Q2-25

Q1-25

Q2-25 vs.
Q1-25

Q2-24

Q2-25 vs.
Q2-24

U.S. GAAP Financial Measures

Operating revenues

$1,515.5m

$1,529.2m

(0.9) %

$1,483.3m

2.2 %

Operating income

    $214.2m

    $277.3m

(22.8) %

    $206.8m

3.6 %

Operating margin

14.1 %

18.1 %

13.9 %

Net income/(loss) attributable to Invesco Ltd.

     ($12.5m)

    $171.1m

N/A

    $132.2m

N/A

Diluted EPS

($0.03)

$0.38

N/A

$0.29

N/A

Adjusted Financial Measures ⁽¹⁾

Net revenues

$1,104.6m

$1,108.7m

(0.4) %

$1,085.8m

1.7 %

Adjusted operating income

    $344.4m

    $349.5m

(1.5) %

    $335.3m

2.7 %

Adjusted operating margin

31.2 %

31.5 %

30.9 %

Adjusted net income attributable to Invesco Ltd.

    $165.2m

    $200.5m

(17.6) %

    $196.2m

(15.8) %

Adjusted diluted EPS

$0.36

$0.44

(18.2) %

$0.43

(16.3) %

Assets Under Management

Ending AUM

$2,001.4bn

$1,844.8bn

8.5 %

$1,715.8bn

16.6 %

Average AUM

$1,897.4bn

$1,880.8bn

0.9 %

$1,669.3bn

13.7 %

Headcount

8,407

8,495

(1.0) %

8,536

(1.5) %

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

___________________________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Greg Ketron

Jennifer Church

Andrea Raphael

404-724-4299

404-439-3428

212-323-4202

Invesco Ltd.

U.S. GAAP Condensed Consolidated Income Statements

(Unaudited, in millions, other than per share amounts)

Q2-25

Q1-25

% Change

Q2-24

% Change

Operating revenues:

Investment management fees

$    1,100.9

$    1,100.3

0.1 %

$    1,065.8

3.3 %

Service and distribution fees

363.8

370.9

(1.9) %

361.6

0.6 %

Performance fees

2.6

3.5

(25.7) %

8.7

(70.1) %

Other

48.2

54.5

(11.6) %

47.2

2.1 %

Total operating revenues

1,515.5

1,529.2

(0.9) %

1,483.3

2.2 %

Operating expenses:

Third-party distribution, service and advisory

500.7

509.0

(1.6) %

495.4

1.1 %

Employee compensation

510.4

464.6

9.9 %

452.3

12.8 %

Marketing

23.1

17.0

35.9 %

20.6

12.1 %

Property, office and technology

118.2

113.9

3.8 %

116.4

1.5 %

General and administrative

139.2

137.3

1.4 %

180.4

(22.8) %

Amortization of intangible assets

9.7

10.1

(4.0) %

11.4

(14.9) %

Total operating expenses

1,301.3

1,251.9

3.9 %

1,276.5

1.9 %

Operating income

214.2

277.3

(22.8) %

206.8

3.6 %

Other income/(expense):

Equity in earnings of unconsolidated affiliates

25.0

19.6

27.6 %

13.9

79.9 %

Interest and dividend income

10.5

11.3

(7.1) %

11.0

(4.5) %

Interest expense

(20.7)

(13.1)

58.0 %

(16.3)

27.0 %

Other gains/(losses), net

59.7

(24.3)

N/A

3.6

1,558.3 %

Other income/(expense) of CIP, net

(14.3)

74.1

N/A

40.9

N/A

Income before income taxes

274.4

344.9

(20.4) %

259.9

5.6 %

Income tax provision

(77.0)

(77.6)

(0.8) %

(64.0)

20.3 %

Net income

197.4

267.3

(26.2) %

195.9

0.8 %

Net (income)/loss attributable to noncontrolling interests in consolidated entities

6.0

(37.0)

N/A

(4.5)

N/A

Less: Dividends declared on preferred shares

(56.6)

(59.2)

(4.4) %

(59.2)

(4.4) %

Less: Cost of preferred share repurchase

(159.3)

—

N/A

—

N/A

Net income/(loss) attributable to Invesco Ltd.

$        (12.5)

$        171.1

N/A

$        132.2

N/A

Earnings per common share:

---basic

($0.03)

$0.38

N/A

$0.29

N/A

---diluted

($0.03)

$0.38

N/A

$0.29

N/A

Average common shares outstanding:

---basic

453.8

452.9

0.2 %

455.5

(0.4) %

---diluted

455.2

454.0

0.3 %

456.1

(0.2) %

(in millions)

Q2-25

Q1-25

Q2-24

Operating revenues, U.S. GAAP basis

$       1,515.5

$       1,529.2

$       1,483.3

Revenue adjustments ⁽¹⁾

Investment management fees

(211.8)

(209.0)

(203.8)

Service and distribution fees

(252.7)

(259.6)

(253.5)

Other

(36.2)

(40.4)

(38.1)

Total revenue adjustments

(500.7)

(509.0)

(495.4)

Invesco Great Wall ⁽²⁾

79.2

78.2

86.1

CIP ⁽³⁾

10.6

10.3

11.8

Net revenues

$       1,104.6

$       1,108.7

$       1,085.8

(in millions)

Q2-25

Q1-25

Q2-24

Operating income, U.S. GAAP basis

$       214.2

$       277.3

$       206.8

Invesco Great Wall ⁽²⁾

49.9

40.3

44.3

CIP ⁽³⁾

15.9

21.5

15.7

Amortization of intangible assets ⁽⁴⁾

9.7

10.1

11.4

Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾

29.8

0.3

7.1

Severance ⁽⁶⁾

16.9

—

—

Software impairment ⁽⁷⁾

8.0

—

—

General and administrative ⁽⁸⁾

—

—

50.0

Adjusted operating income

$       344.4

$       349.5

$       335.3

Operating margin ⁽⁹⁾

14.1 %

18.1 %

13.9 %

Adjusted operating margin ⁽¹⁰⁾

31.2 %

31.5 %

30.9 %

(in millions)

Q2-25

Q1-25

Q2-24

Net income/(loss) attributable to Invesco Ltd., U.S. GAAP basis

$           (12.5)

$           171.1

$          132.2

Adjustments (excluding tax):

Amortization of intangible assets ⁽⁴⁾

9.7

10.1

11.4

Deferred compensation net market valuation changes ⁽⁵⁾

(19.0)

20.1

5.3

Severance ⁽⁶⁾

16.9

—

—

Software impairment ⁽⁷⁾

8.0

—

—

General and administrative ⁽⁸⁾

—

—

50.0

Total adjustments excluding tax

$             15.6

$             30.2

$             66.7

Tax adjustment for amortization of intangible assets and goodwill ⁽¹¹⁾

4.0

4.1

4.4

Other tax effects of adjustments above

(1.2)

(4.9)

(7.1)

Cost of preferred stock repurchase ⁽¹²⁾

159.3

—

—

Adjusted net income attributable to Invesco Ltd.

$           165.2

$           200.5

$          196.2

Average common shares outstanding - diluted

455.2

454.0

456.1

Diluted EPS

($0.03)

$0.38

$0.29

Adjusted diluted EPS ⁽¹³⁾

$0.36

$0.44

$0.43

(in millions)

Q2-25

Q1-25

Q2-24

Operating expenses, U.S. GAAP basis

$       1,301.3

$       1,251.9

$       1,276.5

Invesco Great Wall ⁽²⁾

29.3

37.9

41.8

Third-party distribution, service and advisory expenses

(500.7)

(509.0)

(495.4)

CIP ⁽³⁾

(5.3)

(11.2)

(3.9)

Amortization of intangible assets ⁽⁴⁾

(9.7)

(10.1)

(11.4)

Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾

(29.8)

(0.3)

(7.1)

Severance ⁽⁶⁾

(16.9)

—

—

Software impairment ⁽⁷⁾

(8.0)

—

—

General and administrative ⁽⁸⁾

—

—

(50.0)

Adjusted operating expenses

$           760.2

$          759.2

$          750.5

Employee compensation, U.S. GAAP basis

$           510.4

$          464.6

$          452.3

Invesco Great Wall ⁽²⁾

17.2

26.0

30.8

Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾

(29.8)

(0.3)

(7.1)

Severance ⁽⁶⁾

(16.9)

—

—

Adjusted employee compensation

$           480.9

$          490.3

$          476.0

Marketing, U.S. GAAP basis

$             23.1

$             17.0

$             20.6

Invesco Great Wall ⁽²⁾

3.2

3.0

2.2

Adjusted marketing

$             26.3

$             20.0

$             22.8

Property, office and technology, U.S. GAAP basis

$           118.2

$          113.9

$          116.4

Invesco Great Wall ⁽²⁾

4.3

4.2

4.5

Software impairment ⁽⁷⁾

(8.0)

—

—

Adjusted property, office and technology

$           114.5

$          118.1

$          120.9

General and administrative, U.S. GAAP basis

$           139.2

$          137.3

$          180.4

Invesco Great Wall ⁽²⁾

4.6

4.7

4.3

CIP ⁽³⁾

(5.3)

(11.2)

(3.9)

Regulatory matters ⁽⁸⁾

—

—

(50.0)

Adjusted general and administrative

$           138.5

$          130.8

$          130.8

Amortization of intangible assets, U.S. GAAP basis

$               9.7

$             10.1

$             11.4

Amortization of intangible assets ⁽⁴⁾

(9.7)

(10.1)

(11.4)

Adjusted amortization of intangible assets

$                 —

$                —

$                —

(1)

Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company's managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco's own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.

Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.

(2)

Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company's non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.

(3)

CIP: The company believes that the CIP may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).

(4)

Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.

(5)

Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to  remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.

(6)

Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. The company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar reorganization related charges.

(7)

Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed the expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS as this will aid comparability of our results period to period.

(8)

General and administrative: In 2024, the company removed the expense related to the settlement of regulatory matters. Due to the non-recurring nature of this item, the company removed the expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.

(9)

Operating margin is equal to Operating income divided by Operating revenues.

(10)

Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.

(11)

Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.

(12)

Cost of preferred stock repurchase: In the second quarter of 2025, the company repurchased $1.0 billion of the company's outstanding Series A Preferred Stock held by MassMutual. The company removed the cost associated with the repurchase from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar repurchase related charges.

(13)

Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.

Invesco Ltd.

 Assets Under Management

Three Months Ended

Six Months Ended

(in billions)

June 30, 2025

March 31, 2025

% Change

June 30, 2024

June 30, 2025

June 30, 2024

% Change

Beginning Assets

$1,844.8

$1,846.0

(0.1) %

$1,662.7

$1,846.0

$1,585.3

16.4 %

Long-term inflows

118.7

122.0

(2.7) %

97.8

240.7

178.1

35.1 %

Long-term outflows

(103.1)

(104.4)

(1.2) %

(81.1)

(207.5)

(155.1)

33.8 %

Net long-term flows

15.6

17.6

(11.4) %

16.7

33.2

23.0

44.3 %

Net flows in non-management fee earning AUM ^(a)

2.8

5.0

(44.0) %

6.6

7.8

16.1

(51.6) %

Net flows in money market funds

(3.2)

10.0

N/A

4.9

6.8

5.6

21.4 %

Total net flows

15.2

32.6

(53.4) %

28.2

47.8

44.7

6.9 %

Reinvested distributions

1.0

1.0

— %

1.4

2.0

2.5

(20.0) %

Market gains and losses

126.4

(42.2)

N/A

27.4

84.2

95.4

(11.7) %

Foreign currency translation

14.0

7.4

89.2 %

(3.9)

21.4

(12.1)

N/A

Ending Assets

$2,001.4

$1,844.8

8.5 %

$1,715.8

$2,001.4

$1,715.8

16.6 %

Ending long-term AUM

$1,415.3

$1,311.2

7.9 %

$1,221.7

$1,415.3

$1,221.7

15.8 %

Average long-term AUM

$1,343.8

$1,326.8

1.3 %

$1,200.5

$1,335.3

$1,182.3

12.9 %

Average AUM

$1,897.4

$1,880.8

0.9 %

$1,669.3

$1,889.1

$1,641.2

15.1 %

Average QQQ AUM

$319.2

$320.0

(0.3) %

$263.8

$319.6

$255.0

25.3 %

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By investment approach: (in billions)

Active^(k)

Passive^(k)

Active^(k)

Passive^(k)

Beginning Assets

$1,041.3

$803.5

$1,026.5

$819.5

Long-term inflows 

59.6

59.1

120.2

120.5

Long-term outflows

(55.8)

(47.3)

(114.9)

(92.6)

Net long-term flows

3.8

11.8

5.3

27.9

Net flows in non-management fee earning AUM ^(a)

—

2.8

—

7.8

Net flows in money market funds

(3.2)

—

6.8

—

Total net flows

0.6

14.6

12.1

35.7

Reinvested distributions

1.0

—

2.0

—

Market gains and losses

33.4

93.0

29.3

54.9

Foreign currency translation

11.2

2.8

17.6

3.8

Ending Assets

$1,087.5

$913.9

$1,087.5

$913.9

Average AUM

$1,053.9

$843.5

$1,048.5

$840.6

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By channel: (in billions)

Retail

Institutional

Retail

Institutional

Beginning Assets

$1,237.2

$607.6

$1,265.6

$580.4

Long-term inflows

85.2

33.5

171.6

69.1

Long-term outflows

(76.1)

(27.0)

(150.6)

(56.9)

Net long-term flows

9.1

6.5

21.0

12.2

Net flows in non-management fee earning AUM ^(a)

3.2

(0.4)

8.6

(0.8)

Net flows in money market funds

(0.9)

(2.3)

2.9

3.9

Total net flows

11.4

3.8

32.5

15.3

Reinvested distributions

0.9

0.1

1.9

0.1

Market gains and losses

115.4

11.0

71.8

12.4

Transfer

—

—

(9.5)

9.5

Foreign currency translation

5.8

8.2

8.4

13.0

Ending Assets

$1,370.7

$630.7

$1,370.7

$630.7

See the footnotes immediately following these tables.

Invesco Ltd.

Assets Under Management (continued)

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By client domicile: (in billions)

Americas

Asia Pacific

EMEA

Americas

Asia Pacific

EMEA

Beginning Assets

$1,293.6

$275.5

$275.7

$1,315.5

$270.2

$260.3

Long-term inflows

60.0

35.9

22.8

119.0

69.7

52.0

Long-term outflows

(60.8)

(26.1)

(16.2)

(116.8)

(60.3)

(30.4)

Net long-term flows

(0.8)

9.8

6.6

2.2

9.4

21.6

Net flows in non-management fee earning AUM ^(a)

2.7

0.7

(0.6)

11.6

1.7

(5.5)

Net flows in money market funds

(3.2)

0.8

(0.8)

5.2

2.4

(0.8)

Total net flows

(1.3)

11.3

5.2

19.0

13.5

15.3

Reinvested distributions

0.8

—

0.2

1.8

—

0.2

Market gains and losses

101.9

5.1

19.4

58.5

4.2

21.5

Foreign currency translation

1.5

5.2

7.3

1.7

9.2

10.5

Ending Assets

$1,396.5

$297.1

$307.8

$1,396.5

$297.1

$307.8

Three Months Ended June 30, 2025

By investment capability ^(b): (in billions)

ETFs and
Index ^(c)

Fundamental
Fixed Income ^(d)

Fundamental
Equities ^(e)

Private
Markets ^(f)

China JV &
India ^(g)

Multi-
Asset/Other
^(h)

Global
Liquidity ⁽ⁱ⁾

QQQ ^(j)

Beginning Assets

$491.0

$291.9

$262.8

$131.3

$111.0

$59.4

$200.2

$297.2

Long-term inflows

47.7

23.9

11.7

7.5

24.6

3.3

—

—

Long-term outflows

(35.1)

(21.1)

(15.3)

(9.8)

(19.0)

(2.8)

—

—

Net long-term flows

12.6

2.8

(3.6)

(2.3)

5.6

0.5

—

—

Net flows in non-management fee earning AUM ^(a)

—

—

—

—

—

(0.3)

—

3.1

Net flows in money market funds

—

—

—

—

0.7

—

(3.9)

—

Total net flows

12.6

2.8

(3.6)

(2.3)

6.3

0.2

(3.9)

3.1

Reinvested distributions

—

0.5

0.2

0.2

—

0.1

—

—

Market gains and losses

40.6

2.9

26.0

0.2

1.6

2.8

(0.1)

52.4

Foreign currency translation

2.7

3.5

2.9

1.8

1.3

1.6

0.2

—

Ending Assets

$546.9

$301.6

$288.3

$131.2

$120.2

$64.1

$196.4

$352.7

Average AUM

$509.7

$297.5

$268.9

$129.3

$113.7

$61.5

$197.6

$319.2

Six Months Ended June 30, 2025

By investment capability ^(b): (in billions)

ETFs and
Index ^(c)

Fundamental
Fixed Income ^(d)

Fundamental
Equities ^(e)

Private
Markets ^(f)

China JV &
India ^(g)

Multi-
Asset/Other
^(h)

Global
Liquidity ⁽ⁱ⁾

QQQ ^(j)

Beginning Assets

$484.9

$279.1

$276.7

$129.6

$106.3

$59.1

$191.4

$318.9

Long-term inflows

99.8

47.6

23.2

15.4

48.8

5.9

—

—

Long-term outflows

(70.9)

(36.8)

(33.8)

(18.5)

(41.0)

(6.5)

—

—

Net long-term flows

28.9

10.8

(10.6)

(3.1)

7.8

(0.6)

—

—

Net flows in non-management fee earning AUM ^(a)

—

—

—

—

—

(0.4)

—

8.2

Net flows in money market funds

—

—

—

—

2.2

—

4.6

—

Total net flows

28.9

10.8

(10.6)

(3.1)

10.0

(1.0)

4.6

8.2

Reinvested distributions

—

1.0

0.4

0.4

—

0.1

0.1

—

Market gains and losses

29.7

4.6

17.2

1.5

2.1

3.5

—

25.6

Foreign currency translation

3.4

6.1

4.6

2.8

1.8

2.4

0.3

—

Ending Assets

$546.9

$301.6

$288.3

$131.2

$120.2

$64.1

$196.4

$352.7

Average AUM

$505.6

$290.8

$272.7

$130.9

$110.8

$60.7

$198.0

$319.6

See the footnotes immediately following these tables.

Invesco Ltd.

Assets Under Management - Active ^(k)

Three Months Ended

Six Months Ended

(in billions)

June 30, 2025

March 31, 2025

% Change

June 30, 2024

June 30, 2025

June 30, 2024

% Change

Beginning Assets

$      1,041.3

$      1,026.5

1.4 %

$         995.7

$      1,026.5

$         985.3

4.2 %

Long-term inflows

59.6

60.6

(1.7) %

49.7

120.2

92.1

30.5 %

Long-term outflows

(55.8)

(59.1)

(5.6) %

(47.4)

(114.9)

(96.9)

18.6 %

Net long-term flows

3.8

1.5

153.3 %

2.3

5.3

(4.8)

N/A

Net flows in money market funds

(3.2)

10.0

N/A

4.9

6.8

5.6

21.4 %

Total net flows

0.6

11.5

(94.8) %

7.2

12.1

0.8

1,412.5 %

Reinvested distributions

1.0

1.0

— %

1.4

2.0

2.5

(20.0) %

Market gains and losses

33.4

(4.1)

N/A

2.9

29.3

25.4

15.4 %

Foreign currency translation

11.2

6.4

75.0 %

(3.9)

17.6

(10.7)

N/A

Ending Assets

$      1,087.5

$      1,041.3

4.4 %

$      1,003.3

$      1,087.5

$      1,003.3

8.4 %

Average long-term AUM

$         829.1

$         818.8

1.3 %

$         798.9

$         823.9

$         793.3

3.9 %

Average AUM

$      1,053.9

$      1,043.1

1.0 %

$         994.6

$      1,048.5

$         987.8

6.1 %

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By channel: (in billions)

Retail

Institutional

Retail

Institutional

Beginning Assets

$513.6

$527.7

$517.5

$509.0

Long-term inflows

30.9

28.7

62.5

57.7

Long-term outflows

(34.2)

(21.6)

(68.1)

(46.8)

Net long-term flows

(3.3)

7.1

(5.6)

10.9

Net flows in money market funds

(0.9)

(2.3)

2.9

3.9

Total net flows

(4.2)

4.8

(2.7)

14.8

Reinvested distributions

0.9

0.1

1.9

0.1

Market gains and losses

28.6

4.8

21.1

8.2

Transfer

—

—

(0.8)

0.8

Foreign currency translation

4.1

7.1

6.0

11.6

Ending Assets

$543.0

$544.5

$543.0

$544.5