Here are 1-3 brief analogies to describe Invesco (IVZ):

• A global asset manager similar to BlackRock or Vanguard.
• The independent fund management division of a company like Fidelity or Charles Schwab.

• Mutual Funds: Actively and passively managed pooled investment vehicles that invest in a diversified portfolio of securities.
• Exchange-Traded Funds (ETFs): Investment funds traded on stock exchanges, offering diversified exposure to various asset classes, sectors, and strategies.
• Separately Managed Accounts (SMAs): Customizable investment portfolios managed by Invesco on behalf of individual or institutional clients.
• Alternative Investments: Access to non-traditional asset classes such as private equity, real estate, hedge funds, and private credit for diversification and enhanced returns.
• Unit Investment Trusts (UITs): Fixed portfolios of securities that terminate on a specified date, offering a defined investment strategy.

Invesco (IVZ) Major Customers

Invesco (IVZ) is a global independent investment management firm that serves a diverse client base. As of late 2023, Invesco's Assets Under Management (AUM) were nearly equally split between institutional clients and retail clients. Therefore, it does not primarily sell to one category over the other, but rather maintains a balanced client portfolio across both segments. Given this balanced client base, the major customers can be broadly categorized as follows:

Institutional Customers (Other Companies)

These are large organizations and entities for which Invesco manages investment portfolios. While specific customer names are typically not publicly disclosed due to confidentiality agreements, these generally include:

• Corporate and public pension funds
• Endowments and foundations
• Sovereign wealth funds
• Other financial institutions (e.g., insurance companies, banks)
• Corporations seeking investment management for their assets

Retail Customers (Individuals - Categories)

Invesco serves millions of individual investors, often through financial advisors, broker-dealers, or direct platforms. These individuals typically fall into the following categories based on their financial goals:

• Individuals Saving for Retirement: This is a vast category encompassing clients investing in employer-sponsored plans (like 401(k)s), Individual Retirement Accounts (IRAs), and other personal retirement vehicles. Their primary focus is on long-term capital appreciation and income generation to fund their post-employment lives.
• High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHNWIs): These affluent individuals typically have more complex financial needs and larger portfolios. They often require tailored investment strategies, sophisticated wealth management services, and access to a broader range of asset classes and specialized investment products.
• Individuals Saving for Specific Financial Goals: This category includes investors with distinct, often mid-term, objectives such as funding education (e.g., through 529 plans), purchasing real estate, or other significant life milestones. They seek appropriate investment products and strategies with varying time horizons and risk tolerances to achieve these specific goals.

• State Street Corporation (NYSE: STT)
• The Bank of New York Mellon Corporation (NYSE: BK)
• FactSet Research Systems Inc. (NYSE: FDS)
• Amazon.com, Inc. (NASDAQ: AMZN)
• Microsoft Corporation (NASDAQ: MSFT)

Andrew Schlossberg, President and Chief Executive Officer

Andrew Schlossberg has been President and Chief Executive Officer of Invesco since June 2023, and a member of its Board. He has worked in the asset management industry since 1996, joining Invesco in 2001. During his tenure at Invesco, he has held numerous leadership roles including Senior Managing Director and Head of the Americas, Senior Managing Director and Head of EMEA (Europe, the Middle East and Africa), Head of US Retail Distribution and Global Exchange-Traded Funds, US Chief Marketing Officer, and Head of Global Corporate Development. Before joining Invesco, he worked with Citigroup Asset Management and its predecessors from 1996 to 2000.

Allison Dukes, Senior Managing Director and Chief Financial Officer

Allison Dukes has served as Senior Managing Director and Chief Financial Officer of Invesco since August 2020. In this role, she leads all global corporate finance functions. Prior to joining Invesco, Ms. Dukes was the Chief Financial Officer at SunTrust Banks, Inc. from 2018 to 2019, where she played a key role in structuring the merger of equals with BB&T Corporation, which is now Truist Financial Corporation. Over her 20 years at SunTrust, she held various leadership positions including Head of Commercial & Business Banking, President and Chief Executive Officer of the Atlanta Division, Co-Head of Private Wealth Management, and Managing Director and Head of Syndicated Finance Originations for SunTrust Robinson Humphrey.

Douglas Sharp, Senior Managing Director and Head of the Americas and EMEA and Chair of the Board of Invesco UK

Douglas Sharp serves as Senior Managing Director and Head of the Americas and EMEA, and Chair of the Board of Invesco UK. He holds an MBA, a master's degree in accounting, and a BA degree in economics.

Andrew Lo, Senior Managing Director and Head of Asia Pacific

Andrew Lo has been a Senior Managing Director and Chief Executive Officer of Invesco Asia-Pacific since 2001. He joined Invesco as Managing Director at Invesco Asia in 1994. Prior to that, he began his career as a Credit Analyst at Chase Manhattan Bank in 1984, became Vice President of the Investment Management Group at Citicorp in 1988, and was Managing Director at Capital House Asia from 1990 to 1994.

Stephanie Butcher, Senior Managing Director and Co-Head of Investments

Stephanie Butcher is a Senior Managing Director and Co-Head of Investments at Invesco. She holds an MA (Cantab).

The key risks to Invesco's business (IVZ) are primarily related to market dynamics, intense competition, and investment performance.

1. Market Dynamics and Fluctuations in Assets Under Management (AUM): Invesco's revenues and net income are highly susceptible to changes in global or regional capital and credit markets, economic downturns, and overall market volatility. Adverse market conditions and shifts in investor confidence can lead to declines in asset values and significant client redemptions, directly impacting the firm's AUM and, consequently, its management fees and profitability.
2. Fee Pressure and Intense Competition: The asset management industry faces significant competitive pressures, including increased competition from passive investment strategies such as Exchange Traded Funds (ETFs) and robo-advisors. This environment often leads to fee erosion and reduced demand for higher-fee active funds, challenging Invesco's traditional business model and impacting its margins and revenue generation.
3. Investment Performance Risk: Poor investment performance, whether on an absolute basis or relative to third-party benchmarks and competitor products, can lead to a decrease in sales of Invesco's products, increased client redemptions, and the termination of investment management agreements. This ultimately reduces the overall level of AUM and negatively affects management fees and net income.

Invesco (symbol: IVZ) operates within the global investment management industry, offering a diverse range of products and services. The addressable markets for its main offerings, based on assets under management (AUM), are substantial globally.

Addressable Markets for Invesco's Main Products and Services:

• Global Mutual Funds: The global open-end mutual fund assets were approximately $69.0 trillion at the end of 2023. This market is projected to grow significantly, with some estimates suggesting it could reach around $95.82 trillion by 2034.
• Global Exchange-Traded Funds (ETFs): The global ETF market had assets under management of approximately $13 trillion as of May 2024. This market is projected to reach $20 trillion by 2028 and could potentially reach $108.2 trillion by 2031.
• Global Alternative Investments: The global alternative investments market was valued at $22 trillion in assets under management as of January 2024. This market is projected to exceed $30 trillion by 2030, growing from $16.8 trillion at the end of 2023. Other projections suggest it will reach $25.8 trillion by 2032 or $26.4 trillion in 2025.

Share Repurchases

• Invesco repurchased approximately $644 million of common stock from Q1 2021 through Q2 2025.
• During Q2 2025, the company repurchased 1.7 million common shares for $25 million.
• In October 2025, the board approved a $125 million increase to the existing share repurchase program, bringing the total authorization to $250 million.

Share Issuance

• Invesco's shares outstanding were 0.455 billion for the quarter ending September 30, 2025, representing a 0.22% decline year-over-year, following a 0.33% increase in 2024 and declines in 2023 and 2022.
• The 2005 Global Equity Incentive Plan, as amended in July 2024, authorizes the issuance of up to 21.2 million shares.
• The 2010 Global Equity Incentive Plan (GEIP ST) authorizes the issuance of up to 8.5 million shares, specifically for employment inducement awards.

Outbound Investments

• For the first nine months of 2024, Invesco's European real estate business conducted approximately $2 billion in acquisitions, marking its highest acquisition activity in Europe in five years.
• These 2024 European real estate acquisitions primarily targeted the logistics sector (approximately 57%) and the hotel and residential sectors (35%).
• Invesco's 2025 strategic plan aims to expand private markets capabilities through acquisitions or partnerships, targeting $5 billion in private market Assets Under Management (AUM).