Think of Invesco as a BlackRock or Fidelity, an investment manager offering a broad array of mutual funds, ETFs, and customized portfolios for diverse clients.

It's akin to a Vanguard or T. Rowe Price, but managing global investments across equities, fixed income, and alternative markets for individuals and institutions.

• Portfolio Management (Separate Accounts): Manages customized equity and fixed income portfolios for individual and institutional clients.
• Mutual Funds: Offers a range of pooled investment vehicles across equity, fixed income, commodity, multi-asset, and balanced strategies.
• Exchange-Traded Funds (ETFs): Provides publicly traded funds that invest in various asset classes including equity, fixed income, multi-asset, and balanced portfolios.
• Private Funds: Launches and manages private investment funds, typically for sophisticated investors.

Invesco (IVZ) serves a diverse client base, encompassing both individual and institutional investors. Based on the provided description, its major customer categories are:

• Retail Clients: These are individual investors seeking investment management services, mutual funds, and exchange-traded funds.
• High-Net Worth Clients: This category comprises individuals with substantial assets who require tailored investment portfolios and specialized financial advice.
• Institutional Clients: This broad category includes a wide array of organizations such as public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds. These clients typically have large pools of assets requiring professional management across various asset classes and investment strategies.

Andrew R. Schlossberg, President and Chief Executive Officer

Andrew R. Schlossberg has served as the President and Chief Executive Officer of Invesco and a member of its Board since June 2023. He has been with Invesco Ltd. since 2001, holding multiple leadership roles across the company's businesses and locations. Prior to his current role, he was Senior Managing Director and Head of the Americas from 2019 to 2023, overseeing the region and global exchange-traded funds business. From 2015 to 2019, he served as Senior Managing Director and Head of Europe, Middle East and Africa. His earlier roles included Head of US Retail Distribution and Global ETFs, US Chief Marketing Officer, and Head of Global Corporate Development. Before joining Invesco, Mr. Schlossberg began his career as an equity research analyst at Citigroup Asset Management and its predecessors from 1996 to 2000.

L. Allison Dukes, Senior Managing Director and Chief Financial Officer

Allison Dukes is Senior Managing Director and Chief Financial Officer (CFO) of Invesco, a role she assumed in 2020. She leads all global corporate finance functions, including strategic and financial planning, investor relations, accounting, corporate tax, and treasury. Before joining Invesco, Ms. Dukes was CFO at SunTrust Banks, Inc., where she played a key role in structuring the merger of equals with BB&T Corporation, now known as Truist Financial Corporation. Over her 20 years with SunTrust, she held various leadership positions such as head of commercial and business banking, president of the Atlanta division, co-head of private wealth management, and managing director and head of syndicated finance originations for SunTrust Robinson Humphrey. Ms. Dukes began her career at SunTrust in 1997, rejoining in 2002 after serving as finance director at Axiom Global, Inc.

Stephanie C. Butcher, Senior Managing Director, Co-Head of Investments

Stephanie C. Butcher serves as Senior Managing Director and Co-Head of Investments at Invesco.

Shannon Johnston, Senior Managing Director and Chief Information and Operations Officer

Shannon Johnston holds the position of Senior Managing Director and Chief Information and Operations Officer at Invesco.

Jeffrey H. Kupor, Senior Managing Director and General Counsel

Jeffrey H. Kupor is Senior Managing Director and General Counsel for Invesco.

Market Volatility and Economic Uncertainty: Invesco's financial performance is significantly susceptible to fluctuations in global capital and credit markets, as well as broader economic conditions. Market volatility can directly impact the level of assets under management (AUM), leading to adverse effects on revenues, net income, and liquidity. Geopolitical instability and sector-specific stresses can further exacerbate these impacts, potentially affecting the credit quality of Invesco's investment portfolio.

Competitive Pressures and Fee Compression: The investment management industry is characterized by intense competition and a persistent trend of fee compression. Invesco faces challenges from industry consolidation and increasing client demand for lower-cost investment options, particularly the shift towards passive investing strategies and exchange-traded funds (ETFs). This "race to zero" in passive investment fees, driven by larger competitors, can lead to client outflows from higher-fee active management products and reduce Invesco's net revenue yield.

Regulatory and Legal Risks: As a global investment manager, Invesco operates within a complex and evolving regulatory landscape across multiple jurisdictions. Changes in laws, new regulations, enforcement actions, or legal proceedings can adversely affect the company's reputation, AUM, and financial performance. Specific concerns include increased scrutiny around anti-money laundering (AML), environmental, social, and governance (ESG) disclosures, and data handling. Non-compliance with these regulations or significant data breaches could lead to substantial legal, financial, and reputational consequences.

Invesco Ltd. (IVZ) operates within a substantial global and regional investment management landscape across various product and service categories.

Addressable Markets for Invesco's Main Products and Services:

• Asset Management (Global): The global assets under management (AuM) for the asset and wealth management industry are projected to climb from US$139 trillion in 2024 to $200 trillion by 2030.
• Asset Management (U.S.): The United States asset management market size is projected to reach USD 125.98 trillion by 2031.
• Mutual Funds (Global): The global mutual fund assets market size, valued at approximately USD 67.48 trillion in 2022, is expected to reach USD 145.23 trillion by 2030.
• Mutual Funds (U.S.): Assets under management (AUM) in US mutual funds are forecast to grow to $38 trillion by 2030.
• Exchange-Traded Funds (ETFs) (Global): Assets invested in the global ETF industry reached a record of USD 19.85 trillion at the end of December 2025.
• Exchange-Traded Funds (ETFs) (U.S.): Assets invested in U.S. ETFs reached a record $14.28 trillion at the end of February 2026.
• Alternative Investments (Global): The global alternatives market's assets under management (AUM) are expected to reach $32 trillion by 2030, encompassing private equity, private credit, infrastructure, real estate, hedge funds, and natural resources. The global alternatives industry is also on course to exceed $30 trillion in AUM by 2030.

Invesco Ltd. (IVZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Continued Growth and Expansion of the ETF and Index Platform: Invesco consistently highlights its ETF and Index platform as a significant driver of organic flow growth and increasing Assets Under Management (AUM). Products like QQQM are notable contributors, and the company has been gaining market share in this segment.
2. Increase in Assets Under Management (AUM) Driven by Net Long-Term Inflows and Market Appreciation: A fundamental driver for Invesco's revenue is the growth in its overall AUM. This growth is fueled by both positive net long-term inflows from clients and favorable market conditions that lead to higher asset valuations.
3. Expansion in Private Markets and Alternative Investment Offerings: Invesco is strategically expanding its presence in alternative investment solutions, including private credit and real estate debt. The firm is also forming partnerships to capitalize on the growing investor demand for these less liquid asset classes.
4. Targeted Growth in Key International Markets: Geographical expansion, particularly in regions like Asia Pacific and EMEA, and the performance of the Greater China joint venture, are expected to contribute to revenue. Specific products, such as the Global Equity Income Fund in Japan, have demonstrated strong inflows.
5. Leveraging Strategic Initiatives and Product Innovation: Invesco's ongoing strategic business transformation aims to enhance operational efficiency and focus on high-opportunity areas. A notable example is the conversion of the Invesco QQQ Trust into an open-end ETF structure, which allows the company to generate additional revenue and profits from a substantial AUM base.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• In February 2026, Invesco's board approved a new 2025 Share Repurchase Plan, authorizing the repurchase of up to an additional $1.0 billion of common stock. This is in addition to the approximately $213.4 million remaining under the prior 2016 plan as of February 2026.
• In May 2025, Invesco repurchased $1.0 billion of its Series A Preferred Stock held by MassMutual, followed by an additional $500 million repurchase in December 2025.
• During the second quarter of 2025, the company repurchased 1.7 million common shares for $25 million in the open market.

Share Issuance

• Invesco's shares outstanding experienced minor fluctuations, with 0.455 billion shares in 2025 (a 0.59% decline from 2024), 0.458 billion shares in 2024 (a 0.33% increase from 2023), and 0.456 billion shares in 2023 (a 0.72% decline from 2022).

Outbound Investments

• In 2025, Invesco Real Estate closed on $3 billion of loans globally in the second half of the year, contributing to total loan commitments of $4.5 billion for the full year, representing a 63% year-over-year increase in investment activity.
• In June 2025, Invesco Ltd. acquired Marketplace at Outlets in West Palm Beach for approximately $130 million.
• In 2025, Invesco completed the sale of Intelliflo and 60% of its interest in Invesco Asset Management (India) Private Limited.